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arnold-j/deleted_items/634.
|
subject: RE:
content: 5 day or 7 day for hub cash
-----Original Message-----
From: Arnold, John
Sent: Sunday, November 18, 2001 11:50 AM
To: Lavorato, John
Subject: RE:
will do.
The purpose of nymex on weekends is to make everybody in the industry bring up EOL every day. There were a few days when I would get in at 7 and power traders in the industry were already trading gas either throught the broker market or on ice. I'm trying to ensure EOL is the primary system used to trade gas. However, it is a money loser. If we gap down 10 cents over a weekend, I lose an average of 5 cents on 600 lots, $300,000, minus bid/offer on maybe 50 buy/sells of 30 lots times .005 is $75,000. I don't really want to put more automatic products on the system that do little good as far as promoting EOL but are money losers. The one exception is Hub cash which I think should be a 24 hour 5 day a week product.
Are the FedEx's getting to everybody Monday or are you sending them Monday?
-----Original Message-----
From: Lavorato, John
Sent: Sun 11/18/2001 10:49 AM
To: Arnold, John
Cc:
Subject:
I need to give you a task. Figure out what I lost last week.
Also, why don't we have the rest of month henry hub swap up on weekends.
this week
150 each
indi +5.5
jets +5.5
phili -7
seattle -3.5
tenn +2
sd +9
jack +5.5 -----> 250
st louis -8
st louis/ne england over 46.5
| ||
arnold-j/deleted_items/635.
|
subject: Credit Watch List--Week of 11/19/01
content: Attached is a revised Credit Watch listing for the week of 11/19/01. The Yuma Companies (Inc.) has been added to this week's "Call Credit" column.
If there are any personnel in your group that were not included in this distribution, please insure that they receive a copy of this report.
To add additional people to this distribution, or if this report has been sent to you in error, please contact Veronica Espinoza at x6-6002.
For other questions, please contact Jason R. Williams at x5-3923, Veronica Espinoza at x6-6002 or Darren Vanek at x3-1436.
| ||
arnold-j/deleted_items/636.
|
subject: Thanks for ordering from Wine Exchange.
content: John Arnold,
Thanks for ordering from Wine Exchange!
Your order has been accepted and confirmed as indicated. We will ship (unless you specified otherwise when ordering) soon.
You will only receive another email if we encounter unforeseen problems with your order.
Buyer...
Name : John Arnold
Email : [email protected]
Phone : 713-557-3330
Address : 2000 Bagby
#15403
Houston, Texas 77002
| ||
arnold-j/deleted_items/638.
|
subject: The Daily Quote
content: [IMAGE]=09Quote.com =09 Log In | Sign Up | Account Mgt. | Insight Center=
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ire Conoco for $15.2 bln Phillips Petroleum (NYSE:P) will pay $15.2 billio=
n in stock shares for Conoco Inc. (NYSE:COC), offering no premium, to cut c=
osts and become the No. 1 U.S. refiner amid sliding oil prices, the compani=
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inkiller Celebrex. Xerox to get financing from GE Capital Office Equipment=
maker Xerox Corp. (NYSE:XRX) on Monday said signed an agreement for Genera=
l Electric Co.'s (NYSE:GE) GE Capital unit to provide equipment financing t=
o Xerox customers in Canada and Europe. - - - - - MORE Breaking News [IMAG=
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=09=09=09 [IMAGE] Your Watch List News SBRG News U.S. hot stocks =
highlights -- Nov. 19 (midday) Reuters: 11/19/2001 11:58 ET UPDATE 1-CKE t=
o acquire Santa Barbara Restaurant Group Reuters: 11/19/2001 10:02 ET CKE =
to acquire Santa Barbara Restaurant Group Reuters: 11/19/2001 09:21 ET - -=
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da 26 PR Newswire: 09/06/2001 02:59 ET Jazztel Signs Agreement with Blesca=
re 98, an Indirect Subsidiary of Teligent, to Acquire 40% of Banda 26 PR N=
ewswire: 08/01/2001 04:13 ET Jazztel Plc Announces Second Quarter 2001 Resu=
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hn D. Fowler Named President of Large Scale Biology Corporation; Ronald J. =
Artale Will Succeed William M. Pfann as CFO BusinessWire: 11/06/2001 09:04=
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from software sale Reuters: 10/24/2001 11:25 ET - - - - - MORE [IMAGE] OC=
CF News OPTICAL CABLE CORP FILES FORM 8-A12G/A (*US:OCCF) EDGAR Online: 1=
1/05/2001 10:23 ET OPTICAL CABLE CORP FILES FORM 8-A12G (*US:OCCF) EDGAR O=
nline: 11/05/2001 10:06 ET Optical Cable Corporation Expects to End Fiscal =
Year on Positive Sales Note PR Newswire: 11/05/2001 09:42 ET - - - - - MOR=
E [IMAGE] HAND News U.S. hot stocks highlights -- Nov. 19 (midday) Reute=
rs: 11/19/2001 11:58 ET U.S. stocks buoyed by progress in Afghanistan Reut=
ers: 11/19/2001 11:43 ET U.S. stocks climb on headway in Afghanistan Reute=
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arnold-j/deleted_items/639.
|
subject: Enron In Action 11.19.01
content: Enron in Action can be accessed through the new Community Relations web site at http://cr.enron.com/eia.html . In this week's issue you will find out information regarding:
Enron Happenings
Sponsor a Child - Win a Ticket to Cirqie du Solei
Enron Volunteer Opportunities
Saint Nicholas Needs Your Help!
Nutcracker Volunteer Opportunity
Camp Noah - Daycamp for Children Recovering from Disaster
Thanksgiving Volunteer Opportunity
Enron Wellness
Holiday Fashion Show & Luncheon
Weight Watchers
In addition, Enron in Action is available through a channel on my.home.enron.com. To add this channel to your set-up click on the channels link at the top of the screen and under announcements check the Enron in Action box.
If you wish to add an announcement to Enron in Action, please fill out the attached form below and submit it to mailto:[email protected] no later than 12 PM Thursday each week.
|
All Enron Houston@ENRON <??SAll Enron Houston@ENRON>
|
|
arnold-j/deleted_items/64.
|
subject: Nat Gas market analysis for 10-8-01
content: Attached please find the Natural Gas market analysis for today.
Thanks,
Bob McKinney
- 10-8-01 Nat Gas.doc
| ||
arnold-j/deleted_items/640.
|
subject: RE:
content: are you talking about JS? thought she was going to kentucky? I was going with my friend Elizabeth but she is probobly going to have to work on Friday. So I may just ride back with her. Trying to figure it all out.
-----Original Message-----
From: Arnold, John
Sent: Monday, November 19, 2001 11:26 AM
To: Ward, Kim S (Houston)
Subject:
I spose so but we might have to take stupid as well I just found out.
|
houston <[email protected]>
| |
arnold-j/deleted_items/641.
|
subject: Spend less on PC accessories & more!
content: ==============================================
RADEON(tm) 7500 is a powerful and versatile graphic solution.
http://enews.buy.com/cgi-bin5/flo?y=eEsA0D4S5I0Blu08660Ae
==============================================
___________________________________________________________
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___________________________________________________________
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___________________________________________________________
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<<<SOFTWARE>>>
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| ||
arnold-j/deleted_items/642.
|
subject: Earn 1,000 bonus Starpoints each night
content: EARN 1K PER DAY!
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________________________________________________________________
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Friday and Saturday nights are not eligible. Offer is valid
October 18, 2001 through January 31, 2002 at all participating
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arnold-j/deleted_items/643.
|
subject: Holiday Party - Canceled
content: I know that this is a difficult time for all of us. With everything going on inside the company as well as in the world around us, we have been carefully considering whether a holiday celebration is appropriate this year. To be honest, employee feedback has been mixed. Many viewed the holiday party as a unique opportunity for us to come together as Enron employees to share the spirit of the season. Others felt a holiday party would be improper given the company's current circumstances.
After weighing these points of view, we have ultimately decided to cancel the all-Enron holiday party that was scheduled for December 8. Given what has transpired over the past month, it could be considered imprudent for Enron to incur the expense of such an event. I regret that this action is necessary because I recognize that your hard work throughout the year merits a holiday celebration and so much more. We will attempt to find other, more appropriate ways to recognize your outstanding contributions as we move into the holiday season.
Ken Lay
|
All Enron Houston@ENRON <??SAll Enron Houston@ENRON>
|
|
arnold-j/deleted_items/644.
|
subject:
content: do you have time to talk at 4:00est (3:00cst) ??
i have a couple questions of you
thanks
heff
| ||
arnold-j/deleted_items/645.
|
subject: ALL Electronics on Sale! Hurry, Ends Nov. 28!
content: [IMAGE]
November 19, 2001 Vol. 58 [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] =
[IMAGE] [IMAGE] Hurry offer ends Nov. 28! ALL our phones, camcor=
ders, TVs, digital cameras and ALL other electronics are on sale !* Act now=
! This offer will not be repeated this holiday season! Gift Checks up to $=
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e how to get a Gift Check . *Does not include select Polk Audio. [IMAGE]=
[IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE]electronics [IMAGE]movies & mus=
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Top 10 DVDs Get the hottest DVDs of the week, including Apocalypse Now =
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| ||
arnold-j/deleted_items/646.
|
subject: Downtown Club Events
content: The Downtown Club's
Holiday Hours
Thanksgiving
Plaza
Nov 22 ? Open for Thanksgiving Brunch 11 a.m.- 2 p.m.
Nov 23 ? Closed
Met
Nov 22 ? Closed
Nov 23 ? Open 9 a.m. - 3 p.m. Caf? only
Center
Nov 22 ? Closed
Nov 23 ? Open 9 a.m. - 5 p.m. Snack bar only
Christmas
Plaza
Dec 24 ? Jan 1 - Closed
Met
Dec 24 & 31 ? Open from 9 a.m. - 3 p.m. Caf? only
Dec 25 & Jan 1 ? Closed
Center
Dec 24, 25, 31 & Jan 1 ? Closed
Dec 26-28 ? Open regular hours, Snack Bar only
THANKSGIVING EVENTS
Thanksgiving Brunch
Thursday, November 22
Plaza Club 11-2pm
RSVP with Sandra @ 713-632-1561
Reserve by Nov. 15 and receive 10% off Adult Price
$28.95 Adults / $12.95 Kids / Free under 6
Executive Chef Doug George will tantalize your taste buds with:
MENU:
Roasted Butternut Squash Soup
Carved Pit Ham with Creamy Horseradish Sauce
Roast Turkey with Giblet Gravy
Grilled Salmon with Champagne Leek Sauce
Buttermilk Whipped Potatoes
Pennsylvania Bread Stuffing
Candied Sweet Potatoes
Green Bean and Mushroom Casserole
Steamed Broccoli and Carrots
Jellied Cranberry Sauce
Cranberry Relish
Fruit and Cheese Display
Mixed Greens Salad/ Spinach Salad
Salad Dressings:
Italian
Blue Cheese
French
Ranch
Roasted Shallot Vinaigrette
Raspberry Vinaigrette
Condiments:
Toasted Sesame Seeds
Croutons
Cucumbers
Cherry Tomatoes
Mushrooms, sliced
Bell Peppers, sliced
Alfalfa Sprouts
Romano Cheese
Carrots, grated
6 ea. Composite Salads
Garbanzo Bean Salad
Pickled Beats
Pasta Salad
Grilled Chicken, Grape and Almond Salad
Potato Salad
Marinated Vegetables
Dessert Table to include Pumpkin Pie, Pecan Pie, Cheesecake , Chocolate
Mousse
Kiddie Table : Chicken Strips, French Fries, Corned Dogs, Peanut Butter and
Jelly Sandwiches
SPEAKER SERIES
Bella Rinova Spa at The MET Presents
Holiday Fashion Show & Luncheon
December 5, 2001
11:30 am
Back by popular demand, Karen McCullough, a national speaker and expert of
women, will get us ready for the holidays with items that fit in your
budget.
Make-Up and Hair makeovers featuring Bobby Boase, owner of Bella Rinova,
and
Sophia Navarro, make-up artist.
**Fashion handbags, jewelry, and gifts for sale.
Lunch menu: Chicken Caesar Salad, Tortilla Soup,
Key Lime Pie, Coffee & Tea
Call 713-571-9216 to Reserve
LUNCH SEMINAR
"THE FUTURE OF INVESTMENT and ESTATE PLANNING"
HAS BEEN POSTPONED TIL A LATER DATE TO BE ANNOUNCED
Presented by:
Laurie A. McRay, CPA,RIA
Principal Investment Officer McRay Money Management, L.L.C.
Ms. McRay will cover investment planning topics, retirement planning under
the new tax act, state of the economy and where
to invest now.
Scott A. Morrison, JD
Estate Tax Attorney Brown McCarroll, L.L.P.
Mr. Morrison will discuss estate planning topics
under the new tax act, education planning with 529
plans, estate and gift tax planning
plus more informative topics
Date & Time:
Tentatively: Wednesday, Feb.6, 2002
Where:
The Downtown Club at the MET
RSVP
713-652-0700
281-788-0817 or 713-861-8253
Limited seating available. Please feel free to bring a friend.
Luncheon cost is $20.00 per person
1 hour of CLE/CPE credit provided
Womens Forum
Presents
Video Conference with former Governor Ann Richards
5:30pm Thursday, November 29
@ The Plaza
$15
RSVP with Millie @ 713-225-3257
CLUBS WITHIN A CLUB
BOOK CLUB Meeting
NEW Date: Dec. 6
Noon @ The Met
Let's meet for lunch and a good book!!
RSVP with Millie @ 713-225-3257
COOKING CLUB
Thursday, November 29
Chef Russell's Cooking Class
Center Club
6:00 p.m.
Reservations: Rudy, 713-654-0877
EXTREME CLUB
SKYDIVING
7:00 am Dec.15th
Meet at the City Club to start your adventure!!
Contact Jennifer @ 713-890-8822
St. Luke's LIFE ENHANCEMENT PROGRAMS
For More Information, Times or Reservations, Call: 713-791-8680
Mobile Mammography
December 7 (Met)
This program requires advance registration & doctor's orders for women aged
35 +.
Please have your paper work into St. Luke's two weeks prior to this
offering or your personal appointment.
Insurance will be accepted (when approved by your plan)
Blood Screenings
December 13 (Plaza Club)
7-9am & 11-1pm
Choice of: cholesterol* (with or without glucose), thyroid screen, full
wellness profile* (basic chemistry, cholesterol, glucose, complete blood
court + thyroid, cancer screens, hepatitis panel, HIV screen, blood type
*12-hour fast required for these tests
Blood Drive
9-3pm
December, 19 (Met)
Participants receive a free T-shirt plus a drink and cookies. Blood type
&
total cholesterol reading will be sent via mail.
Also available...
Smoking Cessation Program
Wellness/Nutrition Counseling (by registered nutritionist and/or RN)
Personal Wellness Profiles
Fitness Screens
Infra-red Body Fat Testing
Call: 713-791-8680
Bella Rinova Day Spa
MEMBERS ONLY
Starting November 1st thru December 31st
Massage Packages Available
Purchase 6 massages for $390
Or
Purchase 4 massages for $272
AND
Starting November 23rd thru December 24th
Bella Rinova Spa Gift Certificates
Members receive 15% off
Gift Certificates are great for
Staff, co-workers, clients,
and loved ones.
Call 713-571-9216 for more info.
MEMBERS!!
You can participate in the tradition of membership by sponsoring a
new member into the club and having your name put into the drawing for
great giveaways. To name a few, "a year of complimentary dues; a day at
Bella Rinova Spa" & much more...
The next drawing will be at the Traditional Member Holiday Party on
December 3, 2001 @ The Met
Contact membership at
713.652.0700 or 713.890.8823
for Information
For those mid-week blues, try...
Squash Night -- Margarita Mixers
Every Wednesday night is squash and margarita night at the Met!
All Members and their guests are welcome.
6:00 - 8:00 p.m.
$10.00 Entry Fee
And Mark Your Calendar for These Upcoming Events ...
Sunday December 2
Santa Brunch "Nutcracker"
11:30 @ Plaza
Monday, December 3
Annual Downtown Club Member Holiday Party
Complimentary Food & Drink
5:30 - 8:00 pm
The Met
Wednesday December 5
Dinner Theatre "Into the Woods"
6:00pm
Plaza Club
Thursday, December 6
CandleLight Tour
Wine and Hors before tour
5:30pm
Plaza Club
Saturday, December 15
Breakfast with Santa
9:00 am
Center Club
January 10, 2002
Lunch Speaker Series
"Sugars & Flours"
Author Joan Ifland will speak on how this will help to drop the
weight,keep it off and live a much healthier
lifestyle.
(See attached file: cycle studio-a 2001.doc) (See attached file:
multipurpose studio C 2001.doc) (See attached
file: soft studio -b 2001.doc) (See attached file: october
center club schedule.doc)
(See attached file: cycle studio- 3 2001.doc)
(See attached file: multipurpose studio 1 2001.doc)
(See attached file: soft studio -2 2001.doc)
(See attached file: November center club schedule.doc)
- cycle studio- 3 2001.doc
- multipurpose studio 1 2001.doc
- soft studio -2 2001.doc
- November center club schedule.doc
| ||
arnold-j/deleted_items/647.
|
subject: TRV Notification: (NG - PROPT P/L - 11/19/2001)
content: The report named: NG - PROPT P/L <http://trv.corp.enron.com/linkFromExcel.asp?report_cd=11&report_name=NG+-+PROPT+P/L&category_cd=5&category_name=FINANCIAL&toc_hide=1&sTV1=5&TV1Exp=Y¤t_efct_date=11/19/2001>, published as of 11/19/2001 is now available for viewing on the website.
| ||
arnold-j/deleted_items/648.
|
subject: TRV Notification: (NG - Price P/L - 11/19/2001)
content: The report named: NG - Price P/L <http://trv.corp.enron.com/linkFromExcel.asp?report_cd=10&report_name=NG+-+Price+P/L&category_cd=5&category_name=FINANCIAL&toc_hide=1&sTV1=5&TV1Exp=Y¤t_efct_date=11/19/2001>, published as of 11/19/2001 is now available for viewing on the website.
| ||
arnold-j/deleted_items/649.
|
subject: daily charts 11/20
content: The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete. Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein. Any
opinions expressed herein are solely those of the author. As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates. ? 2001 Carr Futures
The charts are now available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.
Crude http://www.carrfut.com/research/Energy1/crude13.pdf
Natural Gas http://www.carrfut.com/research/Energy1/ngas13.pdf
Jan WTI/Brent Spread
http://www.carrfut.com/research/Energy1/clf-qof.pdf
Jan Heat Crack http://www.carrfut.com/research/Energy1/heatcrack.pdf
Jan Gas Crack http://www.carrfut.com/research/Energy1/gascrack.pdf
Dec/May Heat Spread http://www.carrfut.com/research/Energy1/hoz-hok.pdf
Jan/Feb Heat Spread http://www.carrfut.com/research/Energy1/hof-hog.pdf
Dec Gas/Heat Spread http://www.carrfut.com/research/Energy1/huz-hoz.pdf
Feb Gas/Heat Spread http://www.carrfut.com/research/Energy1/hug-hog.pdf
Dec/Mar Unlead Spread
http://www.carrfut.com/research/Energy1/huz-huh.pdf
Nat Gas Strip Matrix
http://www.carrfut.com/research/Energy1/StripmatrixNG13.pdf
Nat Gas Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixNG13.pdf
Crude and Products Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixCL13.pdf
| ||
arnold-j/deleted_items/65.
|
subject: ALL daily charts and matrices as hot links 10/8
content: The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete. Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein. Any
opinions expressed herein are solely those of the author. As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates. ? 2001 Carr Futures
The charts are now available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.
Correction on the crude chart. The recommendation is to BUY (not sell) the
Dec gas crack.
Crude http://www.carrfut.com/research/Energy1/crude33.pdf
Natural Gas http://www.carrfut.com/research/Energy1/ngas33.pdf
Distillate http://www.carrfut.com/research/Energy1/hoil33.pdf
Unleaded http://www.carrfut.com/research/Energy1/unlded33.pdf
Nov WTI/Brent Spread http://www.carrfut.com/research/Energy1/clxqox.pdf
Heat Crack http://www.carrfut.com/research/Energy1/heatcrack.pdf
Gas Crack http://www.carrfut.com/research/Energy1/gascrack.pdf
Jan/Feb Heat http://www.carrfut.com/research/Energy1/hofhog.pdf
Gas/Heat Spread http://www.carrfut.com/research/Energy1/huxhox.pdf
Nov/Mar Unlead http://www.carrfut.com/research/Energy1/huxhuh.pdf
Nat Gas Strip Matrix
http://www.carrfut.com/research/Energy1/StripmatrixNG33.pdf
Nat Gas Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixNG33.pdf
Crude and Products Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixCL33.pdf
Scott Oblander
312-762-1015
312-762-1014 fax
Carr Futures
150 S. Wacker
Suite 1500
Chicago, IL 60606
| ||
arnold-j/deleted_items/650.
|
subject: OnePass Member continental.com Specials for john arnold
content: continental.com Specials for john arnold
Tuesday, November 20, 2001
****************************************
CONTINENTAL.COM SPECIALS
Continental Airlines wishes you a safe and Happy Thanksgiving. Due to the holiday, continental.com Specials will not be available this week.
OnePass members can register to earn up to 20,000 OnePass miles by purchasing your eTickets on continental.com - and that's in addition to your actual flight miles. Visit:
http://continentalairlines.rsc01.net/servlet/cc3?%7C%7E1.%2C-9u%7Emqps%7B_z%7Ck1zqmpq1%7Cpr9K9%2FA
for all the details and to purchase your eTickets today.
(Note: this offer does not apply to continental.com Specials fares.)
FRIENDS & FAMILY SALE
Continental makes it easy to get together with friends & family. Whether you're planning a quick visit or a holiday reunion, continental.com saves you time and money. We're offering 10% off select sale fares in North America & Europe when you book online through December 4, 2001.
Visit:
http://continentalairlines.rsc01.net/servlet/cc3?%7C%7E1.%2C-9u%7Emqps%7B_z%7Ck1zqmpq1%7Cpr9K9-A
to purchase your eTickets today.
Travel Updates
Be sure to check continental.com at:
http://continentalairlines.rsc01.net/servlet/cc3?%7C%7E1.%2C-9u%7Emqps%7B_z%7Ck1zqmpq1%7Cpr9K9%2CA
before leaving for the airport. We're looking forward to welcoming you onboard!
---------------------------------------
This e-mail message and its contents are copyrighted and are proprietary products of Continental Airlines, Inc. Any unauthorized use, reproduction, or transfer of the message or its content, in any medium, is strictly prohibited.
****************************************
If you need assistance please visit:
http://continentalairlines.rsc01.net/servlet/cc3?%7C%7E1.%2C-9u%7Emqps%7B_z%7Ck1zqmpq1%7Cpr9K9%28A
View our privacy policy at:
http://continentalairlines.rsc01.net/servlet/cc3?%7C%7E1.%2C-9u%7Emqps%7B_z%7Ck1zqmpq1%7Cpr9K9%2BA
This e-mail was sent to: [email protected]
You registered with OnePass Number: AK772745
TO UNSUBSCRIBE:
We hope you will find continental.com Specials a valuable source of information. However, if you prefer not to take advantage of this opportunity, please let us know by visiting the continental.com Specials page on our web site at:
http://continentalairlines.rsc01.net/servlet/cc3?%7C%7E1.%2C-9u%7Emqps%7B_z%7Ck1zqmpq1%7Cpr9K9%29A
TO SUBSCRIBE:
Please visit the continental.com Specials page on our web site at:
http://continentalairlines.rsc01.net/servlet/cc3?%7C%7E1.%2C-9u%7Emqps%7B_z%7Ck1zqmpq1%7Cpr9K9*A
| ||
arnold-j/deleted_items/651.
|
subject: daily hoil & unlded charts 11/20
content: The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete. Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein. Any
opinions expressed herein are solely those of the author. As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates. ? 2001 Carr Futures
The charts are now available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.
Distillate http://www.carrfut.com/research/Energy1/hoil13.pdf
Unleaded http://www.carrfut.com/research/Energy1/unlded13.pdf
| ||
arnold-j/deleted_items/652.
|
subject: NYMEX Thanksgiving Schedule
content: There has been some confusion as to the NYMEX schedule for this Thanksgiving
week, so here is the official schedule.
The NYMEX will be closed Thursday the 22nd and Friday the 23rd. Wednesday the
21st will be a FULL day (10:00 a.m. to 2:30 p.m. EST). ACCESS will be closed
the
evening of the 21st and reopen Sunday evening at 7:00 p.m.
Happy Thanksgiving!
BNP PARIBAS Commodity Futures
_____________________________________________________________________________________________________________________________________
Ce message et toutes les pieces jointes (ci-apres le "message") sont etablis a l'intention exclusive de ses destinataires et sont confidentiels. Si vous recevez ce message par erreur, merci de le detruire et d'en avertir immediatement l'expediteur.
Toute utilisation de ce message non conforme a sa destination, toute diffusion ou toute publication, totale ou partielle, est interdite, sauf autorisation expresse.
L'internet ne permettant pas d'assurer l'integrite de ce message, BNP PARIBAS (et ses filiales) decline(nt) toute responsabilite au titre de ce message, dans l'hypothese ou il aurait ete modifie.
----------------------------------------------------------------------------------
This message and any attachments (the "message") are intended solely for the addressees and are confidential. If you receive this message in error, please delete it and immediately notify the sender.
Any use not in accord with its purpose, any dissemination or disclosure, either whole or partial, is prohibited except formal approval.
The internet can not guarantee the integrity of this message. BNP PARIBAS (and its subsidiaries) shall (will) not therefore be liable for the message if modified.
_____________________________________________________________________________________________________________________________________
| ||
arnold-j/deleted_items/653.
|
subject: FW: We contacted the offender
content: -----Original Message-----
From: Jeffrey Sprecher [mailto:[email protected]]
Sent: Monday, November 19, 2001 4:54 PM
To: Zipper, Andy
Subject: We contacted the offender
Andy,
We pulled the log ... found the guy ... and told him to knock it off.
Please let me know if there is a repeat performance.
Best regards, Jeff
| ||
arnold-j/deleted_items/654.
|
subject: Nat Gas market analysis for 11-20-01
content: Attached please find the Natural Gas market analysis for today.
Thanks,
Bob McKinney
- 11-20-01 Nat Gas.doc
| ||
arnold-j/deleted_items/656.
|
subject: Metro Briefs
content: [IMAGE]=20
=09[IMAGE]=09[IMAGE]=09=09
[IMAGE] =09[IMAGE] [IMAGE]=09 [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] [=
IMAGE] [IMAGE] [IMAGE] [IMAGE][IMAGE] =09[IMAGE]=09
[IMAGE]
=09=09[IMAGE]=09=09=09
=09=09[IMAGE]=09=09[IMAGE]=09
[IMAGE] [IMAGE] =09[IMAGE]=09[IMAGE] [IMAGE] ReisCast November 20, 2001=
Reis - America's Source for Real Estate Investing Welcome to ReisCast,=
our weekly email newsletter. This week's edition highlights are: Metro=
Briefs Reis's 3Q01 Data [IMAGE] [IMAGE] 1. Metro Briefs "Cowt=
own" Still Herds'm In - Ft. Worth Office Market - Third Quarter 2001 Despi=
te the deep sense of tradition and cowboy pride pervading Ft. Worth, over t=
he past decade the city has managed to transcend its image as the most "Tex=
an" city in Texas--home of the ten-gallon hat, ho-down, and "longhorn" roun=
dup--and establish itself as an economic powerhouse. Today's pioneers head=
to the area's Alliance Airport Corridor, which has proven to be the vangua=
rd of the local economy's revolutionary modernization, a transformation des=
ired, though not often attained, by other post-industrial areas... To ge=
t the entire market excerpt as well as an opportunity to buy the full Reis =
Observer report, go to: www.reis.com/learning/insights_metro_spotlight1.cfm=
Looking for a Silver Lining - Northern Virginia Industrial Market=
- Third Quarter 2001 Ranked the third-largest high-tech center in the=
nation after California's Silicon Alley and Boston's Route 128 Corridor, i=
t is little wonder that the industrial real estate market in Northern Virgi=
nia has been hard hit by the high-tech bust and current economic downturn. =
Moreover, shaken by the recent nearby attack on the Pentagon, the Northern=
Virginia region has been scrambling to cope with the recent turn of events=
...But the outlook may not be entirely grim... To get the entire mark=
et excerpt as well as an opportunity to buy the full Reis Observer report, =
go to: www.reis.com/learning/insights_metro_spotlight1.cfm#two [IMAG=
E] 2. Reis's 3Q01 Data According to Reis, overall office vacancies ar=
e up a sizable 130 basis points from the second quarter 2001, to 11.4%, whi=
le apartment vacancies are up just 20 basis points to 3.4%--trends reflecte=
d by third quarter results from NCREIF (the National Council of Real Estate=
Investment Fiduciaries, Chicago, IL.), an industry benchmark for real esta=
te performance. According to this source, the Apartment sector had the hig=
hest quarterly return of 2.05% (comprised of income and appreciation), foll=
owed by the Industrial (1.96%), Office (1.53%) and Retail (1.27%) sectors. =
To find out more about real estate metros across the country, get Reis's =
MetroTrend, SubTrend, and CompQuote reports, all updated with the latest 3Q=
2001 data. From Wall Street to Main Street, our clients rely on Reis fo=
r comprehensive, proven transaction support. As always, we welcome your =
comments and suggestions. www.reis.com [IMAGE] You are receiving th=
e email because you have subscribed to this list. If you would like to rem=
ove yourself from this list, please click here and you will be removed imm=
ediately! Thank you! [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] ?2001 =
Reis, Inc. All rights reserved. =09[IMAGE]=09[IMAGE] [IMAGE] [IMAGE] =09
| ||
arnold-j/deleted_items/657.
|
subject: The Daily Quote
content: [IMAGE]=09Quote.com =09 Log In | Sign Up | Account Mgt. | Insight Center=
=09[IMAGE]=09 Get Quote/LiveCharts: [IMAGE] [IMAGE] FindSymbol =09[IMAG=
E]=09
[IMAGE]=09=09=09=09[IMAGE]=09[IMAGE]=09
[IMAGE]=09=09=09=09[IMAGE]=09[IMAGE]=09
[IMAGE]=09=09=09=09[IMAGE]=09[IMAGE]=09
[IMAGE]=09 My Portfolio | LiveCharts | Stocks | News | Msg Board=
s | Markets | Funds | IPO | Options =09[IMAGE]=09
[IMAGE]=09[IMAGE] The Daily Quote=09[IMAGE] =09[IMAGE]=09
[IMAGE]=09=09Brought to you every morning as of 10 AM ET. Click on the MORE=
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arnold-j/deleted_items/658.
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subject: Traditional & Internet Marketing Tool 17166
content: The Ultimate Traditional & Internet Marketing Tool, Introducing the "MasterDisc 2002" version 4.00, now released its MASSIVE 11 disc set with over 145 Million database records (18-20 gigabytes of databases) for marketing to companies, people, via email, fax, phone and mailing addresses Worldwide!
COMPLETE 11 DISC SET WILL BE SOLD FOR $499.00 PER DISC AFTER NOVEMBER!!!
We've slashed the price for 30 days only to get you hooked on our leads & data products.
The first disc ver 4.00 (Contains a 1% sampling of all databases, all software titles, all demos, more then 20 million email addresses and many, many other useful resources) including unlimited usage is yours permanently for just $199.95 (Normally $299.00) for your first disc if you order today!!! Also huge discounts from 20%-50% off of data discs ver 4.01 to ver 4.10
For More Information, and Available Records Contact us:
#954-340-1018 voice
Or visit the website at:
http://www.datacommarketing.com/
**** MASTERDISC 2002 CONTENTS ****
We've gone out of our way to insure that this product is the finest of its kind available. Each CD (ver.4.01 to ver.4.10) contains approximately 1% of the 145 million records distributed with the following files, directories and databases:
**411: USA white and yellow pages data records including the following states, and database record fields;
Included States...(Alaska, Arizona, California, Colorado, Connecticut, Hawaii, Idaho, Illinois, Iowa, Kansas, Maine, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Oregon, Rhode Island, South Dakota, Texas, Utah, Vermont, Washington, Wisconsin, Wyoming)
Included Fields...(ID, NAME, CONTACT, ADDRESS, CITY, STATE, ZIP, PHONE, TYPE, SIC1, SIC2, SIC3, SIC4, LATITUDE, LONGITUDE, POSTAL)
#64,588,228 records
**DISCREETLIST: Adult web site subscribers and adult webmasters email addresses.
Subscribers (Email Address) #260,971 records
Webmaster (Email Address) #18,104 records
**DOCUMENTS: This directory contains very informative discussions about marketing and commercial email.
Library: Online e-books related to marketing and commercial email
Reports: Useful reports and documents from various topics
#7,209 Files
**EMAIL: This directory contains the email address lists broken down by groups such as domain, and more than one hundred categories into files with a maximum size of 100,000 records each for easy use. As well as several remove files that we suggest and highly recommend that you filter against all of your email lists.
#31,414,838 records and #13,045,019 removes
**FORTUNE: This database contains primary contact data relating to fortune 500, fortune 1000, and millions more corporations sort able by company size and sales. The fields that are included are as follows;
Fortune #1
Included Fields...(ID, Company, Address, City, State, Zip, Phone, SIC, DUN, Sales, Employee, Contact, Title)
#418,896 records
Fortune #2
Included Fields...(EMAIL, SIC CODE, Company, Phone, Fax, Street, City, ZIP, State, Country, First Name, Last Name)
#2,019,442 records
**GENDERMAIL: Male and female email address lists that allow you target by gender with 99% accuracy.
Male (Email Address) #13,131,440 records
Female (Email Address) #6,074,490 records
**MARKETMAKERS: Active online investors email addresses. Also information in reference to thousands of public companies symbols, and descriptions.
#104,326 records
**MAXDISC: Online website owners, administrators, and technical contacts for website domain name owners of the ".com", ".net", and ".org" sites. This database has information from about 25% of all registered domains with these extensions.
MaxDisc_Canada_2.txt
Included Fields...(ID, Domain, Contact, Admin Handle, Admin Name, Admin Email, Admin Phone, Admin Fax, Billing Handle, Billing Name, Billing Email, Billing Phone, Billing Fax, Tech Handle, Tech Name, Tech Email, Tech Phone, Tech Fax)
#74,550 records
MaxDisc_City_State_Zip_1.txt
Included Fields...(ID, City, State, Zip)
#39,175 records
MaxDisc_Country_Codes_1.txt
Included Fields...(ID, Country, Abv)
#253 records
MaxDisc_Email_Removes_1.txt
Included Fields...(ID, Email)
#163,834 records
MaxDisc_Foreign_1.txt
Included Fields...(ID,Domain,Contact,Address1,Address2,Country)
#1,924,127 records
MaxDisc_Foreign_2.zip
Included Fields...(ID, Domain, Company, Address, Admin Handle, Admin Name, Admin Email, Admin Phone, Admin Fax, Billing Handle, Billing Name, Billing Email, Billing Phone, Billing Fax, Tech Handle, Tech Name, Tech Email, Tech Phone, Tech Fax)
#2,412,834 records
MaxDisc_Meta_1.zip
Included Fields...(ID, Domain, Company, Address, City, State or Province, Zip, Country, First Name, Last Name, Email, Phone, Fax, Title, META Description, META Keywords, Body)
#293,225 records
MaxDisc_Meta_2.zip
Included Fields...(ID, Domain, Email)
#188,768 records
MaxDisc_Sic_Codes_1.zip
Included Fields...(Code, Description)
#11,629 records
MaxDisc_USA_1.zip
Included Fields...(ID, Domain, Company, Contact, Address, City, State, Zip, Phone, Fax, Sic, Email)
#1,389,876 records
MaxDisc_USA_2.zip
Included Fields...(ID, Domain, Company, Address, Billing Name, Billing Email, Billing Phone, Billing Fax, Admin Name, Admin Email, Admin Phone, Admin Fax, Tech Name, Tech Email, Tech Phone, Tech Fax)
#2,998,891 records
MaxDisc_USA_3.zip
Included Fields...(ID, Domain, Company, Address, Billing Name, Billing Email, Billing Phone, Billing Fax, Admin Name, Admin Email, Admin Phone, Admin Fax, Tech Name, Tech Email, Tech Phone, Tech Fax)
#2,005,887 records
**NEWSPAPERS: National directory of newspapers from small local papers to large metro news agencies.
Included Fields...(ID, Phone, Newspaper, City, State, Circulation, Frequency)
#9,277 records
**PITBOSS: Avid Online casino and sports book players, and casino webmasters.
Players Included Fields...(ID, FIRSTNAME, LASTNAME, ADDRESS, CITY, STATE, ZIP, COUNTRY, PHONE, EMAIL, PMTTYPE, USERID, HOSTNAME, IPADDRESS)
#235,583 records
Webmaster Included Fields...(Domain, Date Created, Date Expires, Date Updated, Registrar, Name Server1, Name Server2, Name Server3, Name Server4, Owner Name, Owner Address, Owner City, Owner State, Owner Zip, Owner Country, Admin Contact Name, Admin Contact Name, admin_contact_address_1, Admin Contact City, Admin Contact State, Admin Contact Zip, Admin Contact Country, Admin Contact Phone, Admin Contact Fax, Admin Contact Email, Tech Contact Name, Tech Contact Name, Tech Contact Address, Tech Contact City, Tech Contact State, Tech Contact Zip, Tech Contact Country, Tech Contact Phone, Tech Contact Fax, Tech Contact Email)
#82,371 records
**SA: South American mailing databases from more than a dozen countries. Each mailing address belongs to a Visa or MasterCard credit card holder. Available countries such as;
ARGENTINA, COSTA RICA, PERU, BRASIL, PUERTO_RICO, CHILE, PANAMA, URUGUAY, COLOMBIA, PARAGUAY, VENEZUELA
Included Fields...(ID, NAME, ADDRESS, CODE)
#650,456 records
**SOFTWARE: This directory contains 86 software titles, some are fully functional versions and others are demo versions. Many suites of commercial email tools as well as many other useful resources will be found here to help extract, verify, manage, and deliver successful commercial email marketing campaigns.
So overall the complete MasterDisc2002 will provide you with well over #150 million records which can be used for traditional marketing such as direct mail, fax transmission, telemarketing, and internet marketing such as commercial email campaigns. We look forward to providing you with the databases and software needed for your success!!!
We are currently shipping our October 2001 release.
Due to this incredibly discounted promotional price, we are accepting only credit card or check orders. Complete the buyer and shipping info, print and fax this form with a copy of your check attached or the completed credit card information.
For More Information, and Available Records Contact us:
#954-340-1018 voice
Or visit the website at:
http://www.datacommarketing.com/
To Order Now Return The Form Below Via Fax #954-340-1917
------------------------------------------------------------------
BEGIN ORDER FORM
------------------------------------------------------------------
PRODUCTS OR SERVICES ORDER FORM
[x] Place an X in the appropriate box for each product you want.
MasterDisc 2002 (The Ultimate Marketing Database)
[ ]MD2002 (ver 4.00 MasterDisc 2002) available for $199.00US (33% discount)
[ ]MD2002 (ver 4.01 disc #1) available for $499.00US
[ ]MD2002 (ver 4.02 disc #2) available for $499.00US
[ ]MD2002 (ver 4.03 disc #3) available for $499.00US
[ ]MD2002 (ver 4.04 disc #4) available for $499.00US
[ ]MD2002 (ver 4.05 disc #5) available for $499.00US
[ ]MD2002 (ver 4.06 disc #6) available for $499.00US
[ ]MD2002 (ver 4.07 disc #7) available for $499.00US
[ ]MD2002 (ver 4.08 disc #8) available for $499.00US
[ ]MD2002 (ver 4.09 disc #9) available for $499.00US
[ ]MD2002 (ver 4.10 disc #10) available for $499.00US
[ ] MD2002 (ver 4-1 to 11 CD Set- All Discs) available for $2699.00US (50% discount)
[ ] Please have a sales representative contact me for more information!!!
Total:$_____________________
(Purchase of 2 data discs deduct 20%, 4 discs deduct 30%, and for full set of discs deduct 50%)
__________________________________________________________________
CUSTOMER INFORMATION
Company:
Street Address:
City: State: Zip: Country:
Contact Name:
Title:
Phone #: Ext.: Fax #: Fax Ext.:
Contact Email Address:
Referred By:
SHIPPING INFORMATION
*if applicable*
If no address is entered we will use the address listed in the billing section
Ship To:
Street Address:
City: State: Zip: Country:
Shipping Phone:
Domestic Shipping Options Only
[ ] Shipping & Handling via Ground Delivery UPS (Included USA Only)
[ ] C.O.D. order ($17.50 C.O.D. Charge) Shipped 2nd Day Air
[ ] Express Processing, and Ship Priority Overnight for an additional $29.00
International Shipping Options Only
[ ] International Shipping is a flat priority fee of $49.00
CHECK PAYMENT INFORMATION
[ ] Pay by check AMOUNT OF CHECK $____________ CHECK #________
***Be sure to include shipping charges if priority overnight or COD is selected above***
Mail all payments by check to:
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Attn: Processing & Shipping
954-340-1018 voice
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[ ] Pay by Credit Card TOTAL CHARGE
Card Type: [ ] Visa [ ] Master Card [ ] American Express [ ] Discover
Card Number:
Card Holder Name:
(*This must be completed & signed by cardholder)
Billing Address:
City: State: Zip: Country:
I authorize "DataCom Marketing Corporation" to charge my credit card or accept my payment for the "Products Ordered" CdRom in the amount as specified above plus shipping costs if express delivery.
Also I acknowledge that any returns or credits will have a 20% restocking fee and balances (Less shipping and handling) will be applied towards replacement of products and/or applied towards my DataCom Marketing customer account.
[International Only]
By signing under the credit card authorization section I am authorizing the credit card submitted to be billed approximately 6 weeks after the original amount is processed for the amount of the import duties and import taxes if applicable. I acknowledge the fact that "DataCom Marketing Corporation" does not know the amount of these duties/taxes prior to shipment as they vary from country to country.
Customer Signature _____________________________________ Date________________
Sales Representative: 2369 Rev. 1102
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For More Information, and Available Records Contact us:
#954-340-1018 voice
Or visit the website at:
http://www.datacommarketing.com/
To discontinue receipt of further notice at no cost and to be removed from all of our databases, simply reply to message with the word "Remove" in the subject line. Note: Email replies will not be automatically added to the remove database and may take up to 5 business days to process!!! If you are a Washington, Virginia, or California resident please remove yourself via email reply, phone at 954-340-1018, or by fax at 954-340-1917. We honor all removal requests.
.110201
| ||
arnold-j/deleted_items/659.
|
subject: <<Concur Expense Document>> - Rostant 112001
content: The following expense report is ready for approval:
Employee Name: Justin K. Rostant
Status last changed by: Automated Administrator
Expense Report Name: Rostant 112001
Report Total: $42.07
Amount Due Employee: $42.07
To approve this expense report, click on the following link for Concur Expense.
http://expensexms.enron.com
| ||
arnold-j/deleted_items/66.
|
subject: Deadline
content: If your team would like to contribute to this week's newsletter, please submit your BUSINESS HIGHLIGHT OR NEWS by noon Wednesday, October 10.
Thank you!
Kathie Grabstald
x 3-9610
| ||
arnold-j/deleted_items/660.
|
subject: BNP PARIBAS Commodity Futures Weekly AGA Survey
content: Good Morning,
Just a reminder to get your AGA estimates in by Noon EST (11:00 CST).
Last Year - 97
Last Week + 7
Thank You,
Daryl Dworkin
BNP PARIBAS Commodity Futures, Inc.
_____________________________________________________________________________________________________________________________________
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Toute utilisation de ce message non conforme a sa destination, toute diffusion ou toute publication, totale ou partielle, est interdite, sauf autorisation expresse.
L'internet ne permettant pas d'assurer l'integrite de ce message, BNP PARIBAS (et ses filiales) decline(nt) toute responsabilite au titre de ce message, dans l'hypothese ou il aurait ete modifie.
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Any use not in accord with its purpose, any dissemination or disclosure, either whole or partial, is prohibited except formal approval.
The internet can not guarantee the integrity of this message. BNP PARIBAS (and its subsidiaries) shall (will) not therefore be liable for the message if modified.
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arnold-j/deleted_items/661.
|
subject: Enron Mentions- 11/20/01
content: Enron Warns of Problems Eroding Profit
The Wall Street Journal, 11/20/01
FRONT PAGE - COMPANIES & MARKETS - Wall St worries over Enron deal.
Financial Times, 11/20/01
Enron drops earnings for 3rd quarter
$690 million dept comes due for downgrade firm
Houston Chronicle, 11/20/01
Bankers concerned Dynergy may abandon Enron deal - report
AFX News, 11/20/01
IN BRIEF / ENERGY Enron May Be Forced to Settle $690-Million Debt
Los Angeles Times, 11/20/01
IN BRIEF / ACCOUNTING Arthur Andersen Probe Requested
Los Angeles Times, 11/20/01
U.S. Official Calls for Probe Of Andersen, 2 Problem Audits
The Wall Street Journal Europe, 11/20/01
Career Journal: The Jungle
The Wall Street Journal, 11/20/01
In New Filing, Enron Reports Debt Squeeze
The New York Times, 11/20/01
Decision to locate ConocoPhillips in Houston enhances world's energy capital
Associated Press Newswires, 11/20/01
COMPANIES & FINANCE THE AMERICAS - Energy deal savings set to increase.
Financial Times, 11/20/01
U.S. Equity Preview: Enron, Hot Topic, MetLife, UAL
Bloomberg, 11/20/01
Enron restates Q3 to deeper loss; toils to restructure $690M payment
The Canadian Press, 11/19/01
Enron restates third-quarter earnings
Associated Press Newswires, 11/19/01
USA: Enron sounds debt alarm, reduces reported earnings.
Reuters English News Service, 11/19/01
Enron Warns That Raft of Problems May Hurt Its Fourth-Quarter Profit
Dow Jones Business News, 11/19/01
Enron Files 10-Q For 3Q With SEC
Dow Jones News Service, 11/19/01
Fears Mount Over Enron/Dynasty Deal
CNNfn: Markets Impact, 11/19/01
Enron Reduces Earnings, Warns $690 Mln Payment Due (Update2)
Bloomberg, 11/19/01
ChevronTexaco Sees Investor Suits as Threat to Enron (Update1)
Bloomberg, 11/19/01
Enron Says It May Have to Pay Off $690 Mln Note Next Week
Bloomberg, 11/19/01
Enron's Azurix May Have to Sell Assets If It Can't Borrow
Bloomberg, 11/19/01
U.S.'s Dingell Seeks Probe of Arthur Andersen, Dow Jones Says
Bloomberg, 11/19/01
ENRON RESTATES Q3 RESULTS
CBS.MarketWatch.com, 11/19/01
Enron Warns of Problems Eroding Profit
By Rebecca Smith
Staff Reporter of The Wall Street Journal
11/20/2001
The Wall Street Journal
B16
(Copyright (c) 2001, Dow Jones & Company, Inc.)
Enron Corp. warned that continuing credit worries, a decline in the value of some of its assets and reduced trading activity could hurt its fourth-quarter earnings.
The energy company said it may be forced to take a $700 million pretax hit to earnings due to a plunge in the value of assets held by one of its investment partnerships. The partnership, Whitewing LLP, held assets with a book value of $4.7 billion on Nov. 16 but a drop in the value of Enron stock held by the partnership could result in a derivative loss of $700 million, the company said.
In addition, Enron, Houston, said it may have to come up with more money to honor a collateral call on a $690 million note. That note became a "demand obligation," on Nov. 12, when Enron's credit rating got lowered to triple-B-minus by Standard & Poor's. The company didn't disclose who holds the note.
"We've got nine days to either repay the note or post a letter of credit or they can start liquidating assets," said company spokesman Mark Palmer. One of the assets includes C.E.G. Rio, a gas distribution company in Brazil that Enron already is in the process of selling and whose proceeds it had intended to use for other forms of debt reduction. The company said it is trying to negotiate a waiver or extension of the credit provision with lenders to preserve its cash.
Enron has set up a number of partnerships over the years to hedge investment risks and, in some cases, to keep debt off its balance sheet. In the wake of a Securities and Exchange Commission formal probe into its accounting and disclosure practices launched Oct. 31, the company restated its earnings downward dating back to 1997 and has consolidated some debt back onto its balance sheet.
The company on Nov. 9 agreed to merge with competitor Dynegy Inc. But its latest SEC filing said it was sued by shareholders on Nov. 12 in state court in Houston to prevent the merger from happening. The petition alleges that Enron's directors breached their fiduciary duties to Enron's shareholders by agreeing to sell Enron for inadequate consideration and without an adequate investigation of the alternatives available to Enron. Enron said it would vigorously defend itself.
Yesterday's filing included numerous changes in previously reported numbers for revenues and expenses. In its original third-quarter statement, the company reported a loss of $618 million. The stated loss was increased to $635 million last week and in the latest filing, the loss for the quarter ended Sept. 30 was widened to $664 million.
Enron added that the numbers contained in latest filing aren't necessarily final because its external auditor, Arthur Andersen, hasn't completed its review, nor has an internal audit committee finished reviewing the firm's accounting practices.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
FRONT PAGE - COMPANIES & MARKETS - Wall St worries over Enron deal.
By ANDREW BALLS, ANDREW HILL and GARY SILVERMAN.
11/20/2001
Financial Times
(c) 2001 Financial Times Limited . All Rights Reserved
Senior Wall Street bankers are concerned that Dynegy could walk away from its proposed $9.8bn ( #6.8bn) rescue bid for its rival energy group Enron - a move that would have severe repercussions for the energy trading sector and financial markets.
In a series of interviews with the Financial Times, bankers expressed worries that while credit rating agencies had been assured that it was extremely difficult for Dynegy to pull out, some of the company's shareholders were under the impression that the "material adverse change" clause could be triggered.
"There is no way you can say that this deal is definitely going to happen, or even likely to happen," one banker said. "And the knock on effects of it not going ahead are not good," he added. None of the bankers would agree to be publicly identified.
The possibility of Dynegy dropping out of the deal was discussed when senior bankers from JP Morgan Chase and Citigroup, which are advising Enron, met with officials from Moody's, the credit rating agencies, 10 days ago.
The rating agency expressed concerns that it would be too easy for Dynegy to give up its bid, further undermining Enron's creditworthiness.
Moody's decision to preserve Enron's investment grade rating was one of the main reasons why Dynegy was able to go ahead with its rescue bid.
In justifying the all-stock bid, Chuck Watson, chairman of Dynegy, said last week that buying the company for a low price - a fraction of Enron's market capitalisation at its peak in 2000 - was a major protection against failure.
But he admitted that much of the last round of negotiations with Moody's had been spent reassuring them that the material adverse change clauses in the merger agreement were not too loose.
According to Dynegy, the material adverse change clauses relate to the outcome of a Securities and Exchange Commission inquiry into Enron's finances, possible litigation against the energy company, balance sheet strength and earnings forecasts. www.ft.com/enron.
(c) Copyright Financial Times Ltd. All rights reserved.
http://www.ft.com.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron drops earnings for 3rd quarter
$690 million debt comes due for downgraded firm
By TOM FOWLER
Copyright 2001 Houston Chronicle
Enron Corp.'s financial well-being continues to be a moving target as the company made more adjustments to its earnings Monday.
In a Securities and Exchange Commission filing, Enron said it reduced third-quarter earnings by 3 cents per share and increased earnings for the first nine months of 2001 by 1 cent to reflect recently discovered accounting errors.
The company also said that its recent credit rating drop may force it to pay off a $690 million note by Nov. 27 if it doesn't find collateral to guarantee the debt.
The revelations came in the embattled energy trader's 10-Q document, which companies must file every quarter with details of their earnings and balance sheet. Enron delayed releasing the 10-Q by five days and said the filing made Monday had not been fully audited by its accounting firm, Andersen, because of an ongoing investigation by the company's board of directors and the need for more time.
"We are continuing to review the transactions in question and are making progress with our investigation," said William K. Powers Jr., chairman of Enron's special investigation committee and dean of the University of Texas School of Law.
Enron's pending $690 million IOU is related to a limited partnership to buy natural gas assets in Brazil. One of the terms of the partnership requires Enron to repay the debt if its credit rating slips to BBB- on rating agency Standard & Poor's scale, which it did Nov. 12. If Enron doesn't put up collateral equal to the amount of the note or repay it, the other partners in the deal can sell off the partnership's assets.
Enron officials said in the filing they are working with lenders to come up with an acceptable agreement on the debt.
If Enron's debt rating continues to drop, which would put it below investment grade, the company would face another $3.9 billion in debt repayments, the company said in the filing, mainly by two other partnerships formed in recent years: $2.4 billion owed by Osprey Trust and $915 million by Marlin Water Trust.
Enron is under a negative review by most rating agencies, but a cash infusion from Dynegy combined with additional lines of credit from a number of investment banks and a possible $500 million to $1 billion equity investment by other investors is expected to keep the ratings afloat.
The turmoil around Enron's finances started after Oct. 16, when steep losses in its third-quarter earnings drew renewed attention to a pair of investment partnerships created by the former chief financial officer with the approval of the company's board of directors.
The LJM partnerships were formed using Enron equity and outside capital as a way to hedge against the risks involved in some of the company's new lines of business and were designed to help the company grow quickly without adding too much debt to its books or diluting the value of the company's stock.
The CFO's dual roles as a company executive and managing director of the entities prompted an SEC investigation as well as an internal Enron investigation that led the company to cut its earnings over the past 4 1/2 years by nearly $600 million.
Those problems shook investor and trading partner confidence in Enron, which led to a sharp drop in its stock price and cuts in its credit rating. The company eventually reached a deal with rival Dynegy to be acquired for almost $9 billion in stock plus the assumption of almost $13 billion in debt and $2 billion in preferred stock.
The fallout from Enron's crumble is spreading to its major service providers, including Andersen. That firm has been named as a defendant in at least one shareholder lawsuit, while on Monday Rep. John Dingell, D-Mich., called for an investigation of Andersen in connection with its audits of Enron and Houston-based Waste Management.
"The best accounting standards in the world are meaningless if the accounting and audit processes are so inept or corrupt that they produce unreliable numbers and untruthful reporting," Dingell wrote in a letter to the Public Oversight Board requesting the investigation.
Andersen, based in Chicago, has a large Houston office and a strong foothold in the energy industry with clients, including Enron and Dynegy. Critics of Andersen have said the firm should have done more as Enron's auditor to draw investors' attention to the company's unusual finances.
A lawsuit filed in Oregon alleged Andersen's judgment was swayed by lucrative consulting fees that it received from Enron while it was auditor.
In June, Andersen was fined $7 million by the SEC to settle charges that it filed false and misleading audit reports of Waste Management, the largest civil penalty against a Big Five accounting firm. Andersen did not admit or deny the charges.
Reuters News Service contributed to this story.
Bankers concerned Dynergy may abandon Enron deal - report
11/20/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
LONDON (AFX) - Senior Wall Street bankers are concerned Dynergy Inc could walk away from its proposed rescue bid for its rival energy group Enron Corp, reports the Financial Times without citing sources.
The FT says bankers are worried the company could trigger the "material adverse change" clause in the deal.
mps/mkp For more information and to contact AFX: www.afxnews.com and www.afxpress.com
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Business; Financial Desk
IN BRIEF / ENERGY Enron May Be Forced to Settle $690-Million Debt
Reuters
11/20/2001
Los Angeles Times
Home Edition
C-3
Copyright 2001 / The Times Mirror Company
Enron Corp. warned in a regulatory filing that it could be forced to pay a $690-million debt by next week and reduced its already abysmal third-quarter earnings.
The energy giant said a downgrading of its debt last week triggered a Monday deadline for it to repay or offer collateral against the $690 million owed to a party in one of its partnerships.
If the debt isn't paid, the partner could liquidate the partnership's assets, which include a Brazilian natural gas company that Enron was counting on selling to raise $250 million in cash.
Enron has already used up its $3-billion credit line, secured roughly $2 billion in loans and is looking for more cash.
The company reduced its previously reported results for the third quarter by 3 cents a share, according to its filing with the Securities and Exchange Commission. That would put its loss at 87 cents a share.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Business; Financial Desk
IN BRIEF / ACCOUNTING Arthur Andersen Probe Requested
Reuters
11/20/2001
Los Angeles Times
Home Edition
C-3
Copyright 2001 / The Times Mirror Company
A congressman has called for an investigation of Big Five accounting firm Arthur Andersen in connection with its audits of Enron Corp. and Waste Management Inc., according to a letter released Monday.
Turning up the heat under the conflict-of-interest issue among the world's largest bean-counters, Rep. John D. Dingell (D-Mich.) asked the Public Oversight Board for a "review or special investigation of Arthur Andersen LLP," said the letter.
Dingell also asked the board to look into peer reviews of Arthur Andersen conducted in recent years by other accounting firms, including Deloitte & Touche, and questioned the value of a triennial peer review process in place since 1978.
Arthur Andersen, based in Chicago, was auditor to Houston energy trading giant Enron, rocked in recent weeks by a Securities and Exchange Commission probe of outside partnership deals involving company officers. Enron's stock price has plunged, several managers have resigned and numerous shareholder lawsuits are pending.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
U.S. Official Calls for Probe Of Andersen, 2 Problem Audits
By Judith Burns
Dow Jones Newswires
11/20/2001
The Wall Street Journal Europe
22
(Copyright (c) 2001, Dow Jones & Company, Inc.)
WASHINGTON -- Concerned about the accounting profession's ability to police itself, a senior House of Representatives Democrat has called for a "special investigation" of Arthur Andersen LLP and its audits of Enron Corp. and Waste Management Inc.
In a letter to U.S. Public Oversight Board Chairman Charles Bowsher released Monday, Rep. John Dingell, a Michigan Democrat, requested a review of Andersen's audits of Enron and Waste Management, two high-profile audit failures.
Enron, of Houston, which recently agreed to be acquired by crosstown rival Dynergy Inc., acknowledged it overstated net income by $586 million (662.5 million euros) and will need to restate financial reports dating back to 1997.
The U.S. Securities and Exchange Commission is investigating Enron's treatment of investments in limited partnerships tied to former Chief Financial Officer Andrew Fastow.
Enron's problems come on the heels of another audit debacle for Andersen. In June, the firm reached a $7 million settlement with the SEC in which it neither admitted nor denied allegations of fraud in its audit of Waste Management.
Andersen and the waste hauler paid $220 million in 1999 to settle class-action lawsuits alleging massive accounting fraud that inflated Waste Management's reported earnings in the mid-1990s.
In addition to the SEC's probe of its role in the Enron matter, Andersen is undergoing routine peer review by Deloitte & Touche. Dingell suggested that review may be clouded by the fact that Deloitte & Touche has been hired by outside lawyers representing a special committee of Enron's board of directors.
Given the potential conflict of interest on the part of Deloitte & Touche, and Andersen's track record, "there appears to be little reason for the public to have faith in Andersen or the peer review process," Mr. Dingell wrote.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Career Journal: The Jungle
By Kemba J. Dunham
11/20/2001
The Wall Street Journal
B10
(Copyright (c) 2001, Dow Jones & Company, Inc.)
[Focus on Retirement, Pay and Getting Ahead]
Passing Up
Some senior executives are spurning hefty severance packages.
Last week, Enron Corp. Chairman Kenneth Lay decided to forgo a $60.6 million severance payment that would have been triggered by Dynegy Inc.'s planned acquisition of the Houston energy trader. Enron initially said Mr. Lay would keep one-third of the planned payout and take it in shares of the combined company. He later decided against any severance payment after criticism by influential energy traders, who produce most of Enron's profits.
"In this environment, we're seeing producers putting pressure on managers and managers putting pressure on producers to ensure that their pay is in line with their performance," says Ira Kay, executive-compensation practice leader of pay-and-benefits consultants Watson Wyatt Worldwide in New York.
Alan Johnson, managing director of New York pay consultants Johnson Associates, says Mr. Lay's initial intention to accept a portion of his severance represents "the continuing trend of executives being clueless."
(For the 12 months ended Aug. 31, Mr. Lay received about $70 million from exercising Enron stock options, according to disclosure reports tracked by Thomson Financial.)
Three top executives of US Airways Group Inc., including Chief Executive Rakesh Gangwal and Chairman Stephen Wolf, passed up severance after deciding to stay at the company when a planned merger fell through. The trio stood to gain $45 million for resigning as a result of severance agreements triggered by shareholder approval of its now-defunct merger accord with UAL Corp. At US Airways' Sept. 19 annual meeting, they said they would remain with the company.
Firm Relationship
New York law firm Cadwalader, Wickersham & Taft last week rolled out an unusual formal mentoring program for first-year associates.
For two hours a month for at least a year, each associate will meet with a designated mentor -- typically a midlevel associate -- to discuss issues such as career development. If the relationship doesn't click, new pairings will be made. CWT hires about 50 law-school graduates a year.
Jordan Schwartz, the firm's hiring partner, says the initiative was sparked by a 2000 survey of midlevel associates at 165 U.S. law firms conducted by American Lawyer magazine. The poll, which assesses how associates perceive they are being treated, ranked the firm last. "It wasn't an accurate reflection of the firm," he says. "But it was a wake-up call."
So, CWT created an "associate task force" that identified key issues and explored ways to improve the quality of work life. The mentoring program was one result.
Hiring Blitz
Despite rising joblessness, a few employers are hiring in a big way.
ZipRealty Inc., an online real-estate broker in Richmond, Calif., recently announced plans to hire 1,000 real-estate agents within the next 18 months. It has about 135 agents, all of whom work from home.
"We have large consumer demands right now, so we want to make sure we have great realtors," says Scott Kucirek, executive vice president of people and culture.
Since August, zipRealty has hired nearly 30 agents a month for all its 12 markets, which include Los Angeles, Phoenix, San Diego and Chicago. The company has three full-time recruiters sending e-mails and making calls to market its recruitment effort. Its database contains 200 to 300 prospects.
The job, which usually pays only commission, offers some perks. The company will pay new agents $1,500 a month for three months to give them time to make connections and sell a home. After that, pay will be entirely commission based. New hires also receive cellphone and car allowances.
---
E-mail comments to [email protected]
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Business/Financial Desk; Section C
In New Filing, Enron Reports Debt Squeeze
By RICHARD A. OPPEL Jr. and FLOYD NORRIS
11/20/2001
The New York Times
Page 1, Column 2
c. 2001 New York Times Company
The Enron Corporation told investors yesterday that it faced debt repayments over the next year vastly in excess of its available cash. It said that if any of a number of things went wrong, its ability to continue as a going concern would be called into question.
In a delayed quarterly filing with the Securities and Exchange Commission, the company said that it would have to repay $690 million in debt by next Tuesday if it did not come up with collateral for a loan.
Enron has about $1.75 billion in cash and credit lines now available but faces debt repayments and other obligations of $9.15 billion by the end of next year. The report for the third quarter, which was filed five days late, says the company faces immediate demand for $3.9 billion in debts if its credit rating is downgraded any further.
Enron's independent auditors with the firm of Arthur Andersen have not been able to complete their review of Enron's financial statements for the third quarter. Andersen already faces lawsuits over its audits of Enron's books related to Enron's disclosure this month that it had overstated almost $600 million in profits in the last five years. Enron has said that it will restate statements that Andersen certified and that those statements should no longer be relied upon.
Yesterday, Representative John D. Dingell of Michigan, the ranking Democrat on the House Energy and Commerce Committee, called for an investigation into Arthur Andersen's handling of the Enron audits. A spokesman for Andersen could not be reached last night.
Enron, the nation's largest energy trader, has agreed to be acquired by Dynegy Inc., its smaller crosstown rival in Houston, and credit rating agencies have said that a failure of that deal to go through would lead to a further downgrading of Enron, which is now at the lowest investment-grade rating. Any downgrades could lead to a collapse of Enron's core energy trading business, analysts say, as other energy trading companies might stop doing business with Enron entirely.
The Dynegy deal is expected to close sometime next year, and the disclosures yesterday indicate that Enron may face challenges in meeting its obligations before then, particularly if the closing of the deal is delayed. Enron said it hoped to complete the transaction by the end of next September.
Enron is in talks to obtain $500 million to $1 billion in additional financing through an equity infusion from major banks and institutions. In addition, executives have said they are hoping to close deals to sell $800 million in assets by the end of the year, and perhaps a few billion dollars of assets next year. Enron is also set to receive a $1 billion infusion from ChevronTexaco, which owns a 27 percent stake in Dynegy, if the deal closes next year.
Still, even after factoring in cash flow from Enron's core energy-trading operations, Enron could be left well short of what it needs to satisfy the huge obligations due by the end of next year -- meaning that Enron will probably have to work to persuade bankers to restructure debts or extend maturities.
Carol Coale, an analyst for Prudential Securities in Houston, said the new disclosures indicated that Enron's troubles had run deeper than what investors and analysts believed, even as the stock crashed early this month before the merger with Dynegy was announced.
''Our initial read was that this might have been like a run on the bank,'' Ms. Coale said. ''But now it sounds like Enron's problems were actually more inherent than perceived.''
Enron's deal with Dynegy calls for Enron holders to receive 0.2685 Dynegy share for each Enron share, but in trading since the deal was announced Enron's share price has lagged Dynegy's price, reflecting investor doubts that the deal will be completed at the announced terms.
In New York Stock Exchange trading yesterday, before the Enron filing was released, Enron rose 6 cents, to $9.06, and Dynegy rose $1.13, to $43.60. At those prices, the value of the Dynegy offer is 29.2 percent above Enron's share price, compared with a 20.6 percent difference when the deal was announced.
Some debts that Enron might have to pay quickly if its bond rating is lowered could be satisfied by selling shares, but such sales would probably reduce the stock price further. And the merger agreement with Dynegy provides that the exchange ratio would be reduced if Enron sold stock at prices below the implied value under the merger -- currently $11.71 an Enron share.
In after-hours trading yesterday, after the release of the Enron filing, the share price slipped to $9.
Enron had previously said it was reducing its profits taken in previous years by more than $500 million. Yesterday's filing provided some additional details on Enron's relationships with various related partnerships whose debts Enron could be forced to pay, and it said that additional write-offs could come as early as the current quarter if it concluded that asset values in the partnerships had declined. It said that because Enron's stock value had fallen, one write-down could be $700 million.
The disclosures show that Enron erected complicated financial structures that in some cases seem to have been meant to allow the company to avoid taking losses on assets and in other cases were aimed at keeping debts off its balance sheet.
But the collapse of Enron's stock price has both worsened the situation for some of those entities and greatly increased the cost Enron would face if it needed to pay off the debts.
''It is not possible to predict,'' Enron warned investors, whether its asset sales or debt refinancings would be successful. ''An adverse outcome with respect to any of these matters would likely have a material adverse impact on Enron's ability to continue as a going concern.''
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Decision to locate ConocoPhillips in Houston enhances world's energy capital
By PAM EASTON
Associated Press Writer
11/20/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.
HOUSTON (AP) - The decision to base the oil giant created by the combination of Phillips Petroleum Co. and Conoco Inc. in Houston, home of the smaller Conoco, helps cement the city's status as the nation's energy capital.
"Houston already was the energy capital of the world. This just proves it," said Mark Baxter, director of the Maguire Energy Institute at Southern Methodist University in Dallas.
"All the major players are in Houston and Houston can accommodate the employee growth base," he said. "It is easier to conduct the business in the Houston market because not only are all the major companies there, all the support is in Houston as well."
The dlrs 15.6 billion deal announced Sunday that would create the nation's third largest oil producer may mean more prestige for Houston, even though the nation's two largest oil companies - Irving-based ExxonMobil and San Francisco-based ChevronTexaco - have their headquarters located elsewhere, each has thousands of employees working in the nation's fourth-largest city.
It all began with the 1901 Spindletop strike in southeast Texas when oilmen discovered that much of the continental United States' vast oil resources lay beneath Texas soil.
"Historically oil and gas centers sprang up adjacent to oil and gas discoveries," said David Bole, the vice president of Randall & Dewey, Inc., a Houston-based oil consulting firm. "But certainly with high-speed communications developed over the last 30 years, the decision making has been centralized more in the financial centers.
"What has set Houston apart from many other emerging oil centers was the caliber of the early wildcatters, their vision and their ability to build mega-companies. In many cases it is their legacy that has built Houston into today's oil capital."
Shell Oil Co. is based in Houston alongside several other producers and numerous offshore drilling, oil field services, pipeline, oil field firefighting and related companies.
In recent years, the city also has become home to large energy trading firms such as Dynegy, Inc., Enron Corp., Reliant Inc. and others. Together, they operate dozens of computerized energy trading floors scattered throughout the city.
"Consolidation is cumulative - a self-fulfilling process of centralizing all the important pieces of the oil industry in one place," Bill Gilmer, an economist in Houston for the Federal Reserve Bank of Dallas, wrote in a recent publication. "The same principles, of course, are what draw moviemakers to Hollywood, financial service providers to New York and automakers to Detroit."
And, it seems, energy companies to Houston.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
COMPANIES & FINANCE THE AMERICAS - Energy deal savings set to increase.
By ANDREW HILL.
11/20/2001
Financial Times
(c) 2001 Financial Times Limited . All Rights Reserved
ChevronTexaco yesterday increased the annual savings it expected to achieve from the merger between the two oil groups to $1.8bn by March 2003.
David O'Reilly, chief executive, told analysts that the combined company would also meet its original synergy target of $1.2bn within six to nine months of the deal, which was completed last month.
Mr O'Reilly also said it expected oil and gas production to grow at an annual rate of 2.5 to 3 per cent over the next five years, and dismissed worries about the falling oil price.
"Our business is used to swings and volatility - if you want a stable price environment you don't want to be in this business," he told reporters after addressing analysts in New York.
Mr O'Reilly said the news of the latest big merger in the industry - the $35bn deal between Conoco and Phillips Petroleum - only made him more confident that the ChevronTexaco deal was right.
ChevronTexaco now claims to be the third-largest energy company in terms of global oil reserves and the fourth-largest in global oil and natural gas production. He said the synergies translated into gains of about $1 per share after tax.
ChevronTexaco has an important role in Dynegy's rescue bid for Enron, the rival energy group. ChevronTexaco has a 26 per cent stake in Dynegy and immediately invested $1.5bn in convertible preferred shares of Dynegy to fund its direct equity infusion in Enron. ChevronTexaco is committed to buying a further $1bn of Dynegy common stock once Dynegy completes its takeover. If the deal fails, ChevronTexaco can redeem the convertible preferred shares for $1.5bn in cash or convert to common shares, giving it a 36 per cent stake in equity.
Mr O'Reilly said yesterday the group was committed to the deal, despite worries about potential hidden liabilities at Enron.
ChevronTexaco is doing its own review of potential litigation risks at Enron, and Mr O'Reilly said there was "a full suite of due diligence" that needed to be done on other issues at Enron.
* Enron's lenders welcomed the energy company's openness yesterday following a meeting in New York. Greg Whalley, Enron's president, led the meeting, which was postponed when Dynegy began talks with Enron two weeks ago.
"Much of senior management was there and they were doing a good job," said one. Another banker said Enron management had been "pretty upfront" about the problems at the company, although he said most lenders were reluctant to air their concerns in full at the crowded meeting.
(c) Copyright Financial Times Ltd. All rights reserved.
http://www.ft.com.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
U.S. Equity Preview: Enron, Hot Topic, MetLife, UAL
2001-11-20 01:25 (New York)
U.S. Equity Preview: Enron, Hot Topic, MetLife, UAL
New York, Nov. 20 (Bloomberg) -- The following is a list of
companies whose shares may move in U.S. markets today. This
preview includes news that occurred after markets closed
yesterday. Stock symbols are in parentheses after the company
name.
Most Likely to Move:
Enron Corp. (ENE) fell as low as $8.78 during after-hours
trading. It closed at $9.06 in regular trading. The energy company
that's being acquired by rival Dynegy Inc., cut third-quarter
earnings for a second time. The company also said that a drop in
its credit rating may force it to make early payment of a
$690 million note this month. Dynegy rose $1.13 to $43.60.
Loudcloud Inc. (LDCL) rose as high as $3.91 in after-hours
trading. It closed at $3.15 in regular trading: The manager of
corporate Web sites said it expects a fourth-quarter loss of
55 cents to 56 cents a share on sales of $15.5 million to
$15.7 million. It was forecast to have a loss of 66 cents in the
fourth quarter, the average estimate of analysts polled by Thomson
Financial/First Call.
Semtech Corp. (SMTC) rose as high as $39.50 in after-hours
trading. It closed at $38.70 in regular trading. The maker of
chips for communications equipment and personal computers said
third-quarter profit from operations was 10 cents a share, from
22 cents a year ago. Including a gain, Semtech would have earned
12 cents. The company was expected to report profit of 9 cents,
the average forecast of analysts surveyed by First Call.
Others:
Dal-Tile International Inc. (DTL): The maker of tiles said in
a statement distributed by PR Newswire that it agreed to be
acquired by Mohawk Industries Inc. (MHK) for a combination of cash
and stock valuing its shares at $23.10 each, based on the closing
price of Mohawk's shares Monday. Company officials couldn't be
reached to comment. Dal-Tile shares rose 70 cents to $17.60.
Delta and Pine Land Co. (DLP): The cotton-seed company said
it will raise its quarterly dividend to 5 cents share, up from
last quarter's payment of 4 cents, according to press release
issued by PR Newswire. The increased dividend will be paid on
Dec. 14 to the shareholders of record on Nov. 30. Company
officials couldn't immediately be reached to comment. Delta and
Pine Land rose 10 cents to $18.
Fashionmall.com Inc. (FASH): The operator of an Internet
shopping site for brand-name clothing, shoes and accessories cut
its staff to three people as of Oct. 15 and will cut this number
to one person by the end of the year. The company is reviewing its
business operations, according to a statement distributed by PR
Newswire. Company officials couldn't be reached to comment.
Fashionmall.com shares rose 10 cents to $2.45.
Hot Topic Inc. (HOTT): The seller of music-inspired
merchandise said it will more than triple the number of Torrid
stores for plus-size young women next year as third-quarter profit
rose to 39 cents a share, from 34 cents, a year earlier.
Hot Topic said profit next fiscal year will be $1.55 a share, less
than the $1.59 average estimate of eight analysts polled by First
Call. Hot Topic rose $1.73 to $28.58.
H&R Block Inc. (HRB): The tax form-preparing company agreed
to acquire EquiCo Resources LLC, an investment bank, which
specializes in merger and acquisition work for middle-market
companies. Terms weren't disclosed. H&R Block fell 74 cents to
$37.28.
MetLife Inc. (MET): The life insurer, which said it will
raise about $1.25 billion in new debt, may have its credit rating
cut in the future, according to Moody's Investors Service. The
ratings agency changed the outlook on MetLife's debt rating to
negative because of the insurer's appetite for assuming higher
levels of risk. About $2 billion worth of debt was affected.
MetLife fell 9 cents to $27.50.
Northfield Laboratories Inc. (NFLD): The U.S. Food and Drug
Administration asked for more information about the company's
oxygen-carrying blood substitute, PolyHeme. Northfield said it
will ``quickly'' address the issues raised by the FDA, according
to a press release distributed by PR Newswire. Company officials
couldn't immediately be reached for comment. Northfield fell 16
cents to $13.25.
Phillips-Van Heusen Corp. (PVH): The maker of Van Heusen and
Izod brand clothing said fourth-quarter sales will be 11 percent
to 12 percent less than a year earlier because of the slowing
economy and weak retail market. Profit in the current quarter will
be 12 cents to 15 cents a share, in line with the 13-cent average
estimate of a First Call poll. Phillips-Van Heusen shares rose 1
cent to $11.27.
SunGard Data Systems Inc. (SDS): The software maker expects
to meet its 2001 earnings forecast, excluding the purchase of
Comdisco Inc.'s computer disaster-recovery business for $850
million. The company will earn 88 cents to 91 cents a share this
year excluding the acquisition. Including the purchase, SunGard's
earnings will be ``modestly'' lower for the rest of this year and
the first half of 2002. SunGard shares rose 86 cents to $29.50.
UAL Corp. (UAL): The union representing mechanics for the
company's United Airlines has rejected an arbitration effort by a
government board, raising the possibility of a strike. The
International Association of Machinists and Aerospace Workers
turned down the National Mediation Board's offer to help resolve a
contract dispute between the Chicago-based carrier and 15,000
mechanics and other employees. UAL rose $2.48 to $16.72.
Enron restates Q3 to deeper loss; toils to restructure $690M payment
AP
11/19/2001
The Canadian Press
Copyright (c) 2001 The Canadian Press. All rights reserved.
HOUSTON (AP) _ As embattled Enron Corp. examines its books, the energy trader restated its third-quarter results Monday, increasing its loss for the period by three cents a share to 87 cents.
The company also disclosed it is trying to restructure a $690-million obligation that could come due Nov. 27.
Enron spokesman Mark Palmer said the company has the cash on hand to pay the obligation but would like to have it restructured and extended.
``We are working with the lenders to restructure or extend the term on the obligation,'' he said.
Palmer said that when Enron's credit rating was reduced it triggered a clause in one of the ``limited partnership agreements that could cause that $690 million obligation to become due beginning next week.''
Houston-based Enron, being purchased by rival Dynegy Inc. to escape a spate of problems and shattered Wall Street confidence, also increased nine-month earnings by a penny to 20 cents a share.
Dynegy is purchasing the company for $7.8 billion in stock.
In an SEC filing Nov. 8, 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.
That would have reduced Enron's profits for those years by $586 million, from $2.89 billion to $2.31 billion.
In addition, the company revised its debt upward in each year from 1997 to 2000; at the end of 2000, Enron's debt was $10.86 billion, or $628 million more than previously reported.
By not disclosing the debt earlier, Enron presumably maintained a stronger credit rating and was able to vastly increase the size of its core operations _ trading natural gas and electricity on wholesale markets.
In a filing with the Securities and Exchange Commission on Monday, Enron explained that auditor Arthur Andersen LLP hasn't finalized its review of the company's financial statements because of an ongoing investigation by a special committee appointed by Enron's board of directors.
In the filing, Enron reiterated it is developing a plan to exit $8 billion in non-core businesses that are performing ``below acceptable rates,'' and expects to use the proceeds to repay debt.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron restates third-quarter earnings
11/19/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.
HOUSTON (AP) - As embattled Enron Corp. examines its books, the energy trader restated its third-quarter earnings, increasing its loss for the period by 3 cents a share to 87 cents.
The company also disclosed it is trying to restructure a dlrs 690 million obligation that could come due Nov. 27.
Enron spokesman Mark Palmer said the company has the cash on hand to pay the obligation but would like to have it restructured and extended.
"We are working with the lenders to restructure or extend the term on the obligation," he said.
Palmer said the obligation could come due because of Enron's lowered credit rating. When the rating was reduced, it triggered a clause in one of the "limited partnership agreements that could cause that dlrs 690 million obligation to become due beginning next week."
Houston-based Enron, which is being purchased by rival Dynegy Inc. to escape a recent spate of problems and shattered Wall Street confidence, also increased nine-month earnings by a cent to 20 cents a share.
Dynegy is purchasing the company for dlrs 7.8 billion in stock.
In an SEC filing Nov. 8, 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.
That would have reduced Enron's profits for those years by dlrs 586 million, from dlrs 2.89 billion to dlrs 2.31 billion. In addition, the company revised its debt upward in each year from 1997-2000; at the end of 2000, Enron's debt was dlrs 10.86 billion, dlrs 628 million more than previously reported.
By not disclosing the debt earlier, Enron presumbably maintained a stronger credit rating and was able to vastly increase the size of its core operations - trading natural gas and electricity on wholesale markets.
In a filing with the Securities and Exchange Commission on Monday, Enron explained that auditor Arthur Andersen LLP hasn't finalized its review of the company's financial statements because of an ongoing investigation by a special committee appointed by Enron's board of directors.
"We are continuing to review the transactions in question and are making progress with our investigation," said William K. Powers Jr., chairman of the special committee and dean of the University of Texas School of Law.
The merger is expected to go through by next summer. Dynegy, backed by major investor ChevronTexaco Inc., will also assume dlrs 13 billion of Enron debt.
Enron agreed to be bought after its stock price plunged about 80 percent in the weeks after it disclosed a third quarter loss followed by an acknowledgment that the Securities and Exchange Commission was investigating partnerships run by company officials.
The partnerships led to a dlrs 1.2 billion reduction in shareholder equity and allowed Enron to keep about half a billion dollars in debt off its books.
Credit services also have diminished Enron's long-term debt to just above junk grade.
In the filing, Enron also reiterated it is developing a plan to exit dlrs 8 billion in non-core businesses that are performing "below acceptable rates," and should be able to use the proceeds to repay debt.
Shares of Enron were up 6 cents to dlrs 9.06 in trading Monday on the New York Stock Exchange. Enron announced its latest filing after the market close.
---
On the Net:
http://www.enron.com
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: Enron sounds debt alarm, reduces reported earnings.
By C. Bryson Hull
11/19/2001
Reuters English News Service
(C) Reuters Limited 2001.
HOUSTON, Nov 19 (Reuters) - Humbled energy giant Enron Corp. on Monday warned that it could be forced to pay a $690 million debt by next week and reduced its already-abysmal third-quarter earnings.
The Houston company sounded the debt and credit alarms once again in a filing made on Monday with U.S. Securities and Exchange Commission.
Among the new information included is the disclosure that Enron is up against a short deadline to meet a $690 million debt obligation triggered by a credit downgrade last week. That marked the start of a nine-day period that expires on Nov. 26, during which Enron must lay down collateral against the debt owed to a third party in one of its myriad partnerships.
If not, the partner has the right to liquidate all of the assets of the partnership, which includes a Brazilian natural gas company that Enron was counting on selling to raise $250 million in cash.
The company is working to make alternative payment arrangements, since it can ill-afford to pay the debt now. Enron has already already maxed out its $3 billion credit line, secured roughly $2 billion in loans and is looking for more cash to stay afloat.
Enron also reduced previously reported 2001 third-quarter earnings by 3 cents per share and increased previously reported earnings for the first 9 months of the year by a penny per share. The move reflects adjustments made after the quarter's end, Enron said.
On Oct. 16, Enron reported a loss of $638 million or 84 cents per share for the third quarter of 2001. On Nov 8, Enron said it had restated earnings for 1997-2000 and that net income for the four-year period was more than a half a billion lower than originally reported.
It also warned that a further drop in its credit rating could force it to pay $3.9 billion to other partnerships, the bulk of it to Osprey Trust and Marlin Water Trust.
Such an outcome would keep Enron from paying its revolving credit accounts and "would likely have a material adverse impact on Enron's ability to continue as a going concern," the company wrote.
Enron had released those figures earlier, but had yet to state in such stark terms the dire risk the debts pose to its viability.
CREDIT COULD BE A KILLER
Moody's Investors Service and Standard & Poor's this month cut their respective senior unsecured debt ratings for Enron to "Baa3" and "BBB-minus," just one notch above "junk" status. Each warned it may cut its respective ratings again. Moody's also cut Enron's short-term debt rating, which affects commercial paper, to "Not Prime," a junk rating.
In nearly all of its partnership deals, Enron guaranteed the financing it received with a promise to issue Enron shares to its partners if its credit fell below investment grade and its stock price was under certain levels. At the close of trading Monday on the New York Stock Exchange, Enron shares were at $9.06 - well below the trigger prices.
All of the partnerships, which Enron used to finance projects in a way that kept them off the balance sheet, have become the once-proud company's bane. The SEC is investigating potential conflict-of-interest issues involving two such partnerships on which ousted Chief Financial Officer Andrew Fastow served as general partner.
Enron had to extract itself from those partnerships, which led to a $1.2 billion reduction in Enron shareholder equity.
The revelation of the equity reduction started one of the more stunning and rapid corporate collapses in recent memory, leaving Enron to be bought on Nov. 9 by smaller cross-town rival Dynegy Inc. for the fire-sale price of $9 billion in stock.
In an unusual note, Enron said that its financial statements in the filing were not audited by an independent accountant, per SEC regulations, because of "the need of Arthur Andersen LLP, Enron's independent auditors, to complete their review procedures."
Arthur Andersen had no comment, but Enron said the ongoing investigation by a special committee appointed by Enron's board of directors to look into its partnership dealings precludes the audit's completion.
(Additional reporting by Andrew Kelly in Houston and Jonathan Stempel in New York).
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Warns That Raft of Problems May Hurt Its Fourth-Quarter Profit
11/19/2001
Dow Jones Business News
(Copyright (c) 2001, Dow Jones & Company, Inc.)
Enron Corp. warned that continuing credit worries, a decline in the value of some of its assets and reduced trading activity could hurt its fourth-quarter earnings, Tuesday's Wall Street Journal reported.
The energy company said it may be forced to take a $700 million pretax hit to earnings due to a plunge in the value of assets held by one of its investment partnerships. The partnership, Whitewing LLP, held assets with a book value of $4.7 billion on Nov. 16 but a drop in the value of Enron (ENE) stock held by the partnership could result in a derivative loss of $700 million, the company said.
In addition, Enron, Houston, said it may have to come up with more money to honor a collateral call on a $690 million note. That note became a "demand obligation," on Nov. 12, when Enron's credit rating got lowered to triple-B-minus by Standard & Poor's. The company didn't disclose who holds the note.
"We've got nine days to either repay the note or post a letter of credit or they can start liquidating assets," said company spokesman Mark Palmer. One of the assets includes C.E.G. Rio, a gas distribution company in Brazil that Enron already is in the process of selling and whose proceeds it had intended to use for other forms of debt reduction. The company said it is trying to negotiate a waiver or extension of the credit provision with lenders to preserve its cash.
Enron has set up a number of partnerships over the years to hedge investment risks and, in some cases, to keep debt off its balance sheet. In the wake of a Securities and Exchange Commission formal probe into its accounting and disclosure practices launched Oct. 31, the company restated its earnings downward dating back to 1997 and has consolidated some debt back onto its balance sheet.
The company on Nov. 9 agreed to merge with competitor Dynegy Inc. (DYN). But its latest SEC filing said it was sued by shareholders on Nov. 12 in state court in Houston to prevent the merger from happening. The petition alleges that Enron's directors breached their fiduciary duties to Enron's shareholders by agreeing to sell Enron for inadequate consideration and without an adequate investigation of the alternatives available to Enron. Enron said it would vigorously defend itself.
Monday's filing included numerous changes in previously reported numbers for revenues and expenses. In its original third-quarter statement, the company reported a loss of $618 million. The stated loss was increased to $635 million last week and in the latest filing, the loss for the quarter ended Sept. 30 was widened to $664 million.
Enron added that the numbers contained in latest filing aren't necessarily final because its external auditor, Arthur Andersen, hasn't completed its review, nor has an internal audit committee finished reviewing the firm's accounting practices.
Copyright (c) 2001 Dow Jones & Company, Inc.
All Rights Reserved.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Files 10-Q For 3Q With SEC
11/19/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
HOUSTON -(Dow Jones)- Enron Corp. (ENE) filed its Form 10-Q for the third quarter and said its previously reported third quarter loss of 84 cents a share was widened by 3 cents to reflect adjustments made subsequent to the end of the quarter.
As reported, Enron was restating financial statements from 1997 through the second quarter of 2001 due to questions over its finances.
On Oct. 16, Enron reported a loss of $618 million on revenue of $47.6 billion for the third quarter ended Sept. 30.
In a press release Monday, the company said its earnings of 19 cents a share for the nine-month period of 2001 were increased by 1 cent a share.
Enron said its independent auditor, Arthur Andersen LLP, hasn't finalized its review of the company's financial statements in accordance with established professional standards because of the ongoing investigation by the special committee of the board and the need for Andersen to complete its review procedures.
In the third quarter, Enron wrote off more than $1 billion related to its failed investments and reduced shareholder equity by about $1.2 billion to unwind an off-balance financing vehicle once run by its former chief financial officer, Andrew Fastow. That relationship is being examined in a Securities and Exchange Commission investigation, and is the center of more than a dozen shareholder lawsuits.
According to the company's Form 10-Q, the special committee's investigation may identify additional or different information concerning these matters, which would require additional or different restatements.
Dow Jones Corporate Filings Alert reported Monday that Enron is currently preparing a restructuring plan aimed at taking aggressive steps to rationalize the company's existing cost structure, accelerating the process of divesting non-core businesses and assets and restructuring scheduled maturities of debt and other obligations.
Enron said it is unable to estimate the timing of restructuring or the financial impact, but said fourth quarter results of operations will likely be hurt by employee severance, restructuring and other charges, according to Corporate Filings Alert.
The company had $1 billion in cash and cash equivalents at Sept. 30.
On Nov. 9, Enron and Dynegy Inc. (DYN) signed a definitive merger agreement that would give Enron shareholders 0.2685 share of a Dynegy share. The merger is expected to close by the end of the third quarter of 2002.
-Stephen Lee; Dow Jones Newswires; 201-938-5400
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Business
Fears Mount Over Enron/Dynasty Deal
Bruce Francis, Kathleen Hays
11/19/2001
CNNfn: Markets Impact
(c) Copyright Federal Document Clearing House. All Rights Reserved.
KATHLEEN HAYS, CNNFN ANCHOR, MARKETS IMPACT: There are mounting fears about the fate of the Enron (URL: http://.www.enron.com/) /Dynegy (URL: http://www.dynegy.com/) deal. Financial Times once again has a scoop. Robert Thomson is the U.S. Managing Editor of the FT joining us now with details. Robert what`s going on I thought this was suppose to be a done deal?
ROBERT THOMSON, FINANCIAL TIMES, U.S. MANAGING EDITOR: Well that`s right Kathleen but the interesting thing that make it perhaps not so done a deal is what we might call the materially adverse clause. That there is a change in the conditions surrounding Enron that makes (INAUDIBLE) a downgrade of them possible and really leaves the financial institutions exposed to them. And these financial institutions in conversations interviews with the Financial Times are telling us that they have deeper fears about this materially adverse clause being enacted than people out there now realize.
HAYS: Well I must say I think this is very interesting and I`m surprised not that I`m an expert on the deal or even close to the deal itself but it seemed that part of the way that Enron was getting the deal done with Dynegy was to say look we dug up all the possible problems all the maybe kind of hidden not so great deals that are being investigated now and supposedly everything was on the table. So what, what do you think? What are you hearing that they`re finding now that makes things look worst than they already look?
THOMSON: Well really that`s the issue. To be quite honest we don`t know but who would have known a month ago and particularly three months ago that Enron is in this situation that it`s now in and how far those problems stretch is really the issue that (INAUDIBLE) surrounding Enron still have it and that they suspect that Dynegy might have it. It looks quite more (INAUDIBLE) the deal. Now Dynegy is saying but we`re going ahead with this yes there is that clause there, yes it covers us in case we find something that we don`t like the look of or like the smell of depending on what it maybe but we don`t` feel it will have to activate it. But of course on the other hand they are going to say that but they do have that fall back clause if they need it.
HAYS: Go ahead Robert I`m sorry.
THOMSON: So, but the truth is you know the full extent of Enron`s exposure to various businesses really is hidden by the complexity of the transaction`s the company was engaging in markets where frankly very few people know a lot about it.
HAYS: What happens if the deal falls through? What happen to Enron?
THOMSON: Well there`s a real issue there that a downgrade may follow and this there`s certainly concern in the banking community. Again, that the level of exposure in counter party risk and so on to Enron isn`t fully comprehended and frankly that`s why they spoke to the Financial Times because they thought well there`s an impression that this is a done deal, that the Enron problem is solved. They`re saying actually not so.
HAYS: Wow. Well I think we have just enough time to take a look at you`re you got us something in China again. You take us to that world part of the world frequently what`s going on there.
THOMSON: Yeah we Beijing (INAUDIBLE) here. Essentially the IFC the International Finance Corporation arm of the World Bank is taking a large stake in Chinese Bank in Nanjing (ph). That is amazing really. It`s by far the largest stake, $27 million, 15 percent in the Nanjing(ph) City Bank and it`s really we here are going to be the first of three big investments in Chinese banks over the next year or so. There are two small ones there already where people have taken 3, 5 percent in Chinese banks but for the first time International institutions are in a position where they can think about Chinese retail banking in a serious way.
HAYS: OK Robert well thank you very much I guess that`s something for investors to watch. Particularly people who are global investors.
NEW INTERVIEW: NEW INTERVIEW:
KATHLEEN HAYS, CNNfn ANCHOR, MARKETS IMPACT:
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Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Reduces Earnings, Warns $690 Mln Payment Due (Update2)
2001-11-19 22:03 (New York)
Enron Reduces Earnings, Warns $690 Mln Payment Due (Update2)
(Adds in first paragraph that note payment may come next
week.)
Houston, Nov. 19 (Bloomberg) -- Enron Corp., which agreed to
a takeover by Dynegy Inc. after a financial crisis threatened it
with bankruptcy, revised third-quarter earnings for the second
time this month and said it may have to make early payment of a
$690 million note next week.
The Houston-based company lowered results by 3 cents a share,
bringing its third-quarter loss to 87 cents, or $664 million,
according to a Securities & Exchange Commission filing.
Liabilities from an affiliated partnership may reduce fourth-
quarter earnings by $700 million before taxes, Enron said.
The disclosures don't indicate that Enron is in much worse
shape than on Nov. 8, said John Olson, an energy analyst at
Sanders Morris Harris. That's when Enron lowered its earnings back
to 1997 by $586 million, reflecting losses by affiliated
partnerships that it had wrongly kept off the books.
``I don't think anyone would be particularly surprised that
they had to adjust third-quarter earnings (again) considering they
restated earnings for the last four years,'' said Olson, who
doesn't own shares of Dynegy or Enron. ``I don't think it's a
problem.''
Making good on debt owed by its Whitewing partnership may cut
Enron's fourth-quarter earnings. Enron is obligated to back
Whitewing by issuing junior convertible preferred stock. Because
Enron's stock has plunged, it may have to write down its assets by
$700 million, the filing said.
Partnership Problems
Enron said that the Dynegy buyout could collapse if Enron is
forced to pay judgments of more than $2 billion to settle lawsuits
over its dealings with affiliated partnerships. Dynegy has said it
can cancel the transaction if Enron's litigation costs and other
liabilities grow to $3.5 billion or more. Enron faces at least 23
such lawsuits.
Enron used affiliated partnerships to raise money quickly and
take debt off its books. Its shares plunged by 89 percent this
year as investors questioned whether the partnerships also were
being used to hide losses from failed investments.
Chief Executive Officer Kenneth Lay said earlier this month
that buying back 62 million shares from two such partnerships cost
Enron shareholders $1.2 billion in lost equity. The company wrote
off $1.01 billion in investments in water, telecommunications and
retail-energy sales in the third quarter.
A drop in Enron's senior unsecured debt rating to ``BBB-'' by
Standard & Poor's on Nov. 12 may force Enron to pay off the $690
million note by Nov. 27 if it doesn't find collateral to guarantee
the debt taken on by another affiliated partnership, the company
said.
Brazilian Liability
Without repayment or collateral, investors in a partnership
that owns Brazilian natural-gas assets can begin to liquidate the
partnership's assets, Enron said. Enron said it's working with
lenders to come up with an acceptable agreement on the debt.
``If we can't talk lenders into refinancing, there is the
possibility that . . . note would be due next week,'' said Karen
Denne, an Enron spokeswoman.
As of Friday, the company had $1.3 billion in cash on hand.
It expects to close on $450 million in additional financing
tomorrow, and to complete $800 million in asset sales by the end
of the year. It's also trying to find investors who will put $500
million to $1 billion into the company.
The company has raised cash in recent weeks by using its
pipelines as collateral. It received $1.5 billion from
ChevronTexaco last week as part of the Dynegy buyout agreement. In
return, Dynegy acquired preferred stock and other rights in an
Enron unit that owns the Northern Natural Gas pipeline. Dynegy can
acquire the pipeline even if the merger falls through.
Enron closed on a $550 million loan from J.P. Morgan Chase &
Co. and Salomon Smith Barney Inc. on Wednesday that was secured
with assets of Enron's Transwestern Pipeline Co. It expects to
close on another $450 million loan, secured with other Northern
Natural Gas assets, this week, Denne said. The commitment for the
loans was announced Nov. 1.
$3.9 Billion Liability
The company also has huge liabilities that could push it into
financial crisis before the merger closes. A further drop in its
debt rating, which would put it below investment grade, would
trigger repayment of $3.9 billion in debt owed by two other
affiliated companies, Enron said.
The rating drop would force it to repay $2.4 billion in debt
owed by Osprey Trust, and $915 million in debt taken on by Marlin
Water Trust, the company said in the filing.
Arthur Andersen LLP, Enron's auditor, didn't grant final
approval of its financial statements in the filing because of an
internal investigation of its dealings with affiliated
partnerships, Enron said. The SEC is also investigating the
partnerships, which were run by Enron executives.
The filing was released after the stock market closed. Shares
of Enron rose 6 cents to $9.06. Dynegy rose $1.13 to $43.60.
ChevronTexaco Corp., which owns 26 percent of Dynegy and is
providing $2.5 billion in cash as part of the Enron buyout, fell
54 cents to $82.91.
ChevronTexaco Sees Investor Suits as Threat to Enron (Update1)
2001-11-19 19:53 (New York)
ChevronTexaco Sees Investor Suits as Threat to Enron (Update1)
(Updates with Enron reducing third-quarter results in last
paragraph.)
New York, Nov. 19 (Bloomberg) -- Enron Corp.'s exposure to
investor lawsuits is the biggest hurdle in its proposed buyout by
Dynegy Inc., said David O'Reilly, chief executive officer of
ChevronTexaco Inc., which is helping to back Dynegy's purchase.
ChevronTexaco is ``paying particular attention to the
litigation risk,'' though ``we still think it's a good deal for
Dynegy and an even better deal for ChevronTexaco,'' Reilly said at
an analyst meeting in New York.
ChevronTexaco, the second-biggest U.S. oil company, owns 27
percent of Dynegy. It agreed to provide Dynegy $2.5 billion as
part of the Enron purchase. Dynegy can cancel the bid if Enron's
legal liabilities, including investor suits, exceed $3.5 billion.
Enron said today in a regulatory filing it can't calculate the
cost of shareholder suits.
Dynegy agreed 10 days ago to buy rival Enron, the largest
energy trader, for stock and debt now valued at $20.7 billion.
Enron's stock had plunged in recent weeks because of concerns it
was using affiliated partnerships to mask losses and hide debt.
Gold Bennett Cera & Sidner LLP filed a class action suit in
Houston today alleging Enron misrepresented its business and
results. Other investors have filed similar suits.
ChevronTexaco will have a clearer picture of the legal risks
in the next few months, O'Reilly said. ``There is no transaction
that is risk free,'' he said.
Shares of Enron rose 6 cents to $9.06 today. They have
tumbled 89 percent this year. Dynegy gained $1.13 to $43.60. The
stock has declined 22 percent this year. Both companies are based
in Houston.
ChenvronTexaco, based in San Francisco, fell 54 cents to
$82.91.
Earlier this month, Enron reduced its earnings in the past
four years by $552 million because of accounting errors involving
affiliates. Enron ousted its chief financial officer, and it fired
its treasurer and a company attorney for making improper
investments in one of the affiliates.
Enron reduced third-quarter earnings for a second time and
said it may have to make early payment on a $690 million note
this month, according to a filing with the U.S. Securities and
Exchange Commission.
Enron Says It May Have to Pay Off $690 Mln Note Next Week
2001-11-19 18:16 (New York)
Enron Says It May Have to Pay Off $690 Mln Note Next Week
Houston, Nov. 19 (Bloomberg) -- Enron said a drop in its
credit rating may force it to pay off a $690 million note by Nov.
27 if it doesn't find collateral to guarantee the debt.
Repayment was triggered by the Nov. 12 downgrade in Enron's
senior unsecured debt rating to BBB- by Standard & Poor's, the
company said in a securities filing.
Enron must post collateral equal to the amount of the note or
repay it, the Securities and Exchange Commission filing said.
Without repayment, partners in a Limited Partnership that owns
natural gas assets in Brazil can immediately begin to liquidate
the partnership's assets, Enron said. Enron said it's working with
lenders to come up with an acceptable agreement on the debt.
A further drop in its debt rating, which would put it below
investment grade, would trigger repayment of $3.9 billion in debt
owed by two affiliated companies.
The rating drop would trigger repayment of $2.4 billion in
debt owed by Osprey Trust, and $915 million owed by Marlin Water
Trust, the company said in the filing.
Enron is being bought by Dynegy Inc. for $25 billion in stock
and debt. Enron also said in its filing that if shareholder
lawsuits result in judgments totaling more than $2 billion, the
Dynegy deal could collapse.
The filing was released after the stock market closed. Shares
of Houston-based Enron rose 6 cents to $9.06. Dynegy shares rose
$1.13 to $43.60. Shares of ChevronTexaco Corp., which owns 26
percent of Dynegy, fell 54 cents to $82.91.
Enron's Azurix May Have to Sell Assets If It Can't Borrow
2001-11-19 14:35 (New York)
Enron's Azurix May Have to Sell Assets If It Can't Borrow
Houston, Nov. 19 (Bloomberg) -- Azurix Corp., Enron Corp.'s
water unit, may have to sell assets if it can't find financing to
continue operations, the company said in a regulatory filing.
Enron took Azurix public in June 1999 and then, after the
water company's stock plunged, took it private and paid off
investors in March.
Azurix isn't sure it will be able to renew or refinance about
$113.3 million in long-term debt, including bank loans, that
matures before Sept. 30 at a ``reasonable'' cost, it said in a
filing with the U.S. Securities and Exchange Commission. The
company also had $326.3 million in short-term debt as of Sept. 30.
The loans are Azurix's ``primary sources of liquidity,'' the
filing said. If the company can't raise the funds, it might have
to use the proceeds from planned asset sales to refinance debt and
get cash, the filing said.
If those asset sales don't generate enough money, ``Azurix
may need to sell other assets, which could result in Azurix
incurring losses in future periods,'' the company said.
Azurix, though it still must file with the SEC, no longer
trades as a separate stock. The shares of Houston-based Enron fell
8 cents to $8.92 in early afternoon trading.
Enron agreed earlier this month to be acquired by rival
Dynegy Inc. in a transaction currently valued at $24.9 billion.
The buyout came after Enron's shares plunged amid an SEC
investigation of the company's dealings with affiliated
partnerships.
U.S.'s Dingell Seeks Probe of Arthur Andersen, Dow Jones Says
2001-11-19 15:24 (New York)
Washington, Nov. 19 (Bloomberg) -- U.S. Representative John
Dingell, a Michigan Democrat, has requested a special
investigation of Arthur Andersen LLP's audits of Enron Corp. and
Waste Management Inc., Dow Jones Newswires reported.
Dingell sent a letter to Public Oversight Board Chairman
Charles Bowsher asking for the review, the newswire said.
Andersen, the world's fifth largest accounting firm, served
as Enron's outside auditor for more than a decade, assuring
investors the company's financial statements conformed with
generally accepted accounting principles. Earlier this month, the
company reported that it overstated earnings by $586 million over
four-and-a-half years, inflated shareholder equity by $1.2 billion
because of an ``accounting error,'' and failed to consolidate
results of three affiliated partnerships into its balance sheet.
In June, Andersen reached a $7 million settlement with the
Securities and Exchange Commission in which it neither admitted
nor denied allegations of fraud related to its audit of Waste
Management, Inc. Andersen is now undergoing a peer review by
Deloitte & Touche, Dow Jones said.
ENRON RESTATES Q3 RESULTS
From CBS.MarketWatch.com
By Leticia Williams
8:35 PM ET Nov 19, 2001
WASHINGTON (CBS.MW) - Embattled Enron Corp. restated its third-quarter
earnings Monday, increasing its loss for the period by 3 cents a share
to 87 cents, according to an SEC filing.
Houston-based Enron (ENE), which is being purchased by rival Dynegy to
escape a recent spate of problems and shattered Wall Street confidence,
also increased nine-month earnings by a penny to 20 cents a share.
Dynegy (DYN) is purchasing the company for $7.8 billion in stock.
Enron must also pay off or refinance $690 million in debt obligations
by Nov. 26 or risk triggering nearly $4 billion in additional payments,
according to the SEC filing.
If the company doesn't make the payment on that date, the investors
have the right to immediately begin to liquidate the assets of a certain
limited partnership for an amount equal to the note payable.
In addition, Enron may sell the limited partnership's assets for
amounts below their carrying values.
"The net proceeds from the sale of such assets can be used to repay
Enron's obligation, " according to the company's 10Q filed Monday with
the Securities and Exchange Commission.
Enron is in talks with lenders to "develop a mutually acceptable"
amendment or waiver to avoid having to issue payment on the $690 million
note.
If the company fails to make the payment or if its credit rating falls
below investment grade, it will be forced to pay off or refinance up to
an additional $3.9 billion, the company said.
Standard & Poor's currently has the company rated at BBB-, a notch
above speculative grade. Fitch rates the company's credit at BBB-,
evolving. Moody's Investor services rates the company Baa3, under
review. All ratings apply to the senior unsecured debt of the
corporation.
A note trigger would force the company to repay, refinance or cash
collaterize certain facilities in the amount of $3.9 billion, which
primarily consists of $2.4 billion in Osprey Trust and $915 million in
Marlin Water Trust, Enron said in the filing.
The company's (ENE) shares gained 6 cents to close at $9.06.
Company officials didn't immediately reply to questions about where it
would raise the money, since it's effectively barred from the capital
markets.
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arnold-j/deleted_items/662.
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subject: Out of Office AutoReply:
content: I will be out of the office Nov.19-21, 2001. Please call Joey Taylor @ 5-4647 w/ any urgent questions you may have.
Thank you,
Errol McLaughlin
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arnold-j/deleted_items/663.
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subject: Thanksgiving Bonus from Sportsbook.com
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arnold-j/deleted_items/664.
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subject: TRV Notification: (NG - Price P/L - 11/20/2001)
content: The report named: NG - Price P/L <http://trv.corp.enron.com/linkFromExcel.asp?report_cd=10&report_name=NG+-+Price+P/L&category_cd=5&category_name=FINANCIAL&toc_hide=1&sTV1=5&TV1Exp=Y¤t_efct_date=11/20/2001>, published as of 11/20/2001 is now available for viewing on the website.
| ||
arnold-j/deleted_items/665.
|
subject: Your November OnePass Statement is Now Online
content: [IMAGE]
[IMAGE] November 2001 [IMAGE]
Mileage Statement [IMAGE] Thank you for choosing to receive Continental Airlines OnePass statement communications electronically. Your latest statement is now online. To view your mileage activity since your last statement, log into your account and visit the "Activity Since Your Last Statement" area. [IMAGE] To access your new statement, just visit Your Account at: https://onepass.continental.com/your-account . If you have any questions regarding your account, please e-mail the OnePass Service Center at [email protected] and make sure to include your name and OnePass number (AK772745) in your e-mail message. [IMAGE] OnePass Brings You More of Europe with New Alliance Partner KLM [IMAGE]We're pleased to increase your mileage earning and reward travel opportunities with new alliance partner KLM Royal Dutch Airlines. To celebrate we're offering double miles on KLM flights systemwide. Visit onepass.continental.com to learn more.
Travel Updates
Be sure to check continental.com before leaving for the airport. We're looking forward to welcoming you onboard!
If you need assistance please visit www.continental.com/service .
View our Privacy Policy
This e-mail was sent to: [email protected]
[IMAGE] [IMAGE] [IMAGE]
[IMAGE]
| ||
arnold-j/deleted_items/666.
|
subject: Essex House for just $199 per night!
content: Luxury and Pampering, Manhattan Style.
Essex House, A Westin Hotel
At $199 per night, the magnificently restored Essex House offers
guests a unique blend of 1930's Art Deco elegance and style with
ultra-modern conveniences.
Experience the romance and style of old New York by allowing us
to arrange your complimentary carriage ride through Central
Park.
Centrally located on Central Park and steps away from Fifth
Avenue shopping, the Essex House is one of Manhattan's most
prestigious addresses.
Visit http://www.promo.starwood.com/essexhouse to learn more and
book now.
Copyright 2001 Starwood Hotels & Resorts Worldwide, Inc.
Terms & Conditions: A limited number of rooms are available at
these rates. When reserving this rate by phone, please call
877-782-0125 and mention promo code NYGOS1. Advance reservations
required. Rates may not apply to groups. Rates do not include
taxes, gratuities and any additional charges which may apply at
participating hotels. Offer cannot be combined with other offers
or promotions. Length of stay restrictions may apply. Rate not
valid in conjunction with early arrivals or late departures.
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arnold-j/deleted_items/667.
|
subject: TRV Notification: (NG - PROPT P/L - 11/20/2001)
content: The report named: NG - PROPT P/L <http://trv.corp.enron.com/linkFromExcel.asp?report_cd=11&report_name=NG+-+PROPT+P/L&category_cd=5&category_name=FINANCIAL&toc_hide=1&sTV1=5&TV1Exp=Y¤t_efct_date=11/20/2001>, published as of 11/20/2001 is now available for viewing on the website.
| ||
arnold-j/deleted_items/668.
|
subject: A Special Offer from AT&T WorldNet(R) Service Especially for AT&T
content: An exciting new Internet video e-mail feature is just a click away !
Now AT?Universal Card members can get AT?WorldNet
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?AT?WorldNet Service Plus Video E-mail feature includes 300
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? Universal Card Services Corp.
All Rights Reserved.
AT?Universal Card is registered service mark of AT?
| ||
arnold-j/deleted_items/669.
|
subject: Fw: GREAT Thanksgiving wines, extremely limited Italian
content: =20
----- Original Message ----- =20
From: Christopher's Wine Warehouse =20
To: Recipient list suppressed =20
Sent: Monday, November 19, 2001 11:19 AM
Subject: GREAT Thanksgiving wines, extremely limited Italian collectable, =
this week's schedule
A fabulous good morning wine lovers,
Well, it is that time of year again. I hope all of you have been watching=
your food intake like I have, because I certainly intend to eat my fair s=
hare of the Thanksgiving feast!!! And that brings me to the most asked qu=
estion from last weekend, "Hey, Christopher, with all this great wine, wha=
t will YOU be drinking on Thanksgiving?" Before I reveal my T-day sampler=
case, I wanted to let you know what types of food we will pairing these w=
ines with. We usually start with some type of shellfish, some mild, some =
spicy. For my family and friends who don't do shellfish, we also offer so=
me traditional stuff such as the best stuffed eggs I have ever tasted (tha=
nks to Martha, don't you know), and assorted cheeses and crackers. Then c=
omes the main course: TUR-DUC-KEN (always from our friends at La Boucherie=
), with all the 'fixins': jalepeno cornbread stuffing, traditional stuffin=
g with sage, and a pile of different veggies. Naturally, dessert is prepa=
red, but we usually stick to pretty simple, fairly tame ones, like pumpkin=
pie or pumpkin something. This is where the Riesling from the sampler ca=
se comes in. It is also amazing with the shellfish. To make this meal a =
smashing success, I have selected the following sampler case of 12 bottles=
:
CHRISTOPHER'S PERSONAL THANKSGIVING SAMPLER (2 BTLS EACH): =20
Baron Foulon Sauvignon Blanc 2000 =20
(classic Sauvignon Blanc, very similar to expensive Sancer=
re) 87 points =20
Estate GH von Mumm Rheingau Dry Riesling 1999 =20
(FABULOUS, semi-dry Riesling, like a crisp red apple) 88 p=
oints =20
Chateau LaCroix Martelle Minervois 1999 =20
(you may remember this, my house red, serious Syrah) 89 po=
ints =20
Domaine Capouilleres Ventoux 1998 =20
(so full of blue fruits, loves the spicy stuff) 87 points =
=20
Domaine du Pain de Sucre Pinot Noir 1997 =20
(packed with the most amazing Pinot fruit, tastes like a $=
35 Burgundy) 88 points =20
Les Magnans Vacqueyras 1998 =20
(from our current web-site newsletter, serious Grenache, t=
hink Chateauneuf-du-Pape) 88 points
To make your gathering extra special, I have decided to offer this high-qu=
ality sampler at a price you will never see again!!!
Normally, this case would run close to 200 bucks!!!
THIS WEEK, ONLY, ENJOY THE SPECIAL HOLIDAY PRICE OF: $163 PLUS TAX, EACH
Please call us as soon as you are able, I have only a couple of dozen of t=
hese special cases available.
Have your card number ready and call me at 713-524-9144 to order. =20
"Christopher, I know I saw the subject above. Tell me about this Italian =
wine you are touting."
I guess I can't slip anything by y'all.
ONE OF THE BEST ITALIANS FROM THE CURRENT ISSUE OF THE WINE ADVOCATE: =20
La Palazzola Rubino 1999 =20
(from Riccardo Cotarella, 80% Cabernet, 20% Merlot, except=
ional wine) 94 points
STRICTLY LIMITED TO 2 BOTTLES PER CUSTOMER
$60 each, net
Call me to order: 713-524-9144
As for this week's schedule of events:
THURSDAY, NOVEMBER 22nd:
CLOSED FOR THANKSGIVING
FRIDAY, NOVEMBER 23RD:
WINE BAR AT CHRISTOPHER'S
For all of you who have visited over the past several weeks:=20
Thank you for making this such a fabulous success!!!
If you have not yet visited the Wine Bar on Friday, here are some details:
We offer 45 wines by the glass to include reds, whites, sparkling wines & =
after dinner wines, too.
Our amazingly talented Chef prepares 4 new menu items each week.
In addition to the wines by the glass list, you may choose ANY wine in the=
store=20
to enjoy with your foods or friends.
BEST PART???
Retail prices for all wines, NOT restaurant prices!!!
Our wines by the glass range from $4 to $15 &
Our Chef's specials range from $10 to $22.
No reservations are needed.
Get here early for the best seats.
Time: 6-10 PM Friday nights
Location: here at Christopher's=20
YOU HAVE GOT TO CHECK THIS OUT, IT IS A BLAST!!!
SATURDAY, NOVEMBER 24TH:
CUSTOMER APPRECIATION DAY
This Saturday, from 2-5 PM, please be our guest for this free tasting.
We will be showcasing 6 new wines from around the world.
California, France, Italy & Spain will all be open for tasting.
No reservations are required.
Super special discounts during the tasting.
All new wines, never before seen at the bar.
Get here early for best selection.
Time: 2-5 PM
Here at Christopher's
No Charge
Bring some friends and have a great tasting!!!
That should be enough to keep you busy this week. Please call us ASAP to =
order your cases or special wines.
For a complete list of upcoming events and to view our newsletter for Nove=
mber & December, take a moment and visit us on the web at:www.christophersw=
ine.com=20
Gobble, gobble,
Christopher
"BEST WINE STORE" HOUSTON PRESS 2001
2516 Times BLVD
Rice Village
713-524-9144www.christopherswine. com
| ||
arnold-j/deleted_items/67.
|
subject: CFTC Commitment of Traders - Natural Gas
content: Attached please find this week's summary of the most recent CFTC Commitment of Traders Data for Natural Gas.
Thanks,
Mark
- CFTC-NG-10-8-01.doc
| ||
arnold-j/deleted_items/670.
|
subject: Reminder
content: Just a reminder that I will be out of the office on Wednesday 11/21/01. If you need assistance, Becky can help you and she can reach me if needed.
Ina
| ||
arnold-j/deleted_items/671.
|
subject: Nat Gas market analysis for 11-21-01
content: Attached please find the Natural Gas market analysis for today.
Thanks,
Bob McKinney
- 11-21-01 Nat Gas.doc
| ||
arnold-j/deleted_items/672.
|
subject: daily charts 11/21
content: The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete. Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein. Any
opinions expressed herein are solely those of the author. As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates. ? 2001 Carr Futures
The charts are now available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.
Crude http://www.carrfut.com/research/Energy1/crude23.pdf
Natural Gas http://www.carrfut.com/research/Energy1/ngas23.pdf
Jan WTI/Brent Spread
http://www.carrfut.com/research/Energy1/clf-qof.pdf
Jan Heat Crack http://www.carrfut.com/research/Energy1/heatcrack.pdf
Jan Gas Crack http://www.carrfut.com/research/Energy1/gascrack.pdf
Dec/May Heat Spread http://www.carrfut.com/research/Energy1/hoz-hok.pdf
Jan/Feb Heat Spread http://www.carrfut.com/research/Energy1/hof-hog.pdf
Dec Gas/Heat Spread http://www.carrfut.com/research/Energy1/huz-hoz.pdf
Feb Gas/Heat Spread http://www.carrfut.com/research/Energy1/hug-hog.pdf
Dec/Mar Unlead Spread
http://www.carrfut.com/research/Energy1/huz-huh.pdf
Nat Gas Strip Matrix
http://www.carrfut.com/research/Energy1/StripmatrixNG23.pdf
Nat Gas Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixNG23.pdf
Crude and Products Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixCL23.pdf
| ||
arnold-j/deleted_items/673.
|
subject: FW: TOP 50 GAS CPS - AS OF 11-19-01
content: -----Original Message-----
From: Sweitzer, Tara
Sent: Tuesday, November 20, 2001 11:28 AM
To: Puthigai, Savita; Denny, Jennifer; Moorer, Torrey; Johnson, Adam; George, Fraisy
Subject: TOP 50 GAS CPS - AS OF 11-19-01
Savita,
The Arnold report has been reviewed and it is ready to be sent out.
Thanks
TARA
| ||
arnold-j/deleted_items/674.
|
subject: EFS presentation
content: Doug / Arturo-
Below is a small presentation we made on EFS with the flow diagrams John drew out.
Please call us when you are ready to discuss.
Kind Regards,
Caroline
212 715 2395
| ||
arnold-j/deleted_items/675.
|
subject: RE: EFS presentation
content: yah yah.. this technological innovation is so impersonal.
-----Original Message-----
From: Arnold, John
Sent: Wednesday, November 21, 2001 8:18 AM
To: Abramo, Caroline
Subject: RE: EFS presentation
I liked my drawing better
-----Original Message-----
From: Abramo, Caroline
Sent: Tuesday, November 20, 2001 9:04 AM
To: '[email protected]'; '[email protected]'
Cc: Arnold, John
Subject: EFS presentation
Doug / Arturo-
Below is a small presentation we made on EFS with the flow diagrams John drew out.
Please call us when you are ready to discuss.
Kind Regards,
Caroline
212 715 2395
<< File: EFS.ppt >>
| ||
arnold-j/deleted_items/676.
|
subject: daily Hoil & Unlleaded & Scott Mollner Charts 11/21
content: The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete. Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein. Any
opinions expressed herein are solely those of the author. As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates. ? 2001 Carr Futures
The charts are now available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.
Distillate http://www.carrfut.com/research/Energy1/hoil23.pdf
Unleaded http://www.carrfut.com/research/Energy1/unlded23.pdf
Scott Mollner Recomendation
http://www.carrfut.com/research/Energy1/recom11-21-01.pdf
| ||
arnold-j/deleted_items/677.
|
subject: RE: Enron EFS issues
content: thanks.. do we have early close today?
are you going home for thanksgiving?
-----Original Message-----
From: Arnold, John
Sent: Wednesday, November 21, 2001 8:18 AM
To: Abramo, Caroline
Subject: RE: Enron EFS issues
Looking into it
-----Original Message-----
From: Abramo, Caroline
Sent: Tuesday, November 20, 2001 9:37 AM
To: Arnold, John
Subject: FW: Enron EFS issues
-----Original Message-----
From: Doug York <[email protected]>@ENRON
Sent: Tuesday, November 20, 2001 10:16 AM
To: Abramo, Caroline
Cc: Arturo Hidalgo; Terri Becks; Dick Bell
Subject: Enron EFS issues
Thanks for taking the time to put this PowerPoint presentation together to
better outline the flow. It helps us discuss it internally.
Recently our internal compliance folks have discussed the "give-up risk".
Specifically, what guarantee do we have that the executor's (Enron) FCM will
accept the block trade and get it to the exchange on behalf of our clients?
There is some concern that there might be limits imposed by the FCM due to
issues such as credit and the high volatility of NG.
They have requested we sign a four (or more) party give-up agreement between
Campbell, Enron, your clearing firm(s) and our clearing firm(s). Is this
the SOP as you envision the NYMEX EFS? We are at the point where the
specific documentation issues are the main obstacles to moving forward. If
we buy 1,000 NG from you, how do we know your FCM can guarantee acceptance
of the trade for further give-up? Your legal feedback is welcome.
Thanks,
CDY
========================================================
The information transmitted in this email is intended for the named
addressee(s) only. As this email may contain confidential and/or
privileged information, if you are not the intended recipient, you are
not authorized to retain, read, copy or disseminate this email or any
part of it. If you received this email in error, please contact the
sender and permanently delete the email and any attachments.
Unless expressly stated, opinions in this email are those of the
individual sender and not of Campbell & Company, Inc.
- EFS.ppt << File: EFS.ppt >>
| ||
arnold-j/deleted_items/678.
|
subject: FW: Enron EFS issues
content: -----Original Message-----
From: Doug York <[email protected]>@ENRON
Sent: Tuesday, November 20, 2001 10:16 AM
To: Abramo, Caroline
Cc: Arturo Hidalgo; Terri Becks; Dick Bell
Subject: Enron EFS issues
Thanks for taking the time to put this PowerPoint presentation together to
better outline the flow. It helps us discuss it internally.
Recently our internal compliance folks have discussed the "give-up risk".
Specifically, what guarantee do we have that the executor's (Enron) FCM will
accept the block trade and get it to the exchange on behalf of our clients?
There is some concern that there might be limits imposed by the FCM due to
issues such as credit and the high volatility of NG.
They have requested we sign a four (or more) party give-up agreement between
Campbell, Enron, your clearing firm(s) and our clearing firm(s). Is this
the SOP as you envision the NYMEX EFS? We are at the point where the
specific documentation issues are the main obstacles to moving forward. If
we buy 1,000 NG from you, how do we know your FCM can guarantee acceptance
of the trade for further give-up? Your legal feedback is welcome.
Thanks,
CDY
========================================================
The information transmitted in this email is intended for the named
addressee(s) only. As this email may contain confidential and/or
privileged information, if you are not the intended recipient, you are
not authorized to retain, read, copy or disseminate this email or any
part of it. If you received this email in error, please contact the
sender and permanently delete the email and any attachments.
Unless expressly stated, opinions in this email are those of the
individual sender and not of Campbell & Company, Inc.
- EFS.ppt
| ||
arnold-j/deleted_items/679.
|
subject:
content: John,
Hello and good Monday morning to you. I briefly meet you while talking to Paul Racicot on Friday at Front Porch Pub. With Matt working here in Freight you probably already know we are not well off these days. Next on the chopping block is never a good place to be.
This is a forward question but what the hell. I was wondering if you knew of any positions available in your area. If you can believe it I am not ready to leave Enron behind yet. Thanks for your help.
Regards,
Kristin Gandy
Freight Markets
Enron Global Markets
1400 Smith Street ECS 3657
Houston, Texas 77002
713-853-7263
[email protected]
| ||
arnold-j/deleted_items/68.
|
subject: Reminder - NYMEX Hours Through October
content: This is just a reminder of the trading hours that the NYMEX has established for
the balance of October.
Brent Crude Oil - 9:45-2:30
WTI Crude Oil - 10:00-2:30
Natural Gas - 10:00-2:30
Heating Oil - 10:05-2:30
Unleaded Gasoline - 10:05-2:30
NYMEX Access will trade from 3:15 p.m. to 9:00 a.m. for all contracts. The
Sunday night session will commence at 7:00 p.m.
Thank you.
_____________________________________________________________________________________________________________________________________
Ce message et toutes les pieces jointes (ci-apres le "message") sont etablis a l'intention exclusive de ses destinataires et sont confidentiels. Si vous recevez ce message par erreur, merci de le detruire et d'en avertir immediatement l'expediteur.
Toute utilisation de ce message non conforme a sa destination, toute diffusion ou toute publication, totale ou partielle, est interdite, sauf autorisation expresse.
L'internet ne permettant pas d'assurer l'integrite de ce message, BNP PARIBAS (et ses filiales) decline(nt) toute responsabilite au titre de ce message, dans l'hypothese ou il aurait ete modifie.
----------------------------------------------------------------------------------
This message and any attachments (the "message") are intended solely for the addressees and are confidential. If you receive this message in error, please delete it and immediately notify the sender.
Any use not in accord with its purpose, any dissemination or disclosure, either whole or partial, is prohibited except formal approval.
The internet can not guarantee the integrity of this message. BNP PARIBAS (and its subsidiaries) shall (will) not therefore be liable for the message if modified.
_____________________________________________________________________________________________________________________________________
| ||
arnold-j/deleted_items/680.
|
subject: RE: Enron EFS issues
content: why are futs still so high?
did you ever find anything about those s+p commodity futures contracts?
-----Original Message-----
From: Arnold, John
Sent: Wednesday, November 21, 2001 9:16 AM
To: Abramo, Caroline
Subject: RE: Enron EFS issues
full day today because of aga
yea, going home to the Big D
-----Original Message-----
From: Abramo, Caroline
Sent: Wednesday, November 21, 2001 7:20 AM
To: Arnold, John
Subject: RE: Enron EFS issues
thanks.. do we have early close today?
are you going home for thanksgiving?
-----Original Message-----
From: Arnold, John
Sent: Wednesday, November 21, 2001 8:18 AM
To: Abramo, Caroline
Subject: RE: Enron EFS issues
Looking into it
-----Original Message-----
From: Abramo, Caroline
Sent: Tuesday, November 20, 2001 9:37 AM
To: Arnold, John
Subject: FW: Enron EFS issues
-----Original Message-----
From: Doug York <[email protected]>@ENRON
Sent: Tuesday, November 20, 2001 10:16 AM
To: Abramo, Caroline
Cc: Arturo Hidalgo; Terri Becks; Dick Bell
Subject: Enron EFS issues
Thanks for taking the time to put this PowerPoint presentation together to
better outline the flow. It helps us discuss it internally.
Recently our internal compliance folks have discussed the "give-up risk".
Specifically, what guarantee do we have that the executor's (Enron) FCM will
accept the block trade and get it to the exchange on behalf of our clients?
There is some concern that there might be limits imposed by the FCM due to
issues such as credit and the high volatility of NG.
They have requested we sign a four (or more) party give-up agreement between
Campbell, Enron, your clearing firm(s) and our clearing firm(s). Is this
the SOP as you envision the NYMEX EFS? We are at the point where the
specific documentation issues are the main obstacles to moving forward. If
we buy 1,000 NG from you, how do we know your FCM can guarantee acceptance
of the trade for further give-up? Your legal feedback is welcome.
Thanks,
CDY
========================================================
The information transmitted in this email is intended for the named
addressee(s) only. As this email may contain confidential and/or
privileged information, if you are not the intended recipient, you are
not authorized to retain, read, copy or disseminate this email or any
part of it. If you received this email in error, please contact the
sender and permanently delete the email and any attachments.
Unless expressly stated, opinions in this email are those of the
individual sender and not of Campbell & Company, Inc.
- EFS.ppt << File: EFS.ppt >>
| ||
arnold-j/deleted_items/681.
|
subject: The Daily Quote
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on syndrome sepsis failed to meet its primary goal of reducing patient deat=
hs within 28 days. Verizon Offers Buyouts to Employees Verizon Communicati=
ons, the long-distance and local telephone carrier, is offering voluntary b=
uyouts to employees, a spokesman said, in hopes of cutting its work force b=
y thousands of positions. - - - - - MORE Breaking News [IMAGE] [IMAGE] =
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ices to Region PR Newswire: 11/21/2001 03:30 ET CARDIAC SCIENCE INC FILES =
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arnold-j/deleted_items/682.
|
subject: RE:
content: of course, I'm just tagging with you guys. Did you ever go to Christopher's? I might go pick up some wine - any requests or recommendations? And where do you want to leave from?
-----Original Message-----
From: Arnold, John
Sent: Wednesday, November 21, 2001 11:43 AM
To: Slone, Jeanie; Ward, Kim S (Houston)
Subject:
Is it okay to leave around 3:00?
|
houston <[email protected]>
| |
arnold-j/deleted_items/683.
|
subject: BNP PARIBAS Commodity Futures AGA Survey......RESULTS!!
content: Here are this week's survey results.
AVG -1
AVG w/o High & Low 0
Median 0
Standard Deviation 11
# of Responses 44
High +25
Low - 35
Last Year -94
Thank You!
Daryl Dworkin
BNP PARIBAS
_____________________________________________________________________________________________________________________________________
Ce message et toutes les pieces jointes (ci-apres le "message") sont etablis a l'intention exclusive de ses destinataires et sont confidentiels. Si vous recevez ce message par erreur, merci de le detruire et d'en avertir immediatement l'expediteur.
Toute utilisation de ce message non conforme a sa destination, toute diffusion ou toute publication, totale ou partielle, est interdite, sauf autorisation expresse.
L'internet ne permettant pas d'assurer l'integrite de ce message, BNP PARIBAS (et ses filiales) decline(nt) toute responsabilite au titre de ce message, dans l'hypothese ou il aurait ete modifie.
----------------------------------------------------------------------------------
This message and any attachments (the "message") are intended solely for the addressees and are confidential. If you receive this message in error, please delete it and immediately notify the sender.
Any use not in accord with its purpose, any dissemination or disclosure, either whole or partial, is prohibited except formal approval.
The internet can not guarantee the integrity of this message. BNP PARIBAS (and its subsidiaries) shall (will) not therefore be liable for the message if modified.
_____________________________________________________________________________________________________________________________________
| ||
arnold-j/deleted_items/684.
|
subject: RE:
content: I'm at home. Let me know where you want me to meet you guys.
-----Original Message-----
From: Arnold, John
Sent: Wed 11/21/2001 12:02 PM
To: Ward, Kim S (Houston)
Cc:
Subject: RE:
did not, but I went to my wine locker and picked out 12 bottles for the weekend so I think we're okay unless you're taking some to your friends. I'll call you when I'm ready and we'll figure it out.
-----Original Message-----
From: Ward, Kim S (Houston)
Sent: Wednesday, November 21, 2001 11:45 AM
To: Arnold, John
Subject: RE:
of course, I'm just tagging with you guys. Did you ever go to Christopher's? I might go pick up some wine - any requests or recommendations? And where do you want to leave from?
-----Original Message-----
From: Arnold, John
Sent: Wednesday, November 21, 2001 11:43 AM
To: Slone, Jeanie; Ward, Kim S (Houston)
Subject:
Is it okay to leave around 3:00?
|
houston <[email protected]>
| |
arnold-j/deleted_items/685.
|
subject: AGA summary for 11-21-01
content: Attached please find this weeks AGA summary.
Thanks,
Bob McKinney
- 11-21-01 AGA.doc
| ||
arnold-j/deleted_items/686.
|
subject: MusicNews.Creed.Incubus.U2.KidRock.Jay-Z.Custom.AAF.Madonna.Nelly@ARTISTdirect
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| ||
arnold-j/deleted_items/687.
|
subject:
content: Boone said to tell you "Happy Thanksgiving"
| ||
arnold-j/deleted_items/688.
|
subject: FW: TOP 50 GAS CPS - AS OF 11-20-01
content: -----Original Message-----
From: Sweitzer, Tara
Sent: Wednesday, November 21, 2001 11:52 AM
To: Puthigai, Savita; Denny, Jennifer; Moorer, Torrey; Johnson, Adam; George, Fraisy
Subject: TOP 50 GAS CPS - AS OF 11-20-01
Savita,
This report has been reviewed. It is ready to be sent out.
Thanks
TARA
| ||
arnold-j/deleted_items/689.
|
subject: Program Changes
content: As you know, this is an unprecedented time in Enron's history. We must adapt our employee programs to fit the immediate needs of our company during this time of transition. It is especially difficult to announce the immediate suspension of the following programs.
? ClickAtHome - Enron has suspended the ClickAtHome program. The program will no longer accept new participants, PC orders, or Internet service orders. Orders submitted and confirmed prior to November 20, 2001 will be honored. Enron will also discontinue subsidized Internet service. Effective January 1, 2002, employees who are currently subscribers to subsidized Internet service will be switched to the regular commercial rate of their service provider and be responsible for the entire cost of the service.
? Matching Gifts and Volunteer Incentive Program (VIP) - Enron's Matching Gift program and VIP grants have been suspended indefinitely. As we consider the immediate needs of all employees during this trying time, it is appropriate that we discontinue the dollar for dollar match for charitable contributions as well as cash donations recognizing employees' volunteer hours with non-profit organizations. Matching Gift or VIP submissions received prior to November 20 will be honored.
We regret that we have had to make these changes. We must continue to look for ways to reduce operating expenses through this transition period.
|
All Enron Employees United States Group@ENRON <??SAll Enron Employees United States Group@ENRON>
|
|
arnold-j/deleted_items/69.
|
subject: Enron Mentions - 10-06-01 - 10-07-01
content: THE NATION States Taking the Initiative to Fight Global Warming Environment=
: Unhappy with Bush's policies, local officials work to slow climate change=
.
Los Angeles Times, 10/07/01
Many stuck in anti-terror dragnet/Future uncertain for Houston man, 23, hel=
d and cleared in attacks
Houston Chronicle, 10/07/01
Enron Close to 5-Yr Contract With Equity Office, Crain's Says
Bloomberg, 10/07/01
Enron Reaches a Deal to Sell Oregon Utility for $1.9 Billion
The New York Times, 10/06/01
IN BRIEF / ENERGY Northwest in Talks to Buy Portland GE
Los Angeles Times, 10/06/01
Enron talks utility sale in Oregon / Northwest Natural Gas is second possib=
le buyer
Houston Chronicle, 10/06/01
COMPANIES & FINANCE INTERNATIONAL - Northwest may buy Enron asset.
Financial Times (U.K. edition), 10/06/01
NW Natural Gas in talks for Portland General
The Daily Deal, 10/06/01
NW NATURAL WEIGHING PURCHASE OF PGE
The Columbian, 10/06/01
Enron to Announce Sale of Portland General on Monday, NYT Says
Bloomberg, 10/06/01
PUC RIGHTLY OPEN TO RECONSIDERING
Portland Oregonian, 10/06/01
Civil rights advocates worry about detaining immigrants
Associated Press Newswires, 10/06/01
India: LNG: Ministry willing to pare charter hire rates for Dabhol
Business Line (The Hindu), 10/06/01
Gun found in car at Millard North
Omaha World-Herald, 10/06/01
POWER GIANT BUYS ISLAND IN SEARCH FOR GAS PIPELINE
South Florida Sun-Sentinel, 10/06/01
DIESEL BAN MAY SWAY OPPONENTS OF POWER PLANT
South Florida Sun-Sentinel, 10/06/01
Enron Offshoot Leads Texas Complaints for Unauthorized Electric Accounts
KRTBN Knight-Ridder Tribune Business News: Fort Worth Star-Telegram - Texas=
, 10/06/01
National Desk
THE NATION States Taking the Initiative to Fight Global Warming Environment=
: Unhappy with Bush's policies, local officials work to slow climate change=
.
GARY POLAKOVIC
TIMES ENVIRONMENTAL WRITER
10/07/2001
Los Angeles Times
Home Edition
A-40
Copyright 2001 / The Times Mirror Company
More than two dozen U.S. states and cities, no longer waiting for the Bush =
administration to seize the initiative against global warming, have begun t=
aking steps to reduce emissions that scientists say are heating the planet.=
=20
From Vermont to Oregon, state and local governments are calling for broader=
use of energy-saving devices, more energy-efficient building standards, cl=
eaner-burning power plants and more investment in such renewable energy sou=
rces as wind and solar power--all to help reduce greenhouse gases that trap=
the sun's energy near the Earth's surface.
Many of the strategies being promoted mimic those endorsed in July by 180 n=
ations as part of an international campaign against global warming that the=
Bush administration declined to join.=20
In August, six New England states and five eastern Canadian provinces signe=
d a pact to reduce greenhouse gas emissions. Under the agreement, the signa=
tories pledged to cut emissions to 1990 levels by 2010 and by 10% below tha=
t level by 2020. Those cuts are to be followed by even deeper reductions. I=
t is the most ambitious goal set by state governments and it was supported =
by three Republican governors, two Democrats and one Independent from Massa=
chusetts, Connecticut, Rhode Island, New Hampshire, Vermont and Maine.=20
No single state or region can make a substantial reduction in the gases tha=
t contribute to global warming. Moreover, much of the success of state and =
local efforts relies on voluntary compliance from industry.=20
Still, advocates of state and local initiatives are confident that there is=
enough public support to ensure broad cooperation in the private sector.=
=20
"Public demand for action on climate change increased when the United State=
s was not a part of the [international] agreement. It had a powerful impact=
on the thinking of all kinds of people, including governors and heads of l=
arge companies," said Tom Peterson, director of domestic policy for the Cen=
ter for Clean Air Policy in Washington.=20
The center was created in 1985 by a bipartisan group of governors to promot=
e economical solutions to air pollution.=20
"This is a way [for states] to distinguish themselves from the Bush adminis=
tration," California Resources Secretary Mary Nichols said. "A lot of pract=
ical, moderate people are recognizing climate change is a reality, not a th=
eory, and they need to take it into account and help move the direction of =
the world by doing something about it."=20
California was an early leader in reducing dependence on fossil fuels that =
release greenhouse gases. Today, 12% of its electrical power comes from ren=
ewable sources, more than any other state.=20
President Bush has sent mixed signals concerning global warming. Shortly af=
ter he took office, he reneged on a campaign promise to cut emissions of ca=
rbon dioxide, the most abundant greenhouse gas. He said he rejected the int=
ernational accord, outlined in Kyoto, Japan, in 1997 and ratified last summ=
er, because it would cost U.S. jobs and did not immediately impose limits o=
n emissions from developing countries, including India and China.=20
Last spring, Bush announced the formation of a task force of Cabinet member=
s to formulate U.S. policy. The work of the task force was slowed by disagr=
eements among its members and by the Sept. 11 terrorist attacks.=20
In the meantime, several members of Congress, including Sens. James M. Jeff=
ords (I-Vt.), John McCain (R-Ariz.) and Joseph I. Lieberman (D-Conn.), have=
begun formulating policy. McCain and Lieberman announced in August that th=
ey would develop legislation to cap greenhouse emissions and reduce them us=
ing a market-based trading mechanism. But that bill, too, has been delayed =
as Congress grapples with the enormous fallout from the attacks on the Worl=
d Trade Center and the Pentagon.=20
Meanwhile, officials of several states say they are making measurable progr=
ess.=20
In New Jersey, officials say they are on track to cut greenhouse gases by 3=
.5% below 1990 levels by 2005. The plan relies on capturing emissions from =
methane--which traps 20 times more heat than carbon dioxide--from landfills=
, securing voluntary reductions from various industries and preserving open=
space and trees, which can absorb carbon dioxide from the atmosphere, said=
Amy Collings, spokeswoman for the state Department of Environmental Protec=
tion.=20
New York Gov. George Pataki in June announced a series of measures to impro=
ve energy efficiency and trim greenhouse gases. Specifically, the Republica=
n governor ordered state buildings to get 20% of their electricity from ren=
ewable sources, such as solar or wind power, by 2010.=20
In the Northwest, Seattle City Light, the local electric utility, will offs=
et any carbon dioxide emissions from power generation with wider use of cle=
an-fueled vehicles and other measures.=20
In Oregon, more than 20,000 people have signed up for the "Blue Sky Program=
" by paying an extra $3 per month on their utility bills to ensure that Pac=
ific Power and Light purchases electricity from sources that don't contribu=
te to global warming, said Tim Honadel, sustainability coordinator for Gov.=
John Kitzhaber.=20
The California Legislature has established a registry to track greenhouse g=
as production. It gives businesses interested in reducing their emissions a=
place to record their progress. Such progress will be rewarded when the st=
ate, as anticipated, begins to regulate greenhouse gas emissions.=20
There are growing indications that businesses, large and small, do want to =
cooperate, if only to ensure that they have a hand in crafting policies and=
regulations many see as inevitable.=20
A group of Fortune 500 companies joined with the Philadelphia-based Pew Cha=
ritable Trusts to study and develop market-driven solutions to global warmi=
ng. Among the companies participating in the project are British Petroleum,=
Boeing Co., Enron, Lockheed Martin Corp., Toyota Motor Corp. and Internati=
onal Energy Corp.=20
At a carpet mill in Industry, where Interface Inc. employs 500 people, work=
ers are busy producing "climate neutral" carpet for commercial buildings, w=
hich is made without generating greenhouse gases. The company recently inst=
alled a $1-million solar array at its plant so it can make its product with=
out any adverse impact on the Earth's atmosphere, said Jim Hartzfeld, vice =
president of sustainable strategies for the Atlanta-based corporation.=20
"This is about good business," Hartzfeld said. "It's not about philanthropy=
or altruism. It's about delivering better value."
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Many stuck in anti-terror dragnet / Future uncertainfor Houston man, 23, he=
ld and cleared in attacks=20
By DALE LEZON
Staff
Houston Chronicle
On his Web site, Asem Atta was hip and playful, regaling friends with accou=
nts of his social escapades.=20
He had plenty to tell. At 23, Atta had a good job at Enron Corp. and lived =
at one of Houston's trendy midtown addresses. He wrote of sporting events a=
nd fireworks shows. His computer home page featured pictures of himself and=
his pet and links to Internet sites devoted to the rock bands Jane's Addic=
tion and Red Hot Chili Peppers.=20
He was, he said, living "La Vida Houston."=20
That all changed after Sept. 11, when the Pakistani national was swept up i=
n the government's ever-widening anti-terrorist dragnet.=20
Though federal law-enforcement officials quickly concluded that Atta was no=
t connected to the attacks in New York and near Washington, D.C., he was fo=
und to have an expired visa and apparently was detained by the U.S. Immigra=
tion and Naturalization Service.=20
His co-workers have not seen him since at least Sept. 12, an Enron official=
said. His friends have not seen him either, and they are worried. His apar=
tment appears vacant. His telephone and the message service at the door to =
his apartment building are disconnected. He did not tell Enron officials he=
planned to leave.=20
"What on earth is going on?" one of his close friends asked the Chronicle i=
n response to an e-mail message.=20
Atta's plight, similar to that of many Middle Eastern immigrants, has spark=
ed worries among some civil libertarians and congressional leaders. More th=
an 500 people, many of them immigrants held for possible immigration violat=
ions, have been detained so far as possible suspects or material witnesses =
as the government's investigation broadens almost daily.=20
Many were questioned and detained because they had Arabic-sounding names. T=
he Washington Post reported on Sept. 19, for instance, that Atta was sought=
for questioning because he had the same surname as one of the suspected hi=
jackers, Mohamed Atta.=20
The next day, the FBI said it "has no interest in" Asem Atta, but claimed t=
hat he had overstayed his visa, said FBI spokesman Bob Doguim. An expired v=
isa could lead to deportation. In Atta's case, that could mean being return=
ed to Pakistan, a country that is bracing for possible U.S. attacks on neig=
hboring Afghanistan.=20
Carl Rusnok, an INS spokesman, said he could not comment on individual INS =
cases.=20
Civil rights advocates acknowledge the need to question people to avert pos=
sible terror strikes, but they fear law-enforcement officers may unjustly t=
arget some immigrants simply because they are foreigners.=20
"They're supposed to be looking for terrorists, but unfortunately they are =
picking up a lot of people who haven't done anything wrong or are innocent =
or of Middle Eastern descent," said Bruce Coane, an immigration attorney in=
Houston and past president of the American Immigration Lawyers Association=
.=20
Coane said he fears that at least one of his clients, mistakenly hauled in =
during the sweep, had his civil rights violated.=20
He represents a Jordanian legal immigrant who was picked up by the INS on S=
ept. 21. More than a week later, the INS admitted the man had been apprehen=
ded and detained without reason and should be released, Coane said.=20
Coane said he could not identify the man because INS proceedings are not pu=
blic, but said his client had been convicted of two misdemeanors prior to r=
eceiving a green card, a document that allows noncitizens to remain in the =
United States legally.=20
INS can use criminal convictions as grounds for detaining immigrants, somet=
imes indefinitely, or deporting them. But Coane said the INS knew about the=
misdemeanors before issuing the man a green card.=20
U.S. Rep. Sheila Jackson Lee, D-Houston, ranking member on the House Subcom=
mittee on Immigration and Claims, said that in the wake of the Sept. 11 att=
acks, the government must give law enforcement powers to protect against po=
ssible terrorist assaults. But it also must safeguard civil liberties for i=
mmigrants, she added.=20
"We want to . . . make sure that people are not brought in unfairly for que=
stioning," she said.=20
Congress is considering measures to broaden anti-terrorist police powers, s=
uch as holding immigrants with possible links to terrorism longer between c=
ourt appearances.=20
Edward Gillett, a Houston immigration attorney, said he does not fault the =
INS for interviewing immigrants to find possible links to the hijackers or =
immigration violations. Had the hijackers' immigration status been reviewed=
ahead of time, he said, the attacks may have been prevented. Several of th=
e suicide hijackers had immigration violations that were not uncovered unti=
l after the attacks.=20
"I wish they'd done this before it happened and maybe they could have preve=
nted some of it," Gillett said.=20
Efforts to reach Atta or determine his whereabouts last week were unsuccess=
ful.=20
Typically, when a visa is expired, according to the INS, the agency can det=
ain the immigrant but must explain to him within 72 hours why he is being h=
eld and what charges he faces.=20
Soon after that, the immigrant would probably be given a bond hearing to de=
termine if he should be detained while awaiting a hearing on his possible d=
eportation. The INS can hold immigrants indefinitely if they are deemed a f=
light risk or a danger to the community.=20
The deportation hearing may not take place for weeks or months, depending o=
n the immigration judge's work load.=20
To stay in the country legally, Atta, or anyone in his situation, may be ab=
le to obtain a sponsor - a relative or employer who is a U.S. citizen, for =
instance - or could marry a U.S. citizen. He may be able to return to his n=
ative country to apply for another visa. If his visa has been expired for m=
ore than one year and he leaves the country, however, he will be barred fro=
m returning for 10 years.=20
If the visa has expired for 180 days or more, and he leaves the country, he=
won't be allowed to return for three years.=20
Atta could also apply for political asylum.=20
Sahdi Shalabi, 24, one of Atta's closest friends from high school, said he =
had hoped to see Atta in the next few weeks. But now he is uncertain. He de=
scribed his friend, whom he first met in Kuwait in 1990, as "very playful, =
very easy going." He liked computers and talking to girls.=20
Shalabi said Atta attended an English-style high school in Kuwait and that =
Atta's father worked for the Kuwait Oil Co. Atta moved to the United States=
after graduating from high school, enrolled at Wichita State University ab=
out 1994 and landed a job at Enron in Houston in 1999.=20
According to his resume, Atta played indoor soccer at college and coached a=
soccer team for young girls.=20
Shalabi, who works for Nortel Networks in Ontario, Canada, said his friend =
was Muslim but did not practice the religion.=20
"He's totally Westernized," he said.
Enron Close to 5-Yr Contract With Equity Office, Crain's Says
2001-10-07 18:31 (New York)
Chicago, Oct. 7 (Bloomberg) -- Enron Corp. is close to
winning a five-year contract to supply power to Sam Zell's Equity
Office Properties Trust, Crain's Chicago reported, without citing
sources.
Under the agreement, Houston-based Enron would deliver power
to the Chicago-based property company's office buildings in
Chicago, Boston, California and New York, Crain's said.
Zell's company owns 30 buildings in the Chicago area, 55 in
Boston, six in New York and 309 in California, Crain's said,
citing a filing with the U.S. Securities and Exchange Commission.
Business/Financial Desk; Section C
Enron Reaches a Deal to Sell Oregon Utility for $1.9 Billion
By ANDREW ROSS SORKIN
10/06/2001
The New York Times
Page 4, Column 5
c. 2001 New York Times Company
Enron is planning to announce on Monday that it has agreed to sell Portland=
General Electric to another Oregon utility, Northwest Natural Gas, for abo=
ut $1.9 billion in cash and stock, executives close to the deal said yester=
day.=20
The sale is part of Enron's effort to discard lower-margin utility business=
es as it focuses on the more lucrative business of trading electricity and =
gas. The deal would consolidate the two gas and electricity providers in Po=
rtland.
Officials from Enron and Northwest Natural were still considering the detai=
ls of the transaction last night and planned to vote in favor of the deal t=
oday, barring a last-minute delay, the executives said.=20
Enron had reached an agreement to sell Portland General to Sierra Pacific f=
or $3.1 billion, but that deal collapsed in late April when Sierra Pacific =
backed out, citing regulatory hurdles.=20
Under the terms of the deal being considered last night, Northwest Natural =
would pay about $1.5 billion in cash, $100 million in common stock and near=
ly $300 million in preferred convertible stock to Enron, the executives sai=
d. Northwest Natural would also assume about $1.1 billion in debt. Enron wo=
uld retain about a 5 percent stake, the executives said. Enron bought Portl=
and General in 1997 for $2.9 billion in stock and debt.=20
Shares of Enron fell $1.37, or 4.1 percent, to $31.73, after Northwest Natu=
ral acknowledged that it was in talks to buy Portland General. Northwest's =
shares fell $2.58, or 9.9 percent, to $23.41.=20
In its effort to sell assets to raise cash, Enron is also in talks to sell =
its 65 percent stake in the Dabhol Power project in India for more than $2.=
1 billion, executives close to the company said. A deal is not yet imminent=
, but Enron has held discussions with India's largest private utility, Tata=
Power, the executives said.=20
A spokesman for Enron declined to comment.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Business; Financial Desk
IN BRIEF / ENERGY Northwest in Talks to Buy Portland GE
Reuters
10/06/2001
Los Angeles Times
Home Edition
C-2
Copyright 2001 / The Times Mirror Company
Northwest Natural Gas Co. said it was in talks to acquire Enron Corp.'s Por=
tland General Electric Co., a deal that would bring together two Oregon uti=
lities.=20
A deal would be a major step in Enron's plan to shed slower-growth assets a=
nd focus on its core energy marketing and trading business. A deal to sell =
Portland GE to Sierra Pacific Resources collapsed five months ago.
Sources familiar with the situation said Northwest was offering $1.8 billio=
n in cash and stock and would also take on $1 billion of debt in the deal. =
They said the talks were at an advanced stage and Northwest's board could v=
ote on the deal over the weekend.=20
Northwest confirmed the talks but said there was no assurance that a deal w=
ould be struck and it would not make any additional comments on the matter =
unless a formal agreement was reached.=20
Enron acquired Portland GE in July 1997 for $2.1 billion.=20
Northwest shares fell $2.58, nearly 10%, to $23.41, and Enron fell $1.37, o=
r 4%, to $31.73, both on the New York Stock Exchange.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
BUSINESS
Enron talks utility sale in Oregon / Northwest Natural Gas is second possib=
le buyer
LAURA GOLDBERG
Staff
10/06/2001
Houston Chronicle
3 STAR
1
(Copyright 2001)
Northwest Natural Gas Co. is negotiating to buy Portland General Electric f=
rom Houston-based Enron Corp., which has had a for sale sign on the power u=
tility for months. The deal being discussed would be valued between $1.8 bi=
llion and $2 billion, with as much as $1.5 billion in cash and the rest in =
stock, a source familiar with the talks said Friday. In addition, Northwest=
Natural Gas, based in Portland, Ore., would assume about $1.1 billion in d=
ebt. Also as part of the deal's terms, Enron could end up with a very small=
stake in Northwest Natural Gas, the person said. The person described the =
talks as highly advanced and said a deal could be announced as soon as Mond=
ay. Northwest Natural Gas, in a brief statement Friday, confirmed it was ta=
lking to Enron. Enron spokeswoman Karen Denne declined to comment. If a dea=
l is announced, it would be the second time Enron struck an agreement to se=
ll Portland General. Nevada- based Sierra Pacific Resources agreed to buy P=
ortland General in November 1999. It was to pay $2.1 billion, including $2.=
02 billion in cash. It also was to assume about $1 billion in debt and pref=
erred stock. The deal was officially called off in April, although it had b=
een considered dead for months before. Sierra Pacific planned to sell some =
of its Nevada assets to raise cash for the deal, but Nevada's move to elect=
ricity deregulation was delayed, and Sierra couldn't carry out the sales. E=
nergy trader Enron, which as part of a general strategy is shedding certain=
assets, kept looking for a buyer. "Enron needed some positive news, so thi=
s should help the stock performance," Carol Coale, an analyst with Prudenti=
al Securities in Houston. In a research note Friday, Robert Christensen, an=
analyst with First Albany Corp. in New York, said benefits to Enron from a=
sale include "removal of a low single-digit earnings grower" and balance s=
heet improvement. Shares in Enron closed regular trading Friday at $31.73, =
down $1.37. Northwest Natural Gas provides natural gas to more than 500,000=
residential and business customers throughout Oregon and Vancouver, Wash.,=
while Portland General has more than 1.4 million customers in Oregon.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
COMPANIES & FINANCE INTERNATIONAL - Northwest may buy Enron asset.
By MATTHEW JONES and SHEILA MCNULTY.
10/06/2001
Financial Times (U.K. edition)
(c) 2001 Financial Times Limited . All Rights Reserved
Northwest Natural Gas said yesterday it was in talks to buy the Portland Ge=
neral Electric Company from Enron, the US energy giant. Enron declined to c=
omment.=20
Houston-based Enron is also trying to dispose of $4.5bn-$5bn in other asset=
s. They are primarily international infrastructure projects in developing c=
ountries where Enron believes there is little chance of developing its whol=
esale and retail business around those assets.
While the company has been generally doing well in Europe, Enron has said i=
t will cut up to 500 jobs from its European division in the first sign of s=
lowing growth since it started operating in Europe in 1989. The division em=
ploys 5,000 people in 10 offices across the continent.=20
Analysts said liberalisation of European energy markets had been slower and=
more patchy than some energy trading companies had envisaged. Newly traded=
products such as credit risk and carbon emissions were also developing les=
s rapidly than expected. Sheila McNulty, Houston, and Matthew Jones, London=
.=20
(c) Copyright Financial Times Ltd. All rights reserved.=20
http://www.ft.com.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
M and A
NW Natural Gas in talks for Portland General
By Claire Poole in Houston
10/06/2001
The Daily Deal
Copyright (c) 2001 The Deal LLC
Portland, Ore.-based utility, Northwest Natural Gas, confirms it is in talk=
s to acquire Portland General Electric from energy trading giant Enron Corp=
.=20
Portland, Ore.-based utility Northwest Natural Gas Co. confirmed Oct. 5 it =
is in talks to acquire Portland General Electric Co. from Houston energy tr=
ading and marketing giant Enron Corp.
In a terse statement, Northwest Natural Gas revealed no details of the nego=
tiations, but warned that a deal was no certainty.=20
"There can be no assurances that any transaction will result from these dis=
cussions," it said. "NW Natural does not intend to make any additional comm=
ents regarding this matter unless and until a formal agreement has been rea=
ched."=20
Enron spokeswoman Karen Denne would not confirm whether the company was tal=
king with Northwest Natural Gas or anyone else about Portland General.=20
"It's our standard corporate policy not to comment on potential acquisition=
s or divestitures," she said.=20
Enron has been trying to shed the utility since April, when its $3.1 billio=
n sale to Reno, Nev., utility Sierra Pacific Resources Corp. fell through i=
n the wake of California's power crisis.=20
In March, Nevada regulators, nervous about power supply problems in neighbo=
ring California, backtracked from a plan to open their state to competition=
, which scuttled Sierra Pacific's plan to sell seven power plants for $1.7 =
billion to help pay for Portland General.=20
The Federal Energy Regulatory Commission and Oregon regulators had already =
approved the sale, which only required U.S. Securities and Exchange Commiss=
ion clearance.=20
Talk about another buyer reached a high pitch Sept. 5, when Chairman Kennet=
h Lay said Enron was close to a sale.=20
Several companies have reportedly kicked the tires, including Scottish Powe=
r plc, which already owns another Oregon-based utility, PacifiCorp.; Charlo=
tte, N.C.-based Duke Energy Corp. and Juno Beach, Fla., FPL Group, whose $1=
4 billion acquisition of New Orleans-based Entergy Corp. also fell apart in=
March over management control and financial disclosure issues.=20
But Northwest Natural Gas has always been the favorite to win the utility. =
Portland General, which serves 725,000 electric customers in northwest Oreg=
on, would fit nicely with Northwest Natural Gas, which serves more than 530=
,000 gas customers in western Oregon and Vancouver, Wash. And its chairman,=
Richard Reiten, is a former top executive at Portland General.=20
Financing would be the hitch. Northwest Natural Gas had a market capitaliza=
tion of just $593 million as of Friday. Investors sent its stock down 9% on=
the news of a possible acquisition to $23.62 by mid-afternoon Friday.=20
Enron's wish price is reportedly $3 billion. But the Wall Street Journal, c=
iting sources, reported Friday that the number was $2.8 billion, $1.8 billi=
on in cash and stock plus debt assumption of another $1 billion. The articl=
e also said Enron was considering taking a minority stake in the company, w=
hich could explain the lower price.=20
The newspaper said the two were in "advanced talks" and an announcement cou=
ld come within days. Reuters, citing unnamed sources, reported that Northwe=
st's board still had to vote on the deal but that it could be announced as =
early as Monday.=20
Enron acquired Portland General in July 1997 for stock valued at $2.1 billi=
on in a deal hailed for combining power assets with natural gas pipelines. =
But it decided to dump the business after razor-slim margins and a very pub=
lic clash with the Oregon Public Utilities Commission, which blocked its at=
tempts to sell the utility's electricity generating assets, including its h=
ydroelectric facilities, and forced it to cut rates by $80 million.=20
Portland General is not the only asset Enron is trying to shed.=20
The company is working furiously to dump $4 billion to $5 billion worth of =
assets all around the world as it refocuses on "asset-light" businesses, su=
ch as trading and marketing.=20
But the effort hasn't gone well. It announced Oct. 3 it agreed to sell its =
Enron Oil & Gas India Ltd. unit to BG Group plc of the U.K. for $388 millio=
n. The unit owns a 30% interest in the Tapti gas field and the Panna/Mukta =
oil and gas fields and almost 63% of the CB-OS/1 exploration license in wes=
tern India.=20
It now looks as if that deal could also come unstuck. Indian media reports =
have suggested that the government wants the operatorship of the assets to =
pass to two of Enron's joint venture partners -- state-owned Oil & Natural =
Gas Corp. and Reliance Industries Ltd. -- rather than remain with Enron Oil=
& Gas India.=20
Such a development would render the acquisition unattractive for the U.K. c=
ompany and likely scupper the deal.=20
A BG spokeswoman said the company still has "every confidence" Enron Oil & =
Gas India will retain the operating license for the assets, adding that not=
hing has changed since the deal was announced. Negotiations are continuing =
with the joint venture partners and the Indian government, she said.=20
Enron spokesman Johan Zaayman said BG is making arrangements to take over o=
peration of the fields. "Once that's done, the deal's a go," he said. "We'r=
e hopeful we'll be concluded in late October, early November."=20
Enron is also trying to quit the $2.9 billion Dabhol power plant in India, =
in which it owns a 65% stake.=20
Tata Power Co., India's largest private utility, told reporters Oct. 1 it h=
ad been in preliminary talks with Enron to acquire the 740-megawatt facilit=
y, which has been shuttered since June after its sole customer, the Maharas=
htra State Electricity Board, which owns 15% of the facility, stopped purch=
asing power and defaulted on payments.=20
Newspapers reported Friday that Tata plans to finalize its bid in three wee=
ks.=20
-- Laura Board in London contributed to this report=20
www.TheDeal.com
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Business
NW NATURAL WEIGHING PURCHASE OF PGE
WILLIAM McCALL, Associated Press writer
10/06/2001
The Columbian
E2
(Copyright 2001)
PORTLAND -- Four years after buying its way into the Pacific Northwest mark=
et, Texas energy trader Enron Corp. may be ready to sell off Portland Gener=
al Electric to another Oregon utility just down the street.=20
Northwest Natural Gas confirmed Friday it is talking with Enron about buyin=
g Portland General Electric, returning the headquarters of a major business=
to a state that has seen several big companies head elsewhere after merger=
s or acquisitions.
There was no other comment from the three companies, but some analysts say =
an announcement could come as early as next week.=20
"It's probably a trial balloon," said Mike Heim of A.G. Edwards & Sons. "Ei=
ther they wanted to see how the market would take it, or they put up a tria=
l balloon to finalize terms of the deal."=20
"It certainly leads me to believe they're in the very late stages of their =
talks," said Allyson Rodgers of Wells Fargo Van Kasper.=20
Enron started shopping Portland General Electric not long after acquiring t=
he Portland-based utility in 1997 for $3.2 billion.=20
Disappointed by a slower-than-expected pace of deregulation in Oregon, Enro=
n tried to unload PGE to Sierra Pacific Resources, based in Reno, Nev. But =
the deal faltered and was called off in March, about a year and a half afte=
r it was announced in November 1999.=20
A merger with Northwest Natural Gas would be a much better fit for PGE than=
either Enron or Sierra Pacific, Rodgers said.=20
Northwest Natural and PGE have worked closely together for the past two yea=
rs on various projects, including joint meter-reading and joint trench-digg=
ing projects, because their service areas overlap in the Portland metro are=
a, she said.=20
The downtown headquarters for the two companies are just blocks apart.=20
Heim said Houston-based Enron, the nation's top natural gas trader and the =
leading wholesale electricity marketer, has been trying to tighten up its b=
alance sheet after being punished on Wall Street for the failure to sell PG=
E, fallout from the Pacific Gas & Electric bankruptcy in California, and a =
push into the Internet that took a nosedive along with the rest of the tele=
communications industry.=20
"Enron has stumbled a little bit with their noncore investments," Heim said=
.=20
Bob Valdez, spokesman for the Oregon Public Utility Commission, said commis=
sioners have not been notified of any pending deal, but they would review i=
t as soon as an offer is made. The approval process could take about 10 mon=
ths if a deal is announced, he said.=20
PGE has 730,000 customers in Oregon while Northwest Natural Gas has about 5=
30,000 customers, including some in Southwest Washington.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Enron to Announce Sale of Portland General on Monday, NYT Says
2001-10-06 12:48 (New York)
Enron to Announce Sale of Portland General on Monday, NYT Says
Houston, Oct. 6 (Bloomberg) -- Enron Corp. plans to announce
Monday an agreement to sell Portland General Electric to Northwest
Natural Gas Co. for $3 billion in cash, stock and assumed debt,
the New York Times reported, citing executives close to the
transaction.
The purchase would combine the electric and gas utilities in
Portland, Oregon. Northwest would pay about $1.5 billion in cash,
$100 million in common stock and almost $300 million in preferred
convertible stock, the Times said. Enron spokesman Mark Palmer and
Judith Wilkinson, spokeswoman for Northwest, declined to comment.
Enron bought Portland General in 1997 and has been trying to
sell the utility for about two years, as it sheds slow-growing
businesses to focus on trading of commodities such as electricity,
natural gas and lumber. A planned sale to Sierra Pacific Resources
collapsed about five months ago because of regulatory snags.
Trading doesn't require ownership of expensive assets such as
power plants and pipelines, and Enron's profit from the business
is growing at about 25 percent a year, analyst Robert Christensen
of First Albany Corp. said. Portland General, while profitable, is
expected to boost earnings by just 1 percent next year, he said.
Houston-based Enron would retain about a 5 percent stake in
Portland General, the Times said. Enron and Northwest officials
plan to approve the deal today, the paper said. Northwest said
yesterday the companies were in talks, confirming an earlier
report by the Wall Street Journal.
Northwest Debt
Northwest, based in Portland, would assume about
$1.1 billion in Portland General debt, the Times said. Northwest's
shares fell $2.58, or 9.9 percent, yesterday to $23.41, cutting
its market value to about $588 million.
The company already has about $450 million in debt, said bond-
rating firm Egan Jones, which yesterday lowered its credit rating
on Northwest to ``A-'' from ``A,'' still investment grade.
Northwest serves more than half a million Oregon and
Washington customers. Richard Reiten, the company's chairman and
chief executive, was president of Portland General from 1989 to
1996.
The acquisition would make Northwest a bigger gas purchaser,
helping it negotiate lower prices from suppliers, analysts said.
The company also might reduce costs through job cuts and
eliminating duplicate services.
Enron also is in talks to sell its 65 percent stake in the
Dabhol power project in India for more than $2.1 billion, the
Times said, citing the executives. A deal isn't imminent, the
paper said.
Enron shares fell $1.37, or 4.1 percent, to $31.73 yesterday.
They have declined 62 percent this year, mostly because of the
resignation of Chief Executive Jeff Skilling, concerns about the
California power market, losses at its bandwidth-trading business
and a contract dispute in India.
Sierra Pacific, based in Reno, Nevada, canceled its proposed
$3.1 billion acquisition of Portland General on April 26 after
California legislators, worried about a power shortage that had
driven up prices, banned sales of generators serving the state.
The move blocked Sierra Pacific from the sale of a power-
plant stake needed to win clearance for the Portland General
purchase.
EDITORIAL
PUC RIGHTLY OPEN TO RECONSIDERING
10/06/2001
Portland Oregonian
SUNRISE
E06
(Copyright (c) The Oregonian 2001)
Watching the rapidly cooling -- and now badly shocked -- economy, Oregon bu=
siness leaders and consumer advocates are understandably raising concerns a=
bout the substantial utility rate hikes that went into effect this week.=20
Considering utility costs, the raises can be justified. But the fragile sta=
te of the economy argues powerfully for openness to re- examine rates quick=
ly -- and the Public Utility Commission seems encouragingly open to doing t=
hat.
Boosts ranging from 20 percent for natural gas to 31.5 percent to 53 percen=
t for electricity come at a time when users will have a tougher time absorb=
ing increases. The announcement that Northwest Natural Gas may acquire Port=
land General Electric wouldn't have any impact on current rates. And adjust=
ing rates won't be a simple matter of pleading economic duress.=20
The PUC approved the rate hike, based on the utilities' increased costs and=
their legal guarantee of a regulated profit. It turned down advocates' app=
eals for a postponement. But properly, it did agree to consider whether it =
would revisit rate cases.=20
That's an unusual step. But it's reasonable given the worsening economy and=
surrounding uncertainty.=20
Natural gas and electricity prices have fallen recently, below the forward =
contract prices paid by Northwest Natural and PGE. Normally, if utilities' =
costs go down, the drops are reflected in lower prices to users in the futu=
re, or in rebates.=20
If the rate increases could be softened by being phased in, or reviewed mor=
e frequently to take in lower costs, it could greatly help consumers and bu=
sinesses.=20
The PUC has some flexibility and will decide by the end of the month on reo=
pening rate cases. Its openness to the idea is proper and prudent -- and ju=
st a little encouraging.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Civil rights advocates worry about detaining immigrants
10/06/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.
HOUSTON (AP) - Before last month's terrorist attacks, Asem Atta lived in a =
trendy Houston midtown address, had a good job at Enron Corp. and even had =
his own Web page where he detailed his enjoyment of his life in America.=20
But the Pakistani national was one of many Middle Eastern immigrants swept =
up in the government's ever-widening anti-terrorist dragnet. Atta's friends=
have not heard from him since he was picked up and worry about what will h=
appen to him.
Though federal law-enforcement officials quickly concluded that Atta, 23, w=
as not connected to the Sept. 11 attacks in New York and Washington, D.C., =
he was found to have an expired visa and apparently was detained by the U.S=
. Immigration and Naturalization Service.=20
Now his future is up in the air and civil rights advocates worry Atta's cas=
e and those of other immigrants are growing examples of law enforcement off=
icers unjustly targeting some people simply because of where they are from,=
the Houston Chronicle reported in its Sunday editions.=20
"They're supposed to be looking for terrorists, but unfortunately they are =
picking up a lot of people who haven't done anything wrong or are innocent =
or of Middle Eastern descent," said Bruce Coane, an immigration attorney in=
Houston and past president of the American Immigration Lawyers Association=
.=20
Sahdi Shalabi, 24, one of Atta's closest friends from high school, describe=
d him as "very playful, very easy going." He liked computers and talking to=
girls. Atta moved to the United States after graduating from high school i=
n Kuwait, enrolled at Wichita State University about 1994 and landed a job =
at Enron in 1999.=20
Shalabi, who works in Ontario, Canada, said his friend was Muslim but did n=
ot practice the religion.=20
"He's totally Westernized," he said.=20
The Washington Post reported on Sept. 19 that Atta was sought for questioni=
ng because he had the same surname as one of the suspected hijackers, Moham=
ed Atta.=20
The next day, the FBI said it "has no interest in" Asem Atta, but claimed t=
hat he had overstayed his visa, said FBI spokesman Bob Doguim. An expired v=
isa could lead to deportation. In Atta's case, that could mean being return=
ed to Pakistan, a country that is bracing for possible U.S. attacks on neig=
hboring Afghanistan.=20
Carl Rusnok, an INS spokesman, said he could not comment on individual INS =
cases.=20
Coane said he represents a Jordanian legal immigrant who was picked up by t=
he INS on Sept. 21. More than a week later, the INS admitted the man had be=
en apprehended and detained without reason and should be released, Coane sa=
id.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
India: LNG: Ministry willing to pare charter hire rates for Dabhol
10/06/2001
Business Line (The Hindu)
Fin. Times Info Ltd-Asia Africa Intel Wire. Business Line (The Hindu) Copyr=
ight (C) 2001 Kasturi & Sons Ltd. All Rights Res'd
NEW DELHI, Oct. 5. THE Ministry of Shipping has expressed its willingness t=
o take a cut in the charter hire rates for the LNG shipping deal for the tr=
oubled Dabhol Power Company (DPC) in a bid to scale down the shipping costs=
and salvage the LNG facility planned by Enron.=20
This was indicated by the Shipping Ministry during a meeting held here on T=
hursday between the financial institutions and the Government in which mini=
stries and departments concerned with various aspects of the deal participa=
ted.
The Shipping Ministry controls the Shipping Corporation of India (SCI) whic=
h is a 20 per cent equity partner in the joint venture Greenfield Shipping =
Company formed for owning and operating a 137,000 cubic metre capacity tank=
er for transporting LNG from Oman to the Enron-promoted power plant in Maha=
rashtra, now clouded in controversy.=20
While the shipbuilding cost of $220 million is unlikely to be pared down ma=
inly due to the fact that the 137,000 cubic metre tanker is nearing complet=
ion at Japan's Mitsubishi yard, the promoters of LNG Laxmi will have to go =
for a cut in the time charter hire rate of $98,600 per day for 10 years agr=
eed with the DPC, Government sources told Business Line.=20
The Greenfield Shipping Company will have to take possession of the LNG ves=
sel on November 15 when the tanker will be ready for delivery as per the Sh=
ipbuilding Contract (SBC) signed with the Japanese yard.=20
The Godbole Committee set up by the Maharashtra Government to review the En=
ron deal had concluded, among other things, that the time charter hire rate=
of $98,600 per day agreed between DPC and Greenfield Shipping Company was =
very much on the higher side.=20
A section within the Government even thinks that the contracted shipbuildin=
g cost of $220 million comprising a bare vessel cost of $189 million and fi=
nancing cost of $21 million was higher than the market price prevailing at =
the time by atleast $18,000 to $20,000.=20
With the power project facing trouble, the lenders to the LNG shipping proj=
ect led by ANZ Investment Bank has declared an event of default and suspend=
ed the last trance of the project loan worth $55 million out of a total loa=
n component of $165 million.=20
The three promoters will now have to make up for the gap in the project fun=
ding by putting in additional money in proportion to their equity holding t=
o get the project going.=20
Besides SCI, Japan's Mitsui O.S.K.Lines hold 60 per cent equity while Atlan=
tic Commercial Inc.(an Enron affiliate) has the remaining 20 per cent.=20
However, sources feel that SCI's additional investment in the project along=
with a proposed cut in the charter hire rate (this has to be re-negotiated =
with the new owner of DPC) suggested by the Shipping Ministry, would render=
SCI's investment in the LNG shipping project unviable.=20
Another spot of bother for the SCI is that the time charter hire rates for =
LNG shipping have gone down substantially from the time when the time chart=
er party was signed with DPC at a rate of $98,600 per day.=20
With the LNG facility of DPC now put on the back- burner and given the fact=
that the tanker will have to be deployed elsewhere on spot basis upon poss=
ession till the fate of the proposed LNG facility is decided, sources said =
that the viability of the project will not work out in the face of a declin=
ing trend world-wide in the charter hire rates for LNG shipping.=20
The charter hire rates are now ruling about $67,000 per day and are expecte=
d to dip even further to about $50,000 per day. "In such a scenario, SCI's =
investments would fetch only a paltry 4 per cent to 4.5 per cent rate of re=
turn as against the Government norm of 12 per cent for projects involving s=
tate- funding", the sources said.=20
P.Manoj and Balaji C Mouli
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
News
Gun found in car at Millard North
Patrick Strawbridge Julie Anderson Erin Grace Paul Goodsell Todd von Kampen=
Deborah Alexander Julia McCord
World-Herald Staff Writers
10/06/2001
Omaha World-Herald
Sunrise
2
(Copyright 2001 Omaha World-Herald Company)
Parents of Millard North High School students received a letter Friday info=
rming them that a gun had been found in a student's vehicle at the school e=
arlier in the week.=20
Amy Friedman, a spokeswoman for Millard Public Schools, said the school's r=
esource officer received a tip that the student had the gun and discovered =
a hunting rifle in the student's vehicle.
Friedman said state law and district policy require the expulsion of any st=
udent found to have a gun on school property.=20
Sgt. Dan Cisar, an Omaha police spokesman, said a citation was issued to an=
18-year-old male in connection with the incident.=20
Friedman said the letter was sent home to combat any rumors about the incid=
ent and promote the school's safety policy. - Patrick Strawbridge Helicopte=
rs to place cell towers Sunday=20
Helicopters will be busy over Omaha on Sunday as a construction company pla=
ces new cellular communications towers on two buildings.=20
Jim Labenz, general manager, of Digitcom Inc. in Arlington, Texas, said his=
company will be placing towers for Cricket Communications, a new cellular =
telephone company set to launch in the area in mid- October.=20
A helicopter will lift equipment onto a 16-story building at 72nd Street an=
d Mercy Road about 7:30 a.m. Sunday. The next lift will be at 9 a.m. at the=
southwest corner of 16th and Farnam Streets. - Julie Anderson Enron boosts=
teacher scholarships=20
When Edna Campbell's family moved from Mexico to the United States 20 years=
ago, Campbell, then a school-age child, couldn't speak English.=20
To repay the California teachers who taught her how, Campbell is trying to =
become a teacher, too. An Enron grant is helping her achieve that goal in O=
maha.=20
Campbell, one of four education students at the University of Nebraska at O=
maha studying under scholarships from the Omaha office of Enron this year, =
helped to announce the company's gift Friday.=20
A $32,000 grant from the energy company to the University of Nebraska Found=
ation is helping UNO expand an existing scholarship program that encourages=
minority students to become teachers.=20
The program also helps to put more students into the community because one =
of the requirements is volunteer work. The Enron scholars each will spend a=
t least 20 hours a semester helping a northeast Omaha after-school program =
to staff a relatively new computer lab.=20
The Hope Center, 2200 N. 20th St., serves dozens of children in an after-sc=
hool program that includes a hot meal, computer training, homework help and=
Bible study. - Erin Grace Westside walk will help victims=20
Students, parents and residents of Westside Community Schools will particip=
ate in a walk Sunday in support of the victims of last month's terrorist at=
tacks.=20
The "Route 66/Walk for America" will begin at 2 p.m. at Westside High Schoo=
l, 8701 Pacific St. Participants, who are encouraged to wear red, white and=
blue clothing, will follow a course of less than a mile before returning t=
o the school.=20
Donations will be collected for a relief fund established through the Wests=
ide Foundation. - Paul Goodsell NEBRASKA Project Extra Mile seeks nominees=
=20
Project Extra Mile's five Nebraska offices are seeking nominations of peopl=
e or agencies that make a difference in preventing underage drinking.=20
Winners will be recognized at the organization's annual dinner Nov. 8 at Om=
aha's Champions Club. Categories for nominations are education, public poli=
cy, media, youth, retail businesses, law enforcement and community advocate=
s. Nominations will close Oct. 26.=20
Jack Calhoun, president and chief executive officer of the National Crime P=
revention Council, will speak at the dinner. Tickets are $25 each.=20
For nomination forms or information on the dinner, call or e-mail the group=
's nearest office: Omaha, (402) 963-9047,
[email protected]; Grand Island, (308) 398-0413,
[email protected]; Scotts-bluff, (308) 220-4137,
[email protected]; Hastings, (402) 463-0558,
[email protected]; Columbus, (402) 562-7089,
[email protected]. - Todd von Kampen Reservists, enlistees may get tax d=
eferral=20
Reservists called to active duty and new enlistees in the armed forces migh=
t qualify for a deferral of taxes owed if they can show their ability to pa=
y is impaired because of their military service.=20
The Internal Revenue Service announced the deferral this week. It covers ac=
tive-duty members of the Army, Navy, Air Force, Marine Corps and Coast Guar=
d.=20
National Guard personnel not serving in a federalized status - on state act=
ive duty for disaster relief - are not covered.=20
The deferral applies to taxes due before or during military service and ext=
ends the payment deadline to six months after military service ends.=20
The deferral is not automatic. It also does not extend the deadline for fil=
ing any tax returns. Taxpayers may get extra time to file under other provi=
sions, such as being stationed overseas or in a combat zone.=20
Further information on the tax payment deferral can be found at www.irs.gov=
or calling 1-800-TAX-FORM. - Deborah Alexander Lincoln nurses to aid D.C. =
burn victims=20
LINCOLN - Two nurses from the burn center at St. Elizabeth Regional Medical=
Center in Lincoln left Friday for Washington, D.C., to tend patients there=
who were burned in the terrorist attack on the Pentagon Sept. 11.=20
The two - Cari Steiner and Melissa Shotkoski - will spend two weeks in Wash=
ington, said Jo Miller, the hospital's public relations director. - Julia M=
cCord Harvest pageant winner is named=20
GRAND ISLAND, Neb. - Alysia Wardyn was named Miss Harvest of Harmony in a p=
ageant Friday night that is part of the annual Harvest of Harmony festiviti=
es.=20
Wardyn, the daughter of Leonard and Marcia Wardyn of Farwell, represented S=
t. Paul High School. She topped 41 other high school seniors in the contest=
.=20
Rachel Rowley of Grand Island Senior High was first runner-up in the pagean=
t, with Meghan Bernt of Columbus Scotus as second runner- up. Jenna Johanse=
n of Osceola was named Miss Congeniality.=20
Other finalists were Kayla Gross of Burwell, Stefanie Schaefer of Franklin,=
Rebecca Stanczyk of Fullerton, Amy Jensen of Hastings, Jo Ella Adelung of =
Nebraska City, Amanda Hageman of Overton and Mikele Boshart of Wood River. =
- World-Herald News Service
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
LOCAL
POWER GIANT BUYS ISLAND IN SEARCH FOR GAS PIPELINE
David Fleshler Staff Writer
10/06/2001
South Florida Sun-Sentinel
Broward Metro
1A
(Copyright 2001 by the Sun-Sentinel)
In an attempt to serve South Florida's surging energy market, an internatio=
nal power company has bought a tiny Bahamas island where it plans to build =
a $1.3 billion complex of electric power and natural gas plants.=20
AES Corp., which owns power plants all over the world, purchased Ocean Cay,=
a manmade island about 50 miles east of Miami. The 90- acre island, part o=
f the Bimini Islands, is the site of an aragonite mine.
But under a proposal outlined this week to state and Broward County officia=
ls, the island would become an important offshore power supplier to Florida=
. Liquified natural gas would arrive in tankers. A plant would convert it t=
o gaseous form and it would be sent to Port Everglades through a 70-mile un=
dersea pipeline. The company also plans to build a 1,200-megawatt power pla=
nt, with an undersea transmission line to South Florida.=20
"It's a good project to deliver energy into the state of Florida," said Don=
Bartlett, vice president of AES Coral Inc., the company's Miami subsidiary=
. "It's a very economically doable project."=20
With its proposal, AES has emerged as a rival to Enron Corp. and El Paso Co=
rp. in the race to build an undersea natural gas pipeline from the Bahamas =
to the United States.=20
AES Corp., based in Arlington, Va., is one of the biggest energy companies =
in the world. The company owns or holds interests in 180 power plants in Ch=
ina, Sri Lanka, Argentina, Hungary, Brazil and many other countries.=20
It reported revenues of $6.7 billion last year and employs 60,000 people.=
=20
All three companies' proposals will face hard questions from regulators abo=
ut public safety, possible damage to coral reefs and potential harm to othe=
r ocean habitats.=20
Mary Murphy, a state DEP administrator who met with the AES representatives=
, said she told them that they would have to explain how they would cross t=
he bands of coral reefs along the coast.=20
They would have to show how the pipeline would avoid harming wetlands while=
on land.=20
They would have to show whether the route would go through populated areas =
or heavily trafficked sections of Port Everglades and how they would keep t=
he public safe from accidents.=20
"We're looking at public health and safety, the environment, and we want to=
know what they're going to do to address these concerns," she said. "We wa=
nt to know if they're going through residential areas, if they're going thr=
ough commercial areas. What kinds of reef are you impacting? Are you going =
to drag your pipes along the reefs? They need to look at the other uses -- =
beach renourishment, cables, treasure salvage leases, possible archaeologic=
al sites."=20
Bartlett said the company would work with environmental officials to find a=
route that minimizes environmental harm. The company plans to drill a rout=
e under the reefs, using the technique of horizontal drilling, which should=
leave the reefs undisturbed, he said.=20
"Our objective is to not have any environmental impact at all, and that's w=
hat we're trying to achieve," he said.=20
By building a power plant offshore, AES would avoid the local opposition th=
at doomed two power plant proposals in South Florida this year.=20
"The advantage to Broward County and the state of Florida is that 1,200 meg=
awatts will come ashore without siting a power plant in Broward County," Ba=
rtlett said. "Siting plants in South Florida is pretty tough."=20
In addition to directly supplying electricity, the project would deliver na=
tural gas to the region's power plants.=20
Demand for natural gas has surged in the United States. The vast majority o=
f new electric power plants use it for fuel because it generates far less p=
ollution than coal or oil.=20
Two power plants proposed for Deerfield Beach would both use natural gas, a=
lthough one would use diesel oil as a backup fuel in case the natural gas s=
upply was interrupted.=20
But the AES proposal faces competition from two Houston energy companies. E=
l Paso Corp. has proposed a natural gas pipeline from Grand Bahama Island t=
o a point near the Port of Palm Beach, where it would hook up with the stat=
e's gas transmission system. Enron Corp. has filed applications for permits=
to construct a pipeline from Grand Bahama to Port Everglades.=20
The decision on who gets to build the pipeline could ultimately be up to th=
e Federal Energy Regulatory Commission, which governs the distribution of n=
atural gas throughout the country. Enron has moved the furthest in the appr=
oval process, having filed applications with the commission, the state Depa=
rtment of Environmental Protection and other agencies.=20
It is unclear whether all three pipeline projects could go forward, since t=
hey would be seeking to sell natural gas to many of the same customers. Enr=
on spokesman John Ambler said the state's demand for energy could support m=
ore than one new source of supply.=20
"I think it's clear that Florida needs more gas," he said. "A diversity of =
sources of supply is probably a good thing. I don't know if we need all of =
the proposals that are being speculated about. But the demand projection ov=
er the next 10 years is that Florida is going to need another 12,000 megawa=
tts of power, and that means a lot of gas is going to be needed."
MAP; Caption: Staff graphic Map: Locates Ocean Cay in Bimini Islands.=20
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
LOCAL
DIESEL BAN MAY SWAY OPPONENTS OF POWER PLANT
Jeremy Milarsky Staff Writer
10/06/2001
South Florida Sun-Sentinel
Broward Metro
1B
(Copyright 2001 by the Sun-Sentinel)
A deal in the works between top officials at City Hall and a Houston-based =
power company may remove a critical sticking point for people who oppose pl=
ans for a 510-megawatt energy plant here.=20
Deerfield Beach Mayor Al Capellini said representatives of Enron Corp. last=
month asked to make minor changes to their financial agreement with the ci=
ty. In exchange, Capellini wants the company to abandon plans to use diesel=
fuel as a backup power source for their proposed power plant on Green Road=
just east of Florida's Turnpike.
That's an important condition for government officials in Coral Springs and=
other North Broward cities, who fear that diesel fuel emissions would poll=
ute the air in the region. Enron's plans call for the plant to be fueled pr=
imarily by natural gas, which is relatively clean, but they want to be able=
to use diesel fuel in case the gas runs out.=20
"If they want to open up their [financial] agreement, they would have to re=
move the diesel fuel part of their plant," Capellini said.=20
The financial agreement calls for Enron to pay the city $1.5 million in fee=
s before they build the plant, and at least $1.7 million in property taxes =
annually. Enron last week paid the first $500,000 of the fees, but they hav=
e asked for a different payment schedule, Capellini said.=20
Enron officials want to be able to burn diesel fuel as a backup power sourc=
e because currently, only one natural gas pipeline operates in Florida. But=
two other pipelines -- one coming across the Gulf of Mexico and the other =
coming from the Bahamas -- are in the works.=20
Enron might be willing to drop their plans for diesel fuel, but only if "on=
e or both" of those pipelines works by the time they build their plant, sai=
d Eric Thode, a company spokesman.=20
"Functionally, the plant is an ambulance service," Thode said. "It has to b=
e able to be used at a moment's notice."=20
If Capellini were to convince Enron Corp. to drop the diesel fuel portion o=
f their plans, it would represent a political victory for him and his city.=
That's because the mayor of Coral Springs, one of the cities that has chal=
lenged the state's intention to give Enron an air-quality permit, has said =
that he will back off if they drop their plans to burn diesel fuel.=20
So far, Coral Springs has declined to take as aggressive a stance as neighb=
oring Coconut Creek, where government attorneys sued Deerfield Beach on Jul=
y 13. Coconut Creek attorneys argue that a conflict in zoning laws made it =
illegal for Deerfield Beach city officials to approve the Enron plant the w=
ay they did.=20
Broward Circuit Judge Leonard Stafford dismissed the lawsuit last month bec=
ause he said Coconut Creek had not followed proper procedure, but allowed t=
he city to change the suit and file again. Last week, they did just that, s=
aid Mitch Bernstein, an attorney for Coconut Creek.=20
"The claims are essentially the same, but they are more thoroughly supporte=
d by the events that took place in Deerfield Beach when they considered Enr=
on's application," Bernstein said.=20
Capellini said Tuesday evening there were numerous parts of Coconut Creek's=
lawsuit that are inaccurate.=20
Jeremy Milarsky can be reached at [email protected] or call 954-57=
2-2020.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Enron Offshoot Leads Texas Complaints for Unauthorized Electric Accounts
R.A. Dyer
10/06/2001
KRTBN Knight-Ridder Tribune Business News: Fort Worth Star-Telegram - Texas
Copyright (C) 2001 KRTBN Knight Ridder Tribune Business News; Source: World=
Reporter (TM)
AUSTIN, Texas--An offshoot company of Houston-based Enron led the state in =
"slamming" complaints on allegations of attempting to sign up electric cust=
omers without their consent, state records show.=20
The Texas Public Utility Commission has received at least 14 complaints aga=
inst the Enron-created NewPower Co. and one each against providers Green Mo=
untain, Reliant, First Choice and Shell, according to documents filed with =
state regulators.
The Texas electric deregulation law prohibits the practice and sets penalti=
es of up to $5,000 per day, per customer, but the PUC has taken no official=
enforcement action against any of the companies.=20
"Slamming" is slang for changing customers' utility providers without their=
permission.=20
A NewPower spokeswoman said the company is aware of the complaints and has =
begun an investigation.=20
"NewPower has a zero tolerance policy towards slamming," said company spoke=
swoman Terri Cohen. "We have more than 50,000 Texans who have chosen to swi=
tch to NewPower. Even a fraction of a percent of slamming complaints -- whi=
ch is what this is -- is not acceptable to us."=20
Under the state's new deregulation law, companies such as NewPower can offe=
r lower prices and different service plans to lure customers away from the =
state's utility companies.=20
A pilot project that began this year allows companies to compete for up to =
5 percent of customers. Most of the Texas market will open Jan. 1.=20
The process is overseen by the PUC and a nonprofit corporation that manages=
the state's electric power grid.=20
Under the Texas Open Records Act, the Star-Telegram obtained information on=
68 complaints about the pilot project filed between March 1 and Sept. 27. =
Other complaints involved billing, customer frustrations over delays in the=
pilot project, customer service and deceptive trade practices.=20
James Pittman, 52, of Houston, said he switched to NewPower after a telepho=
ne marketer told him he would have to choose a new electric company -- or t=
he state would choose one for him.=20
Pittman said the telemarketer incorrectly told him he would have to pay fee=
s for a forced switch but could switch to NewPower for no charge.=20
"I just flat out told her that I just got out of the hospital from a heart =
attack, and I didn't feel like I was up to any of this," Pittman said.=20
"She told me that I had to change (electric service), or the state would ch=
ange it for me. She said it wouldn't be our choice. It would be whatever th=
e state decided."=20
Pittman said he then had difficulty switching back to Reliant.=20
Several Texas residents, including some TXU customers in North Texas, also =
reported receiving switch notifications even though they had not requested =
new service.=20
PUC spokesman Terry Hadley said some of the slamming complaints may have be=
en prompted by computer glitches at the power grid. Others may have been ca=
used by confusion by marketers and the public over the new deregulation law=
.=20
Hadley said regulators will continue to monitor complaints, although it is =
premature for the PUC to take enforcement actions.=20
"It's early in the game and we would expect that as education increases, we=
might not see the so-called complaints in the future," Hadley said.=20
He said lawmakers had inserted strong anti-slamming language into the dereg=
ulation law after witnessing similar problems with the deregulation of long=
-distance telephone service. The PUC received 5,700 such complaints in one =
year alone, he said.=20
But Reggie James, director of the Austin office of the Consumers Union, sai=
d the PUC should have done a better job of educating consumers about their =
rights under the new law.=20
He said a $12 million customer-education campaign by the PUC has focused fo=
r the most part on "happy talk" to defend deregulation.=20
"If deregulation is going to work, it will require the confidence of all co=
nsumers," said James. "And if people think they're going to get ripped off =
by the companies that are competing, it will hurt all the competitors."=20
Complaints about slamming and other problems can be lodged with the PUC by =
calling (888) 782-8477.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
| ||
arnold-j/deleted_items/690.
|
subject: RE: Enron EFS issues
content: ok- i get curve shape.. but the only plausible reason i see why market totally ignoring cash- staying so high is us (Enron)- still think we are short............
have a great break....
-----Original Message-----
From: Arnold, John
Sent: Wednesday, November 21, 2001 9:36 AM
To: Abramo, Caroline
Subject: RE: Enron EFS issues
everybody and their mom is short. Plus, a lot of people think the z/f is too wide so either the front needs to go up or the back down.
nope
-----Original Message-----
From: Abramo, Caroline
Sent: Wednesday, November 21, 2001 8:32 AM
To: Arnold, John
Subject: RE: Enron EFS issues
why are futs still so high?
did you ever find anything about those s+p commodity futures contracts?
-----Original Message-----
From: Arnold, John
Sent: Wednesday, November 21, 2001 9:16 AM
To: Abramo, Caroline
Subject: RE: Enron EFS issues
full day today because of aga
yea, going home to the Big D
-----Original Message-----
From: Abramo, Caroline
Sent: Wednesday, November 21, 2001 7:20 AM
To: Arnold, John
Subject: RE: Enron EFS issues
thanks.. do we have early close today?
are you going home for thanksgiving?
-----Original Message-----
From: Arnold, John
Sent: Wednesday, November 21, 2001 8:18 AM
To: Abramo, Caroline
Subject: RE: Enron EFS issues
Looking into it
-----Original Message-----
From: Abramo, Caroline
Sent: Tuesday, November 20, 2001 9:37 AM
To: Arnold, John
Subject: FW: Enron EFS issues
-----Original Message-----
From: Doug York <[email protected]>@ENRON
Sent: Tuesday, November 20, 2001 10:16 AM
To: Abramo, Caroline
Cc: Arturo Hidalgo; Terri Becks; Dick Bell
Subject: Enron EFS issues
Thanks for taking the time to put this PowerPoint presentation together to
better outline the flow. It helps us discuss it internally.
Recently our internal compliance folks have discussed the "give-up risk".
Specifically, what guarantee do we have that the executor's (Enron) FCM will
accept the block trade and get it to the exchange on behalf of our clients?
There is some concern that there might be limits imposed by the FCM due to
issues such as credit and the high volatility of NG.
They have requested we sign a four (or more) party give-up agreement between
Campbell, Enron, your clearing firm(s) and our clearing firm(s). Is this
the SOP as you envision the NYMEX EFS? We are at the point where the
specific documentation issues are the main obstacles to moving forward. If
we buy 1,000 NG from you, how do we know your FCM can guarantee acceptance
of the trade for further give-up? Your legal feedback is welcome.
Thanks,
CDY
========================================================
The information transmitted in this email is intended for the named
addressee(s) only. As this email may contain confidential and/or
privileged information, if you are not the intended recipient, you are
not authorized to retain, read, copy or disseminate this email or any
part of it. If you received this email in error, please contact the
sender and permanently delete the email and any attachments.
Unless expressly stated, opinions in this email are those of the
individual sender and not of Campbell & Company, Inc.
- EFS.ppt << File: EFS.ppt >>
| ||
arnold-j/deleted_items/691.
|
subject: RE:
content: John,
Thanks for the note back. My title is Specialist so I am the little man on the trading floor, but since I have been here I have been kicking ass. I enjoy trading and really didn't get the chance to dig into it deep. Anyway, take care and have a Happy Holiday.
Kristin Gandy
Freight Markets
Enron Global Markets
1400 Smith Street ECS 3657
Houston, Texas 77002
713-853-7263
[email protected]
> -----Original Message-----
> From: Arnold, John
> Sent: Wednesday, November 21, 2001 7:25 AM
> To: Gandy, Kristin
> Subject: RE:
>
> Kristin:
> Sorry for the delay. Unfotunately I don't have any openings
> in my group right now. If I hear of any positions open I'll
> give you a shout. Can you remind me what title you have now.
> John
>
> -----Original Message-----
> From: Gandy, Kristin
> Sent: Monday, November 19, 2001 9:00 AM
> To: Arnold, John
> Subject:
>
> John,
>
> Hello and good Monday morning to you. I briefly meet you
> while talking to Paul Racicot on Friday at Front Porch Pub.
> With Matt working here in Freight you probably already know
> we are not well off these days. Next on the chopping block
> is never a good place to be.
>
> This is a forward question but what the hell. I was
> wondering if you knew of any positions available in your
> area. If you can believe it I am not ready to leave Enron
> behind yet. Thanks for your help.
>
> Regards,
>
> Kristin Gandy
> Freight Markets
> Enron Global Markets
> 1400 Smith Street ECS 3657
> Houston, Texas 77002
> 713-853-7263
> [email protected]
>
| ||
arnold-j/deleted_items/692.
|
subject: Wines for Autumn Nights at Winebid.com
content: Welcome to Winebid.com's newest auction, which begins closing Sunday, Dec.
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arnold-j/deleted_items/693.
|
subject: Buy Three DVDs, Two Ship Free and $2 off select titles!
content: [IMAGE]
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and ? 2001 Twentieth Century Fox Film Corporation. All Rights Reserved.Pric=
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arnold-j/deleted_items/694.
|
subject: DVDs for as low as $9.49 each!
content: Dear John,
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arnold-j/deleted_items/695.
|
subject: TRV Notification: (NG - Price P/L - 11/21/2001)
content: The report named: NG - Price P/L <http://trv.corp.enron.com/linkFromExcel.asp?report_cd=10&report_name=NG+-+Price+P/L&category_cd=5&category_name=FINANCIAL&toc_hide=1&sTV1=5&TV1Exp=Y¤t_efct_date=11/21/2001>, published as of 11/21/2001 is now available for viewing on the website.
| ||
arnold-j/deleted_items/696.
|
subject: TRV Notification: (NG - PROPT P/L - 11/21/2001)
content: The report named: NG - PROPT P/L <http://trv.corp.enron.com/linkFromExcel.asp?report_cd=11&report_name=NG+-+PROPT+P/L&category_cd=5&category_name=FINANCIAL&toc_hide=1&sTV1=5&TV1Exp=Y¤t_efct_date=11/21/2001>, published as of 11/21/2001 is now available for viewing on the website.
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arnold-j/deleted_items/697.
|
subject: Up to 60% Off Flights This Holiday Season
content: [IMAGE]=09
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e your communication preferences" link. =09
Please note that this message was sent to the following e-mail address:ja=
[email protected]=09
| ||
arnold-j/deleted_items/698.
|
subject: Weekend Outage Report for 11-21-01 through 11-25-01
content: ------------------------------------------------------------------------------------------------------
W E E K E N D S Y S T E M S A V A I L A B I L I T Y
F O R
November 21, 2001 5:00pm through November 26, 2001 12:00am
------------------------------------------------------------------------------------------------------
SCHEDULED SYSTEM OUTAGES:
ARDMORE DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages.
AZURIX: No Scheduled Outages.
EB34 DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages.
EDI SERVER: No Scheduled Outages.
EES:
Impact: EES
Time: Sat 11/24/2001 at 10:30:00 PM CT thru Sun 11/25/2001 at 6:30:00 AM CT
Sat 11/24/2001 at 8:30:00 PM PT thru Sun 11/25/2001 at 4:30:00 AM PT
Sun 11/25/2001 at 4:30:00 AM London thru Sun 11/25/2001 at 12:30:00 PM London
Outage: EESHOU-FS2 "R" drive migration outage
Environments Impacted: EES
Purpose: migration of "R" drive to larger disk space
Backout: restore from backup
Contact(s): Mark Jordan 713-562-4247
Roderic H Gerlach 713-345-3077
Jeff Hughes 713-345-8809
Tom Novark 713-345-4962
ENRON CENTER SOUTH DATA CENTER - FACILITY OPERATIONS: No Scheduled Outages
ENRON NORTH AMERICAN LANS: No Scheduled Outages.
FIELD SERVICES: No Scheduled Outages.
INTERNET: No Scheduled Outages.
MESSAGING:
Impact: nahou-msmbx01p and 02p
Time: Wed 11/21/2001 at 7:00:00 PM CT thru Wed 11/21/2001 at 7:30:00 PM CT
Wed 11/21/2001 at 5:00:00 PM PT thru Wed 11/21/2001 at 5:30:00 PM PT
Thur 11/22/2001 at 1:00:00 AM London thru Thur 11/22/2001 at 1:30:00 AM
Outage: nahou-msdog01v
Environments Impacted: Messaging Team
Purpose: Need to make sure the hotfix works on a production box.
Backout: remove EXifs.sys and replace with the previous version.
Contact(s): David Lin 713-345-1619
MARKET DATA: No Scheduled Outages.
NT: No Scheduled Outages.
OS/2: No Scheduled Outages.
OTHER:
Impact: ENPOWER Application
Time: Sat 11/24/2001 at 10:00:00 AM CT thru Sun 11/25/2001 at 6:00:00 PM CT
Sat 11/24/2001 a 8:00:00 AM PT thru Sun 11/25/2001 at 4:00:00 PM PT
Sat 11/24/2001 at 4:00:00 PM London thru Mon 11/26/2001 at 12:00:00 AM London
Outage: PWRPROD1 Maintenance
Environments Impacted: EnPower Users
Purpose: Maintenance of database objects. Increase efficiency of space utilization and query performance of the EnPower system.
Backout: Revert to backed-up copies of objects (All will be backed-up prior to each re-org)
Contact(s): Michael Berger 713-345-3190 281-960-5571
Oracle On-Call DBA N/A 888-993-3793
Charles Brewer 713-345-4868 281-960-7066
Tantra Invedy 713-853-4304 281-960-7184
Impact: Corp
Time: Thur 11/22/2001 at 6:00:00 AM CT thru Fri 11/23/2001 at 12:00:00 AM CT
Thur 11/22/2001 at 4:00:00 AM PT thru Thur 11/22/2001 at 10:00:00 PM PT
Thur 11/22/2001 at 12:00:00 PM London thru Fri 11/23/2001 at 6:00:00 AM London
Outage: Test / Dev disk re layouts, server Croaker
Environments Impacted: Custom Logs (CEI), EnPower, Equities, ERP/TRV, Estreme Relocation, Etalk, Government Affairs, Infinity, ITOPS, IZZIE, OMS (Yantra), RMS, SIEBEL, WEBMODAL, REMEDY
Purpose: Migrate to the new more efficient disk layout with enhanced performance now that testing is complete.
Backout: Restore original disklayout. Restore data from backup storage.
Contact(s): Dolan, Michael713-345-3251
Wells, Malcolm713-345-3716
Impact: Corp
Time: Thur 11/22/2001 at 6:00:00 AM CT thru Fri 11/23/2001 at 12:00:00 AM CT
Thur 11/22/2001 at 4:00:00 AM PT thru Thur 11/22/2001 at 10:00:00 PM PT
Thur 11/22/2001 at 12:00:00 PM London thru Fri 11/23/2001 at 6:00:00 AM London
Outage: Test/Dev maintenance weekend, server Salmon
Environments Impacted: CAS, CPR, DCAF-2, ECM, EIM, Global, Infinity, MKM, PEP, POPS
Purpose: Migrate to the new more efficient disk layout with enhanced performance now that testing is complete.
Backout: Restore original disklayout. Restore data from backup storage.
Contact(s): Dolan, Michael713-345-3251
Wells, Malcolm713-345-3716
Impact: Corp
Time: Thur 11/22/2001 at 6:00:00 AM CT thru Fri 11/23/2001 at 12:00:00 AM CT
Thur 11/22/2001 at 4:00:00 AM PT thru Thur 11/22/2001 at 10:00:00 PM PT
Thur 11/22/2001 at 12:00:00 PM London thru Fri 11/23/2001 at 6:00:00 AM London
Outage: Test / Dev disk re layouts, Server Charon
Environments Impacted: OPM, EnLighten, RAM
Purpose: Migrate to the new more efficient disk layout with enhanced performance now that testing is complete.
Backout: Restore original disklayout. Restore data from backup storage.
Contact(s): Dolan, Michael713-345-3251
Wells, Malcolm713-345-3716
Impact: Corp
Time: Sat 11/24/2001 06:00 PM thru Sun 11/25/2001 6:00 AM CT
Sat 11/24/2001 04:00 PM thru Sun 11/25/2001 4:00 AM PT
Sun 11/25/2001 00:00 AM thru Sun 11/25/2001 12:00 PM London
Outage: Test / Dev disk re layouts, server Ferrari
Environments Impacted: CPR,EnPower, OMS (Yantra), Power-Exotic, SIEBEL, POPS
Purpose: Migrate to the new more efficient disk layout with enhanced performance now that testing is complete.
Backout: Restore original disklayout. Restore data from backup storage.
Contact(s): Dolan, Michael713-345-3251
Wells, Malcolm713-345-3716
Impact: Corp
Time: Sat 11/24/2001 06:00 PM thru Sun 11/25/2001 6:00 AM CT
Sat 11/24/2001 04:00 PM thru Sun 11/25/2001 4:00 AM PT
Sun 11/25/2001 00:00 AM thru Sun 11/25/2001 12:00 PM London
Outage: Test / Dev disk re layouts for astral
Environments Impacted: DCAF3, EQUITIES, Phoenix, RMS, SITARA - OLTP, Infinity, ECM
Purpose: Migrate to the new more efficient disk layout with enhanced performance now that testing is complete.
Backout: Restore original disklayout. Restore data from backup storage.
Contact(s): Dolan, Michael713-345-3251
Wells, Malcolm713-345-3716
Impact: Corp
Time: Sat 11/24/2001 06:00 PM thru Sun 11/25/2001 6:00 AM CT
Sat 11/24/2001 04:00 PM thru Sun 11/25/2001 4:00 AM PT
Sun 11/25/2001 00:00 AM thru Sun 11/25/2001 12:00 PM London
Outage: Test / Dev disk re layouts for titania
Environments Impacted: CAS, Custom Logs (CEI), Equities, Estreme Relocation, Global, Government Affairs, POPS, SIEBEL
Purpose: Migrate to the new more efficient disk layout with enhanced performance now that testing is complete.
Backout: Restore original disklayout. Restore data from backup storage.
Contact(s): Dolan, Michael713-345-3251
Wells, Malcolm713-345-3716
SITARA: No Scheduled Outages.
SUN/OSS SYSTEM: No Scheduled Outages.
TELEPHONY: No Scheduled Outages
TERMINAL SERVER: No Scheduled Outages.
UNIFY: No Scheduled Outages.
-------------------------------------------------------------------------------------------------------------------------------------
FOR ASSISTANCE
(713) 853-1411 Enron Resolution Center
Specific Help:
Information Risk Management (713) 853-5536
SAP/ISC (713) 345-4727
Unify On-Call (713) 284-3757 [Pager]
Sitara On-Call (713) 288-0101 [Pager]
RUS/GOPS/GeoTools/APRS (713) 639-9726 [Pager]
OSS/UA4/TARP (713) 285-3165 [Pager]
CPR (713) 284-4175 [Pager]
EDI Support (713) 327-3893 [Pager]
EES Help Desk (713)853-9797 OR (888)853-9797
TDS -Trader Decision Support On-Call (713) 327-6032 [Pager]
|
Houston Outage Report@ENRON <??SHouston Outage Report@ENRON>
|
|
arnold-j/deleted_items/699.
|
subject: K@W Newsletter Nov. 21-Dec. 4, 2001: What's Hot: China's Entry into
content: Knowledge@Wharton Newsletterhttp://knowledge.wharton.upenn.edu
November 21-December 4, 2001
What's Hot
China's Entry into the WTO: What Lies Ahead
After years of negotiation, the World Trade Organization agreed on Nov. 10 to open its doors to the world's most populous country and bring its 1.3 billion consumers more closely into the global economy. The decision will create new sets of business winners and losers for years to come. But perhaps more important, it presents a fresh opportunity for governments, industries and individual companies to reshape the very nature of the global marketplace. In a report prepared in collaboration with Beijing-based People's Daily Online, Knowledge@Wharton interviewed experts for their assessment of what lies ahead for China.http://knowledge.wharton.upenn.edu/whatshot.cfm
Special Report:
Finding Business Opportunities in an Uncertain Economy
The global economy was declining long before September 11. Since then, it seems to have gone into a tailspin, marked by volatile stock markets, sagging consumer confidence and widespread layoffs. Most companies are trying to figure out how long it will take for the economy to turn around, and what they can do to stay alive until then. In an effort to answer these questions, Knowledge@Wharton teamed up with CNET News.com in San Francisco to organize a panel discussion of leading business executives from the U.S. and Europe. A special report on the event.http://knowledge.wharton.upenn.edu/ss_112101.html
Strategic Management
Oh, the Games Enron Played
The dramatic disintegration of Enron has left a lot of people wondering how this huge, publicly-traded company could have fallen so far so fast. Wharton faculty and others help explain what went on behind the scenes at Enron, where it is now clear that management exploited loopholes in accounting procedures and created questionable partnerships involving top company officials, among other tactics.http://knowledge.wharton.upenn.edu/articles.cfm?catid=7&articleid=469
Marketing
Marketing Ethics in a Post-Terrorist Economy: What is the Right Pitch?
Following the events of Sept. 11, marketers and advertisers must reconsider not only what products they sell but how they sell them - all against a backdrop of the War On Terror, the Anthrax scare and a badly slumping economy. What approach can companies and ad agencies adopt that is both ethical and effective? Wharton faculty, and the manufacturer of one uniquely American product, offer some suggestions.http://knowledge.wharton.upenn.edu/articles.cfm?catid=4&articleid=463
Leadership and Change
Family Matters: Are Fords, Hewletts and Packards Right to Exercise Their Clout?
Now that William Clay Ford Jr. has replaced Jacques Nasser as CEO of Ford, and the Hewlett and Packard families have decided to oppose H-P's merger with Compaq Computer, one wonders whether family members have become wrecking balls, spoiling the well-laid plans of professional managers and jeopardizing the company's future. Not exactly, say Wharton faculty and others, who point to the importance of values, standards and personal net worth.http://knowledge.wharton.upenn.edu/articles.cfm?catid=2&articleid=468
Managing Technology
The Evolution of B2B: Lessons From the Auto Industry
Only a few years ago, B2B exchanges were expected to completely alter conventional buyer-supplier relationships. The reality has been otherwise. Only 10% of the 1,000 B2B exchanges launched in the past 18 months are reportedly still in operation. Meanwhile, the important B2B action seems to have shifted to industry-wide exchanges run by incumbent firms, such as Covisint in the auto industry and Transora in the consumer products sector. In a new research study, Wharton management professor John Paul MacDuffie and colleague Susan Helper explore this evolution.http://knowledge.wharton.upenn.edu/articles.cfm?catid=14&articleid=466
Leadership and Change
Reading the Signals: Janet Hanson, Founder of 85 Broads, on Networking and Success
Janet Hanson, 14-year veteran of Goldman Sachs and founder of investment advisory firm Milestone Capital, described her rocky but ultimately victorious road to success at the Wharton Women in Business Conference held earlier this month. Later in the day a panel of women in international management positions talked about the cultural challenges that still confront businesswomen both here and abroad.http://knowledge.wharton.upenn.edu/articles.cfm?catid=2&articleid=464
Real Estate
Real Estate Industry Poised for Recovery Despite Slowing Economy
The real estate industry comes into the current slowdown in a much stronger position than it was in the 1980s. But the industry is also vulnerable to a number of stresses, ranging from scaled-down activities on the part of tenants to a significant decline in cash flows and a softening at the high end of the retail market. Earlier this month, members of Wharton's Samuel Zell and Robert Lurie Real Estate Center looked at what's ahead for real estate.http://knowledge.wharton.upenn.edu/articles.cfm?catid=8&articleid=467
-------------------------------------------------------------------------------
Links from Knowledge@Wharton Sponsors
GE Capital:
Join GE Capital CFO Jim Parke for a December 11th webcast on "Partnering With Our Customers To Drive Productivity." Through an exchange between our CFOs and customers, you will see and hear how we are working with our customers to solve the heightened, day-to-day challenges of operating a business and achieving success. We hope you can join us. To register, please visit: http://www.gecfo.com/webcast.html?c=Wharton&n=Webcast1&t=email
------------------------------------------------------------------------------
Help Spread Knowledge
Do you know people who might be interested in these research studies and
more? If you do, please forward this e-mail message to them.
The Knowledge@Wharton Newsletter is a free service of The Wharton School
(http://www.wharton.upenn.edu/ ) of the University of Pennsylvania. Its
companion web site, Knowledge@Wharton, includes full details of the
stories listed here. To read these stories, go tohttp://knowledge.wharton.upenn.edu/
To comment on these stories, go to:http://knowledge.wharton.upenn.edu/feedback.cfm
To unsubscribe from this newsletter, visit:http://knowledge.wharton.upenn.edu/unsubscribe.cfm
| ||
arnold-j/deleted_items/7.
|
subject: Fw: Schedule for the week of Monday, Sept 24, HOUSTON PRESS "BEST
content: ----- Original Message -----
From: Christopher's Wine Warehouse
To: Recipient list suppressed
Sent: Monday, September 24, 2001 12:14 PM
Subject: Schedule for the week of Monday, Sept 24, HOUSTON PRESS "BEST OF HOUSTON" results
Good afternoon wine lovers,
Before we get to the schedule of tastings this week, I wanted to thank everyone out there for the great response to the latest issue of The Houston Press. Christopher's Wine Warehouse was named the "BEST WINE STORE" on page 97 of the September 20-26, 2001 issue. We are thankful to all our loyal friends and neighbors for this recognition of our hard work and dedication to bringing the best wines we can find to Houston's wine lovers. Thanks again for your continued support. We will continue to work hard with our unique selection to, hopefully, be honored again next year.
As for the schedule this week, I believe we have perfected our website so that everyone can now view our tastings. We have two versions of the site, one in very easy to navigate form, and one that sings and dances if you have the necessary plug ins. If you don't want to re configure your system, just click on the normal site when you visit us at:www.christopherswine.com .
EVERY day this week, starting tomorrow (Tuesday the 25th), we will be hosting our wine tastings. The topics, prices per person, etc, etc, are posted at our site and include the weekly schedules through October. REMEMBER: YOU MUST CALL US TO RESERVE AT 713-524-9144. We look forward to seeing all of you.
As for this week's sampler case, I decided (based on popular demand) to extend the fabulous case from last week. If you missed the details, here it is again:
CHRISTOPHER'S LATEST ULTIMATE SAMPLER (2 BTLS EACH):
Martine Saunier's California Viognier 1999 (exotic, floral and a tremendous value) $18.50 each
Merlin Macon La Roche Vineuse 1999 (THE greatest vintage for this Chardonnay) $17.50 each
Chateau Ferry Lacombe Provence Rose' 2000 (remember this one from the Wine Bar?) $18.50 each
Domaine Monpertuis Ramiere Cotes du Rhone 1999 (ultra-spicey Grenache) $17.50 each
Domaine de Fenouillet Beaumes de Venise CDR Villages 1999 (glad my house red is back!) $21.50 each
G H von Mumm Rheingau Pinot Noir 1999 (AMAZING new discovery for me) $22.50 each
Normally, this case runs about $235.00
SPECIALLY PRICED FOR E-LISTERS: $197.00 plus tax
As always, please call us to order at 713-524-9144. This case is one of my best ever, don't miss out!!!
AS FOR SATURDAY, THE 29TH, I THOUGHT IT WOULD BE FUN TO CELEBRATE OUR REVIEW IN THE HOUSTON PRESS!!!
So, from 2-5 PM, this Saturday, at no charge, come on down and have some fun with us as we host an amazing tasting of GREAT wines. I will be showcasing a dozen different wines and we will pop a few bottles of Champagne to celebrate. Get here early for best selection and bring some friends, too. This Saturday will be a blast!!!
That's about it for this week. See y'all soon.
Your friend in wine,
Christopher
713-524-9144www.christopherswine. com 2516 Times BLVD
Rice Village
"BEST WINE STORE IN HOUSTON" Houston Press 2001
| ||
arnold-j/deleted_items/70.
|
subject: option candlesticks as a hot link 10/8
content: The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete. Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein. Any
opinions expressed herein are solely those of the author. As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates. ? 2001 Carr Futures
The charts are now available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.
Option Candlesticks
http://www.carrfut.com/research/Energy1/candlesticks33.pdf
Scott Oblander
312-762-1015
312-762-1014 fax
Carr Futures
150 S. Wacker
Suite 1500
Chicago, IL 60606
| ||
arnold-j/deleted_items/700.
|
subject: CFTC Commitment of Traders Data - Natural Gas
content: Attached please find this weeks summary of the most recent CFTC Commitment of Traders Data for Natural Gas.
Thanks,
Mark
- CFTC-NG-11-19-01.doc
| ||
arnold-j/deleted_items/701.
|
subject: Enron Mentions - 11/19/01
content: Headed For A Fall ; Companies issued special zero-coupon bonds, assuming th=
ey'd never have to pay them off. Now shareholders could be on the hook for =
a $65 billion tab.
Fortune Magazine, 11/26/01
Manager's Journal: What Enron Did Right
The Wall Street Journal, 11/19/01
J.P. Morgan Wins (by Not Losing as Much)
The Wall Street Journal, 11/19/01
German Bank Is in Talks With Enron To Buy a Unit
The New York Times, 11/19/01
Bond Boom Isn't Likely to Lift Economy As Corporations Swap Old Debt for Ne=
w
The Wall Street Journal, 11/19/01
Preview / WEEK OF NOV. 19-25 Investors Looking for Answers in Enron Filing
Los Angeles Times, 11/19/01
COMPANIES & FINANCE INTERNATIONAL - Dynegy bid faces long wait.
Financial Times, 11/19/01
Russia Fund Surges Amid Global Woes
The Wall Street Journal, 11/19/01
Wessex Water
The Financial News, 11/19/01
India BSES:Dabhol Pwr Proj Due Diligence Done Jan -Report
Emerging Markets Report, 11/19/01
India Dabhol Pwr: No Termination Notice Until Crt Verdict
Dow Jones International News, 11/19/01
Fears raised on Enron deal: $15.6-billion rescue bid
National Post, 11/19/01
Blackout in the power sector
Business Standard, 11/19/01
Features/Toxic Bonds
Headed For A Fall ; Companies issued special zero-coupon bonds, assuming th=
ey'd never have to pay them off. Now shareholders could be on the hook for =
a $65 billion tab.
Janice Revell
11/26/2001
Fortune Magazine
Time Inc.
131
(Copyright 2001)
It was an irresistible proposition: Borrow billions of dollars, pay no inte=
rest, reap millions in tax breaks, and then wait for the debt to simply dis=
appear. That was the promise of zero-coupon convertible bonds, and companie=
s from Enron to Merrill Lynch binged on what seemed like free money.=20
But, of course, there was a catch: For this scenario to play out, a company=
's stock price had to rise sharply--and quickly. That's because investors b=
ought the bonds in the hope of converting them into equity--if the stock ta=
nked, the bonds would no longer be worth converting. So to make them more a=
ttractive to buyers, companies had to build in an escape hatch: If the stoc=
k price failed to rise sufficiently, investors could "put" (that is, sell) =
the bonds back to the company--in many cases, after just one year.
And that's exactly what's about to happen--to the tune of some $65 billion =
over the next three years. Stock prices have fallen so far that for at leas=
t half of these special hybrids, the prospect of conversion is now absurd. =
It simply won't happen. So bondholders are looking to get their money back =
the first chance they can. And because of the put feature, that is possible=
. Suddenly companies like Tyco, Comcast, and dozens more are on the hook fo=
r billions of dollars in debt and interest they thought they'd never have t=
o pay.=20
That could be very bad news for shareholders of these companies. After all,=
they're the ones who are going to be picking up the tab when all that debt=
comes due. Huge chunks of cash will disappear from balance sheets to repay=
bondholders. Companies without enough cash-- and the majority fall into th=
is camp--are likely to face skyrocketing interest charges when they borrow =
money anew. That means sharply reduced earnings. Especially at risk are inv=
estors in companies with poor credit ratings--prime candidates for killer r=
efinancing costs. Some companies may even be forced to issue stock to pay o=
ff the debt, creating significant shareholder dilution, especially at curre=
nt depressed prices. To make matters worse, this is happening at a time whe=
n the economy is barreling downhill and corporate profits are already shrin=
king. "This is a ticking time bomb," warns Margaret Patel, manager of the P=
ioneer High Yield Bond fund, a top-performing junk fund.=20
The seeds of this mess were sown in mid-2000, when the stock market started=
to falter. Companies in search of capital balked at the thought of selling=
stock while their share prices were struggling. Zero-coupon convertible bo=
nds presented an attractive alternative because companies didn't have to ma=
ke cash interest payments on the bonds (hence the name "zero"). Instead iss=
uers offered an up-front discount--for instance, investors would buy a bond=
for $700 and collect $1,000 when it matured.=20
Companies also gave investors the right to convert the bonds into a fixed n=
umber of common shares. But the bonds were structured so that conversion wo=
uld make sense only if the stock price rose significantly--in many cases, b=
y more than 50%. With that protective feature (called the conversion premiu=
m), zeros took off. Corporate issuers would pay no interest, and once their=
stock prices had climbed back to acceptable levels, the debt would be swep=
t away into equity. "If the bonds are converted, it's a home run for everyb=
ody," says Jonathan Cohen, vice president of convertible-bond analysis at D=
eutsche Bank.=20
That four-bagger, of course, depends entirely on the stock price rising. If=
it doesn't, the bondholders, armed with that handy put feature, can simply=
sell the bonds back to the company. Great for bondholders, but not so hot =
for the company or its shareholders. But, hey, what are the odds of that ha=
ppening? "CFOs and CEOs believe that their stock will just continue to go u=
p," says Cohen. "They don't worry about the bond getting put."=20
If all this seems a little complicated, that's because it is. A real-life e=
xample should help. California-based electric utility Calpine issued $1 bil=
lion in zeros in April to refinance existing debt. At the time, the company=
's stock was trading at about $55 a share--severely undervalued in the opin=
ion of company management. "We really didn't want to sell equity at that po=
int," says Bob Kelly, Calpine's senior vice president of finance. So the co=
mpany instead opted to sell zeros, setting the conversion premium at a heft=
y 37%.=20
Still, with no cash interest payments and a stock price that had to rise si=
gnificantly to make conversion worthwhile, the bonds weren't exactly a scre=
aming buy for investors. So Calpine added the put feature: Investors could =
sell the bonds back to the company after one year at the full purchase pric=
e, eliminating any downside risk.=20
Things haven't exactly worked out as management had hoped. The stock has si=
nce plummeted to $25, and it now has to triple before conversion makes sens=
e. So it's looking as though Calpine will be liable for the $1 billion in b=
orrowed money when investors get the chance to put the bonds this April. Th=
ere's also the refinancing cost. According to Kelly, Calpine's borrowing ra=
te could run in the neighborhood of 8.5%--an extra $85 million per year in =
cash. "Obviously, nobody plans for their stock to go down," Kelly says. "I =
don't think there was one person around who thought the bond would be put."=
=20
Calpine's potential costs are particularly high because its credit rating i=
s straddling junk. "If you are a borderline investment-grade company, a fin=
ancing of this nature is not necessarily the most appropriate thing in the =
world," notes Anand Iyer, head of global convertible research at Morgan Sta=
nley. The problem is, there are a slew of companies with far worse credit r=
atings out there: Jeff Seidel, Credit Suisse First Boston's head of convert=
ible-bond research, estimates that about half of all zeros outstanding fall=
into the junk category. And others are at risk of having their ratings dow=
ngraded before the put date. Today, with junk yielding as much as 5 1/2 per=
centage points above bonds rated investment grade, refinancing can be a pri=
cey proposition.=20
Contract manufacturer Solectron is one that could well get hit by the high =
price of junk. It has $845 million in zeros that it will probably have to b=
uy back this January, and another $4.2 billion coming down the pike over th=
e next couple of years. Because of slower- than-expected sales, the company=
was recently put on negative credit watch by three rating agencies. And if=
Solectron's credit is downgraded, the zeros would slide into junk status, =
a situation that could cost the company--and its shareholders--tens of mill=
ions of dollars in refinancing charges.=20
Refinancing isn't the only worrisome cost associated with these zeros. Comp=
anies pay hefty investment banking fees to sell their bonds--up to 3% of th=
e amount raised. If the debt is sold back, many will have spent millions fo=
r what essentially amounted to a one-year loan. "They're getting bad advice=
," claims one banker who didn't want to be named. "Look at the fee the bank=
er earned and look at the kind of financing risk the company got into."=20
As if those potential consequences were not scary enough, shareholders can =
also get whacked when the bonds are first issued. That's because some 40% a=
re bought by hedge funds, which short the company's stock (sell borrowed sh=
ares with the intention of buying them back at a lower price) at the same t=
ime that they buy the bonds. If the stock goes down, the shorts make money =
from their position. If it goes up, they profit by converting the bond to s=
tock. This hedging strategy almost always causes the stock to plummet, at l=
east for a while. Grocery chain Supervalu, for example, recently lost 10% o=
f its market cap the day it announced it was issuing $185 million in zeros.=
=20
Despite all the pitfalls, the love affair with such Pollyanna bonds continu=
es, thanks in large part to the slick tax and accounting loopholes they pro=
vide. In fact, the hit on earnings per share can be the lowest of any form =
of financing. Even better, thanks to a wrinkle in the tax code, companies c=
an rake in huge tax savings by deducting far more interest than they're act=
ually paying. All they have to do is agree to pay small amounts of interest=
if certain conditions prevail. Verizon Communications, for instance, would=
pay 0.25% annual interest on its $3 billion in zero bonds if its stock pri=
ce falls below 60% of the issue's conversion price. In the eyes of the IRS,=
oddly, that clause enables the company to take a yearly interest deduction=
, for tax purposes, of 7.5%--the same rate it pays on its regular debt. (Wh=
y? Trust us, you don't want to know.) That adds up to an annual deduction o=
f more than $200 million, even if Verizon never shells out a dime in intere=
st. Not surprisingly, more than half of the zeros issued in 2001 contain si=
milar clauses. "It's an incredible deal for them," says Vadim Iosilevich, w=
ho runs a hedge fund at Alexandra Investment Management. "Not only are they=
raising cheap money, they're also doing tax arbitrage."=20
So despite the enormous risks to shareholders, companies continue to issue =
zeros at a steady clip: According to ConvertBond.com, seven new issues, tot=
aling $3.5 billion, have been sold since Oct. 1 alone. "I think the power o=
f the tax advantage is going to keep them around," says CSFB's Seidel. Call=
it greed or just blind optimism that the markets will recover quickly--it =
doesn't really matter. Either way, it's the shareholders who'll be left pay=
ing the bill.=20
FEEDBACK: [email protected]=20
The bill comes due=20
Companies issued convertible zeros, with put features, when the stock marke=
t soured. Now repayment looms.=20
1999 2000 2001 2002 2003 2004=20
Amount issued, $5.2 $19.6 $37.5 in billions=20
Amount puttable, $2.4 $2.6 $4.8 $22.0 $19.1 $24.0 in billions=20
SOURCE: CONVERTBOND.COM=20
When zero is a negative number=20
The danger posed by convertible zero bonds depends on a number of factors, =
according to Morgan Stanley's ConvertBond.com: the size of the bond, the pu=
t date, the company's credit rating and cash on hand, and how far the stock=
must rise for the bond to convert to equity.=20
[A]Date of put [B]Amount owed (millions) [C]Cash on hand[2](millions) [D]St=
ock price as of 11/09/01 [E]% below conversion price=20
Company Bond rating[1] Our risk assessment [A] [B] [C] [D] [E] Tyco 11/17/0=
1 $3,500 $2,600 $54.00 49% Investment grade Not a problem--for now. The con=
glomerate has cash to pay for bonds put this November. Another $2.3 billion=
is puttable in 2003.=20
Solectron 1/27/02 $845 $2,800 $13.25 155% Investment grade In the danger zo=
ne. May be downgraded to junk if results don't improve. Has additional $4.2=
billion at risk in 2003 and 2004.=20
Calpine 4/30/02 $1,000 $1,242 $25.50 180% Inv. grade/Junk Possibly a pricey=
tab. On the border between investment grade and junk, the energy company f=
aces high refinancing charges.=20
Pride International 1/16/03 $276 $176 $12.50 148% Junk May need to drill fo=
r cash. The oil services company already has a heavy debt load in addition =
to its zeros.=20
Western Digital 2/18/03 $126 $201 $4.25 547% Junk Hard drive ahead. The tec=
h outfit has already paid down some of its zeros by issuing stock. More dil=
ution possible.=20
Brightpoint 3/11/03 $138 $67 $3.25 609% Junk Watch out. This mobile-phone d=
istributor plans to repurchase the bonds and is likely to incur high refina=
ncing charges.=20
Aspect Commun. 8/10/03 $202 $134 $2.00 1,016% Junk The credit rating of thi=
s unprofitable call center company is near the lowest grade of junk. High a=
lert!=20
Enron[3] 2/7/04 $1,331 $1,000 $8.50 1,413% Investment grade Very risky. Amo=
ng Enron's myriad woes, its debt is on the verge of being downgraded yet ag=
ain. It's already behaving like junk.=20
Verizon 5/15/04 $3,270 $3,000 $50.00 70% Investment grade Verizon faces lit=
tle risk because of its strong credit rating and the long lead time on its =
put dates.=20
Merrill Lynch 5/23/04 $2,541 $20,000 $49.00 124% Investment grade Also not =
yet a problem. This underwriting leader made sure its own zeros could not b=
e put for three years.=20
[1]Based on ratings from Moody's and Standard & Poor's; Calpine had a split=
rating at press time. [2]As of most recently reported financial results. [=
3]Now expected to merge with Dynegy.=20
Quote: Contract manufacturer Solectron is one zero-bond issuer that could w=
ell get hit hard. Stocks have fallen so far that for at least half of all b=
onds out there, the prospect of conversion is absurd.
B/W ILLUSTRATION: ILLUSTRATION BY DAVID SUTER=20
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Manager's Journal: What Enron Did Right
By Samuel Bodily and Robert Bruner
11/19/2001
The Wall Street Journal
A20
(Copyright (c) 2001, Dow Jones & Company, Inc.)
This is a rough era for American business icons. Subject to the vagaries of=
age (Jack Welch), product failure (Ford/Firestone tires), competition (Luc=
ent, AT&T), technology (Hewlett-Packard and Compaq), and dot-bomb bubbles (=
CMGI), managers and their firms remind us that being an icon is risky busin=
ess. The latest example is Enron, whose fall from grace has resulted in a p=
roposed fire sale to Dynegy.=20
Once considered one of the country's most innovative companies, Enron becam=
e a pariah due to lack of transparency about its deals and the odor of conf=
licts of interest. The journalistic accounts of Enron's struggles drip with=
schadenfreude, hinting that its innovations and achievements were all a mi=
rage.
We hold no brief regarding the legal or ethical issues under investigation.=
We agree that more transparency about potential conflicts of interest is n=
eeded. High profitability does not justify breaking the law or ethical norm=
s. But no matter how the current issues resolve themselves or what fresh re=
velations emerge, Enron has created an enormous legacy of good ideas that h=
ave enduring value.=20
-- Deregulation and market competition. Enron envisioned gas and electric p=
ower industries in the U.S. where prices are set in an open market of biddi=
ng by customers, and where suppliers can freely choose to enter or exit. En=
ron was the leader in pioneering this business.=20
Market competition in energy is now the dominant model in the U.S., and is =
spreading to Europe, Latin America, and Asia. The winners have been consume=
rs, who have paid lower prices, and investors, who have seen competition fo=
rce the power suppliers to become much more efficient. The contrary experie=
nce of California, the poster child of those who would re-regulate the powe=
r industry, is an example of not enough deregulation.=20
-- Innovation and the "de-integration" of power contracts. Under the old re=
gulated model of delivering gas and electricity, customers were offered a o=
ne-size-fits-all contract. For many customers, this system was inflexible a=
nd inefficient, like telling a small gardener that you can only buy manure =
by the truckload. Enron pioneered contracts that could be tailored to the e=
xact needs of the customer.=20
To do this, Enron unbundled the classic power contract into its constituent=
parts, starting with price and volume, location, time, etc., and offered c=
ustomers choices on each one. Again, consumers won. Enron's investors did t=
oo, because Enron earned the surplus typically reaped by inventors. Arguabl=
y, Enron is the embodiment of what economist Joseph Schumpeter called the "=
process of Creative Destruction." But creative destroyers are not necessari=
ly likable, pleasant folks, which may be part of Enron's problem today.=20
-- Minimization of transaction costs and frictions. Enron extended the logi=
c of de-integration to other industries. An integrated paper company, for i=
nstance, owns forests, mills, pulp factories, and paper plants in what amou=
nts to a very big bet that the paper company can run all those disparate ac=
tivities better than smaller, specialized firms. Enron argued that integrat=
ed firms and industries are riddled with inefficiencies stemming from burea=
ucracy and the captive nature of "customers" and "suppliers." Enron envisio=
ned creating free markets for components within the integrated chain on the=
bet that the free-market terms would be better than those of the internal =
operations. The development of free-market benchmarks for the terms by whic=
h divisions of integrated firms do business with each other is very healthy=
for the economy.=20
-- Exploiting the optionality in networks. In the old regulated environment=
, natural gas would be supplied to a customer through a single dedicated pi=
peline. Enron envisioned a network by which gas could be supplied from a nu=
mber of possible sources, opening the customer to the benefits of competiti=
on, and the supplier to the flexibility of alternative sourcing strategies.=
Enron benefited from controlling switches on the network, so that they cou=
ld nimbly route the molecules or electrons from the best source at any mome=
nt in time to the best use, and choose when and where to convert molecules =
to electrons. This policy, picked up by others in the industry, created tre=
mendous value for both customers and suppliers.=20
-- Rigorous risk assessment. The strategy of tailored contracts could easil=
y have broken the firm in the absence of a clear understanding of the tradi=
ng risks that the firm assumed, and of very strong internal controls. Enron=
pioneered risk assessment and control systems that we judge to be among th=
e best anywhere. Particularly with the advent of Enron Online, where Enron =
made new positions valued at over $4 billion each day, it became essential =
to have up-to-the-second information on company-wide positions, prices and =
ability to deliver.=20
The unexpected bad news from Enron has little to do with trading losses by =
the firm, but with fears among trading partners about Enron's ability to fi=
nance its trading activity. In a world where contracts and trading portfoli=
os are too complex to explain in a sound bite, counterparties look to a thi=
ck equity base for assurance. It was the erosion in equity, rather than tra=
ding risk, that destroyed the firm.=20
-- A culture of urgency, innovation and high expectations. Enron's corporat=
e culture was the biggest surprise of all. The Hollywood stereotype of a ut=
ility company is bureaucratic, hierarchical, formal, slow, and full of excu=
ses. And the stodgy images of a gas pipeline company -- Enron only 15 years=
ago -- is even duller and slower. Enron became bumptious, impatient, lean,=
fast, innovative, and demanding. It bred speed and innovation by giving it=
s professionals unusual freedom to start new businesses, create markets, an=
d transfer within the firm.=20
Success was rewarded with ample compensation and fast promotion, and an ope=
n-office design fostered brainstorming. The firm's organization and culture=
was by all accounts not a safe haven for those who believe the role of a l=
arge corporation is to fulfill entitlements for jobs. This was a lightning =
rod for the firm's detractors. And yet, it could serve as a model for more =
hide-bound enterprises to emulate.=20
Enron was a prolific source of compelling new ideas about the transformatio=
n of American business. It created a ruckus in once-quiet corners of the bu=
siness economy. It rewrote the rules of competition in almost every area in=
which it did business. It thrived on volatility.=20
The proposed sale of Enron to Dynegy risks the loss of a major R&D establis=
hment, especially given Dynegy's track record as a second mover following E=
nron's lead. Beyond what is likely to be a difficult and time-consuming ant=
itrust review, Dynegy's greater challenge will be to find a way to make Enr=
on's spirit of innovation its own. Or so we all should hope, because prospe=
rity depends on the ability of firms to reinvent themselves and remake thei=
r industries.=20
---=20
Messrs. Bodily and Bruner are professors at the University of Virginia's Gr=
aduate School of Business Administration.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
J.P. Morgan Wins (by Not Losing as Much)
By Susanne Craig
Staff Reporter of The Wall Street Journal
11/19/2001
The Wall Street Journal
C1
(Copyright (c) 2001, Dow Jones & Company, Inc.)
You know things are bad on Wall Street when the winner of a stock-selection=
contest can't come close to breaking even.=20
J.P. Morgan Chase & Co.'s portfolio was the only one in The Wall Street Jou=
rnal's quarterly stock-picking survey to slide less than 10% during the thr=
ee months ended Sept. 30. The value of its stock basket fell 8.6% during th=
e third quarter.
Just six of the 15 financial firms managed to beat the benchmark Standard &=
Poor's 500-stock index, which dropped 14.7% during the period. Among the s=
tar performers that came to J.P. Morgan's rescue: Northrop Grumman Corp., S=
BC Communications Inc. and Procter & Gamble Co.=20
"It has turned into a real stock-picker's market," says J.P. Morgan equity =
strategist Douglas Cliggott. "In the first half, the market bought cyclical=
stocks, such as credit cards and brokers, in hopes of a recovery. We don't=
think those stocks will get interesting until sometime in 2003." Instead, =
the firm's portfolio is weighted toward health care and consumer staples, a=
s well as cyclical stocks such as energy and farm equipment.=20
The quarter was among the roughest in years for Wall Street investors. The =
terrorist attacks of Sept. 11 helped contribute to the stock-market losses,=
which drove down the value of all portfolios in the survey, though the mar=
kets have since recovered to their pre-Sept. 11 levels. The last time the g=
roup posted results this bad was during the third quarter of 1998, during t=
he Asian financial crisis.=20
Goldman Sachs Group Inc. and Credit Suisse Group's Credit Suisse First Bost=
on finished at the bottom of the pack, falling 23.2% and 30.1% respectively=
. The performance of last-place finisher CSFB was dragged down by losses at=
companies such as Veritas Software Corp. (down 72.3% in the quarter), Prae=
cis Pharmaceuticals Inc. (down 64.8%) and software provider Amdocs Ltd. (do=
wn 51%).=20
For CSFB, "it was not a good stock-picking quarter, that's for sure," says =
Al Jackson, the firm's global head of equity research. "It was our tech and=
telecom . . . and the events of Sept. 11 that hurt us."=20
Credit Suisse First Boston recently changed the approach to its model portf=
olio, opting against sector weightings, Mr. Jackson says. This strategy has=
hurt CSFB in recent quarters, because of the steep slump in areas such as =
technology and telecom. The firm recently added a number of Old Economy sto=
cks to its portfolio, such as Citigroup Inc., Dow Chemical Co. and Gannett =
Co. Says Mr. Jackson: "We are going back to our roots and asking what our b=
est ideas are."=20
Like CSFB, Goldman was hit by a drop in the share price of technology compa=
nies, such as Check Point Software Technologies Ltd. (down 56.5% in the qua=
rter). Its portfolio was also dragged down by shares of embattled Enron Cor=
p. (down 44.3%). Morgan Stanley and Royal Bank of Canada's RBC Dain Rausche=
r, which placed 6th and 12th respectively, also have the energy company on =
their lists.=20
In addition to Enron, stocks hard it by the terrorist attacks, such as lodg=
ing giant Starwood Hotels & Resorts Worldwide Inc., Walt Disney Co. and air=
lines such as Skywest Inc., also hurt the portfolio performance of many sec=
urities firms.=20
It is unlikely people will buy any company's entire recommended list at one=
time. The Journal survey is intended to give investors an idea of how thei=
r portfolio would look if they let the professionals do all the picking. Ca=
lculations in the quarterly survey, done for the Journal by Zacks Investmen=
t Research in Chicago, take into account capital gains or losses, dividends=
and theoretical commissions of 1% on each trade.=20
Overall, Edward D. Jones & Co., of St. Louis, emerged with the most consist=
ent results across the board, placing second in the quarter and for the yea=
r. Its 85% return over five years is the best of the group and ahead of the=
total return for the S&P 500 of 62.7%. Perhaps more than any other firm, E=
dwards Jones takes a buy-and-hold approach to investing, making very few ch=
anges to its portfolio from quarter to quarter, or even year to year.=20
"It's the old story of the tortoise and the hare, and we believe slow and s=
teady wins the race," says David Otto, Edward Jones director of research. "=
We are really, really proud of the five-year number. We believe in getting =
rich, slowly."=20
On a quarterly basis, the portfolio of Prudential Securities Inc., a unit o=
f Prudential Financial, came in second only to J.P. Morgan, falling 11.8%. =
However, investors sitting with the stocks Prudential recommends haven't do=
ne as well in the long run. The value of its basket of stocks has fallen 45=
.9% in the past year, finishing ahead of only Lehman Brothers Holdings Inc.=
, which posted a one-year loss of 54.9%.=20
Seven firms managed to beat the S&P 500 index during the past 12 months, wh=
ich fell 26.6% in the period.=20
Lehman, which finished last in the survey in the second quarter thanks to i=
ts heavy weighting in technology, managed to move up in the rankings this q=
uarter. This primarily stemmed from its annual shuffle of the 10 stocks in =
its portfolio, known as its "Ten Uncommon Values." This time around, the fi=
rm's portfolio slipped 18.4% in the quarter, for an 11th place finish. Just=
one of its 10 stocks, Washington Mutual Inc., managed to eke out a positiv=
e return, of 3.1%. Its biggest quarterly loser: Energy company Mirant Corp.=
, which fell 36.3% in the period.=20
"It's a portfolio that has done decently since the market troughed," says J=
eff Applegate, Lehman's chief market strategist. He says he believes the ma=
rket hit bottom Sept. 21.=20
--- Brokerage Houses' Stock-Picking Prowess
Estimated performance of stocks on the recommended lists of 15 major
brokerage houses through Sept. 30. Figures include price changes,
dividends, and hypothetical trading commissions of 1%.
---- Best & Worst Picks ---- ----- Returns ------
Biggest Biggest Latest One- Five-
Gain Loss qtr. Year Year
Raymond James
CACI Intl. +49.7% Skywest -51.1% -14.2% -14.7% +56.8%
Edward Jones
Amr Water Wk +20.5 Celestica -47.1 -11.2 -18.7 +85.1
Merrill Lynch
Triad +20.1 Amer. -34.5 -15.4 -19.8 +64.9
Hospitals Express
UBS Warburg
PepsiCo +9.7 BEA Systems -69.2 -12.9 -19.9 N.A.
J. P. Morgan Sec.
Northrop +26.6 Macrovision -58.5 -8.6 -20.0 N.A.
Bear Stearns
MBNA +19.2 Embraer -60.3 -15.9 -22.2 +50.9
Salomon S.B.
Abbott Labs +8.5 Hewlett- -43.6 -16.0 -25.0 +17.9
Packard
Morgan Stanley DW
Johnson & John +11.2 EMC -59.8 -14.2 -29.0 +33.7
Dain Rauscher
El Paso Energy +17.4 i2 -82.6 -19.6 -32.2 N.A.
Technologies
A.G. Edwards
Verizon +4.4 EMC -59.8 -17.4 -33.4 +34.8
U.S. Bancorp Piper Jaf.
Eli Lilly +9.4 EMC -59.8 -22.0 -39.9 +36.7
Goldman Sachs
Wal-Mart +8.3 Check Pt -56.5 -23.2 -40.6 +60.0
Sftwr
Credit Suisse FB
Johnson & John +11.2 Veritas -72.3 -30.1 -44.9 +38.1
Prudential Sec.
Kraft Foods +12.9 BMC -41.6 -11.8 -45.9 +41.3
Software
Lehman Bros.
Wash. Mutual +3.1 Mirant -36.3 -18.4 -54.9 +29.6
S&P 500 Index
-14.7% -26.6% +62.7%
*In latest quarter; holding period may be less than full quarter
N.A. =3D not available
Source: Zacks Investment Research
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Business/Financial Desk; Section C
German Bank Is in Talks With Enron To Buy a Unit
By SUZANNE KAPNER
11/19/2001
The New York Times
Page 2, Column 6
c. 2001 New York Times Company
LONDON, Nov. 18 -- A large German bank is in talks to buy Wessex Water from=
the Enron Corporation, people close to the discussions said today.=20
Enron is looking to sell Wessex Water, of Britain, as well as other noncore=
assets in India and Brazil, after a financial crisis nearly brought its ma=
in energy trading business to a halt. That crisis led to Enron's decision e=
arlier this month to be acquired by Dynegy Inc., a much smaller rival.
The German Bank, Westdeutsche Landesbank Girozentrale of Dusseldorf, or Wes=
tLB, is among several suitors for Wessex Water, people close to the discuss=
ions said. The sale has also attracted the attention of industry rivals lik=
e Thames Water, owned by RWE of Germany. But such a combination would most =
likely incur a long review by regulators, who might either block the merger=
on antitrust grounds, or exact stiff concessions, industry experts said.=
=20
Wessex Water is likely to be sold for more than $:1 billion ($1.4 billion) =
but less than the $:1.4 billion that Enron paid for it in 1998, analysts sa=
id.=20
''In hindsight, we made some very bad investments in noncore businesses,'' =
Kenneth L. Lay, Enron's chairman and chief executive, told analysts in a co=
nference call last week. Those investments ''have performed far worse than =
we ever could have imagined,'' he said, citing the Azurix water business, o=
f which Wessex Water is a part, and energy assets in Brazil and India.=20
Executives from Enron were not immediately available for comment today. Wes=
tLB executives declined to comment.=20
WestLB has been aggressively pursuing acquisitions in Britain, bidding for =
British Telecommunications' phone network and the nation's railway tracks c=
ontrolled by the troubled Railtrack, which is restructuring under governmen=
t supervision. Neither of those bids has progressed beyond the initial stag=
es.=20
Last summer, WestLB helped finance the management buyout of the Mid Kent Wa=
ter Company through Swan Capital, its private equity vehicle.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Credit Markets
Bond Boom Isn't Likely to Lift Economy As Corporations Swap Old Debt for Ne=
w
By Jathon Sapsford
Staff Reporter of The Wall Street Journal
11/19/2001
The Wall Street Journal
C1
(Copyright (c) 2001, Dow Jones & Company, Inc.)
When AT&T last week completed the second-biggest bond sale in history -- ca=
pping one of the busiest bond periods in years -- it came as welcome news a=
mid fears of a credit crunch. Here was new money, meaning new spending on p=
lants, equipment and jobs that could help pull the economy out of its slump=
.=20
That $10.9 billion AT&T deal, and a slew of similar bond deals from big com=
panies ranging from Boeing and Anheuser-Busch to Kraft Foods and General Mo=
tors, may not provide as big of a boost as economists are banking on. That =
is because corporations, like homeowners, are in the midst of a refinancing=
boom.
Corporations are hitting the market not just because rates are cheap, but b=
ecause they often can't get money in other crucial markets. In particular, =
they are sidestepping the commercial paper market -- short-term corporate I=
OUs used to finance day-to-day operations, where rates traditionally are lo=
west -- because investors are unwilling to finance many well-known corporat=
ions.=20
The result has been a huge jump in bond sales, the majority of which are us=
ed to reduce existing debt. Since the Sept. 11 terrorist attacks, about $13=
5 billion in investment-grade bonds have been sold, up from about $78 billi=
on in the year-earlier period. Overall issuance this year is likely to set =
a record, clearing $600 billion, compared with $411 billion in 2000.=20
"The driving force behind this surge in bond issuance is refinancing short-=
term commercial paper to long-term debt," says John Lonski, chief economist=
at Moody's Investors Service, a credit-rating agency.=20
Usually, rising bond issuance presages economic growth. In 1991, corporatio=
ns sold a record number of bonds to exploit falling interest rates. But the=
n, companies poured much of the money they raised back into their operation=
s, a flurry of investment that foreshadowed the economic boom of the late 1=
990s.=20
This time around, the surge in bond deals won't pump in enough new money to=
the economy to make a dramatic difference. Though, as in the case of the m=
illions of homeowners who are refinancing their mortgages to lower monthly =
payments, it could help ease some pressure on stretched corporate-balance s=
heets and help to fund some of the companies' day-to-day operations.=20
Not all of the money being raised is to refinance short-term debt, of cours=
e, and the string of bond deals shows that many of the nation's biggest bor=
rowers have ready access to funding if they need it.=20
But most companies are similar to AT&T, which last week provided the bigges=
t refinancing example yet.=20
Over the next three months, the telecom company was facing $6.5 billion in =
expiring commercial paper. Under normal conditions, corporations pay off ma=
turing commercial paper by "rolling over" that debt, or issuing new commerc=
ial paper to replace the old. But rolling over commercial paper became much=
harder for AT&T after Moody's cut the company's short-term and long-term c=
redit ratings. Through the bond deal, AT&T raised money at relatively attra=
ctive rates while avoiding the difficulties of the commercial-paper market.=
=20
Other companies facing downgrades also are scrambling to find alternatives =
to the commercial-paper market through bonds, loans or revolving credit lin=
es. "The ripple effects of this are being felt throughout the capital marke=
ts," says Meredith Coffey, senior vice president at Loan Pricing Corp., a d=
ebt-market-analysis company.=20
For the most extreme cases, the bond markets don't offer refuge. Enron, ham=
mered by a third-quarter loss of $618 million that led to a string of downg=
rades, drew down $3.3 billion from its emergency bank credit line to repay =
investors in its commercial paper. It then turned to its banks for an addit=
ional $1 billion loan to pay off more commercial-paper investors, thus tidi=
ng it over until it could merge with rival Dynegy.=20
Most investment-grade companies aren't nearly so bad off, and thus have rea=
dy access to bond investors. General Motors, for instance, had little troub=
le selling $6 billion in debt last month, while Ford Motor easily sold bond=
s totalling $9.4 billion.=20
But the surge in bond sales masks signs that even investment-grade companie=
s are having trouble convincing investors that they are good for their mone=
y.=20
Take Ford. Standard & Poor's and Moody's downgraded Ford's debt ratings las=
t month to triple-B-plus and single-A-3, respectively. With that rating, Fo=
rd is far enough down the spectrum of investment-grade debt that many of th=
e ultraconservative investors in commercial paper won't touch it, meaning t=
hat it had to turn to corporate bonds to refinance its debt. Ford concedes =
that a big reason it is selling bonds was to avoid the trouble in the comme=
rcial-paper market.=20
Boyce Greer, the money-market group leader at Fidelity Investments, says he=
often stops buying the commercial paper of a corporation at the first sign=
of eroding profitability -- even before they get downgraded. "You can't wa=
it around for a rating agency [to downgrade a company]," he says.=20
Moody's has downgraded five times as many corporations as it has raised so =
far this year. Thus, the market for corporate commercial paper has shrunk t=
o $1.4 trillion at the end of October, down from $1.6 trillion at the end o=
f last year.=20
---=20
Friday's Credit Markets=20
Last week was a brutal time to own Treasurys. The market sold off so sharpl=
y as to push yields, which move inversely to prices, almost back up to wher=
e they stood before the terrorist attacks. It was the worst bond selloff si=
nce 1987, according to economists at Banc One Capital Markets.=20
Losses were heaviest in issues like the two-year note, the most sensitive t=
o expectations about Federal Reserve policy. Since hitting a record low of =
2.30% on Nov. 7, the two-year yield has risen 0.80 percentage point to 3.05=
%. In the same period, the 30-year bond yield has risen 0.50 percentage poi=
nt to 5.27%.=20
At 4 p.m. Friday, the benchmark 10-year Treasury note was down 1 3/32 point=
s from late Thursday, or $10.94 per $1,000 face value, at 100 25/32. Its yi=
eld jumped to 4.897% from 4.756% Thursday.=20
The 30-year Treasury bond's price fell 1 19/32 to 100 25/32 to yield 5.317,=
up from 5.211% Thursday.=20
Why the selloff? People in the market cite a shift toward the view that the=
U.S. economy may finally be on the brink of recovery. That means the Fed m=
ay not need to employ many more rate cuts to get growth back on track.=20
-- Michael S. Derby and Steven Vames
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Business; Financial Desk
Preview / WEEK OF NOV. 19-25 Investors Looking for Answers in Enron Filing
Bloomberg News
11/19/2001
Los Angeles Times
Home Edition
C-2
Copyright 2001 / The Times Mirror Company
Enron Corp. investors hope the energy trader's third-quarter report to the =
Securities and Exchange Commission will answer some of the questions that s=
ent its shares tumbling and led to a proposed sale to rival Dynegy Inc.=20
Enron, which has been criticized for failing to clearly explain how it make=
s money, may disclose in a filing expected today more on how much is owed b=
y the company and affiliated partnerships, as well as any planned job cuts =
and other cost-saving moves related to Dynegy's $24-billion buyout.
Enron agreed to sell after its stock plunged 67% in three weeks amid an SEC=
investigation into partnerships run by Enron executives. Investors worry t=
hat new disclosures, such as previously unreported debt, might threaten Enr=
on's credit rating and scuttle the merger, possibly pushing Enron into bank=
ruptcy.=20
Enron Chairman Kenneth Lay acknowledged last week that failed investments a=
nd a loss of investor confidence forced the sale to Dynegy, and he and othe=
r executives pledged to be more open with investors.=20
Enron shares fell 48 cents Friday to close at $9 on the New York Stock Exch=
ange. Dynegy fell $1.53 to $42.47.=20
Enron's third-quarter earnings report, which had been expected last week, w=
as delayed by the Dynegy talks and a restatement of earnings, Chief Financi=
al Officer Jeffrey McMahon said.=20
Enron reduced net income for four years by a combined $586 million to inclu=
de losses from affiliated partnerships.=20
Today's filing, called a 10-Q, will include a balance sheet summarizing ass=
ets and debts. Enron for years has omitted balance sheets, which the SEC re=
quires as part of the 10-Q, from its press releases announcing earnings.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
COMPANIES & FINANCE INTERNATIONAL - Dynegy bid faces long wait.
By NANCY DUNNE and ANDREW HILL.
11/19/2001
Financial Times
(c) 2001 Financial Times Limited . All Rights Reserved
Dynegy's $9.8bn rescue bid for Enron, the larger rival energy group, poses =
complex and unprecedented regulatory challenges for the Federal Energy Regu=
latory Commission (Ferc), which is likely to lead the review of the bid.=20
Officials from the two Houston-based companies, which announced the deal 10=
days ago, estimated the regulatory process would take six to nine months t=
o complete.
But the Ferc review could take longer, according to experts, and approval o=
f the deal is further complicated by such issues as the parallel Securities=
and Exchange Commission investigation into Enron's finances.=20
"It's very complicated. It will be very time-consuming," said one person cl=
ose to the Ferc commissioners. As of Friday, the groups had not yet filed f=
or Ferc approval.=20
"(The deal) raises issues that have never been considered before by Ferc," =
said Edward Comer, general counsel to the Edison Electric Institute, the as=
sociation of US electric utilities.=20
"It has never considered the merger of two huge marketers, and in the past,=
marketing wasn't considered as significant a portion of the energy sector =
as it has become."=20
A typical deal now takes about 200 days to win Ferc approval. But Mr Comer =
said approval of the Dynegy bid could take anywhere from six months to two =
years.=20
The agency's guidelines prohibit mergers if they give the new company the m=
arket power to push prices above competitive levels for "a significant peri=
od of time".=20
It analyses market power by identifying the products sold, the customers an=
d suppliers affected and market concentration.=20
"Mergers in the past have been considered on the basis of assets," said Pat=
ti Harper-Slaboszewicz of Frost & Sullivan, a market research and consultin=
g firm. "The rules were written when the industry was vertically integrated=
."=20
Now the question is how ownership of energy trading services will be calcul=
ated. It could be difficult to assess if the companies are exerting market =
power because information on the trading books of companies such as Enron a=
nd Dynegy is closely guarded, she said.=20
The two companies must also win consent from either the Justice Department =
or the Federal Trade Commission, and from states where the companies have p=
ipelines and provide retail services.=20
(c) Copyright Financial Times Ltd. All rights reserved.=20
http://www.ft.com.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Fund Track
Russia Fund Surges Amid Global Woes
By Victoria Marcinkowski
Dow Jones Newswires
11/19/2001
The Wall Street Journal
C17
(Copyright (c) 2001, Dow Jones & Company, Inc.)
Everything is relative in the investing world, so with U.S. investors nervo=
us about homeland stocks, European and Asian markets sagging and terrorism =
worries abounding, Russia's risky markets seem less so these days.=20
So far this year, Pilgrim Russia Fund, which was bought by ING Groep NV lat=
e last year, has been the top-performing regional mutual fund, gaining 53%,=
according to fund tracker Morningstar Inc. By comparison, the Standard & P=
oor's 500-stock index has slumped nearly 14%.
Of course, the risks in Russia remain. Despite recent economic gains, the c=
ountry still is struggling with a weak banking system, inadequate state ins=
titutions to enforce contract laws and few businesses run by the "modern" r=
ules of corporate governance, according to Samuel Oubadia the 37-year-old m=
anager of the Russia fund.=20
"But they are getting more open," Mr. Oubadia said, though Russia's lax fin=
ancial reporting standards are still one of the main roadblocks for foreign=
investors. With $49 million in assets, the Pilgrim Russia fund invests bet=
ween 90% and 95% in Russian stock, with the balance held in cash.=20
"While the global economy is slowing, Russia is still in an expansion mode,=
" Mr. Oubadia said. After years of economic reforms, consumer spending is u=
p 10% and the former Soviet Union's gross domestic product is expected to g=
row 3% to 5% next year, more than twice as much as that of the U.S. and Eur=
ope.=20
Two-thirds of the fund's stocks are oil and gas companies, which are still =
the most liquid stocks in Russia. Utilities, mining, telecommunications com=
panies and breweries make up the rest. "There's no escaping oil and gas if =
you want to manage a Russia fund," Mr. Oubadia said.=20
The spike in oil prices earlier this year made the investment in oil worthw=
hile, propelling earnings growth for Russia's oil and gas companies. Higher=
oil prices also worked wonders for the Russian economy, which is largely d=
ependent on oil and gas. More recently, however, falling oil prices have th=
reatened the companies' profit growth.=20
But the fund manager, who is based in The Hague, said he doesn't think peop=
le should invest in Russian oil stocks because of their earnings prospects.=
"You don't invest because of earnings growth -- there will be none for Rus=
sian oil companies this year. You invest because of the stocks' low valuati=
on," Mr. Oubadia said, adding that most of the Russian oil companies still =
trade well below the world-wide average for the sector.=20
Yukos Oil is one of the fund's largest investments, making up about 12% of =
the fund's holdings. Surgutneftegaz and Lukoil Holdings also make up more t=
han 5% each of Pilgrim Russia's assets. While Mr. Oubadia said the companie=
s should be able to handle falling oil prices, partly by cutting production=
, he worries that further price erosion could hamper a fragile Russian stoc=
k market that relies so heavily on oil and gas stocks.=20
"Can Russian markets do well with lower prices for oil?" he asked. "The sho=
rt answer is yes. But how low will prices drop?" Mr. Oubadia acknowledged t=
hat weak oil prices might cause him to shift some investments from oil and =
gas into other Russian sectors, including telecom stocks and consumer produ=
cts.=20
The Russia fund isn't for the timid. In 1998, when the Russian economy coll=
apsed, the fund -- then called Lexington Troika Dialog Russia, lost 83% of =
its value. A year later, the fund soared 160%. In 2000 the fund finished do=
wn almost 18%.=20
---=20
JANUS STOCK SHUFFLE: Janus Capital Corp. bulked up on lower-priced value st=
ocks and shed some shares of its long-held technology companies during the =
third quarter, a new Securities and Exchange Commission filing showed.=20
The Denver fund firm reported that during the third quarter, it lowered its=
investments in 14 of the 20 largest holdings it had owned as of June 30. T=
he largest reduction was a 43.6 million-share sale of Nokia Corp. stock. Af=
ter the sale, Janus still owned a large 183.2 million-share position in the=
wireless-phone company at the end of the third quarter.=20
During the quarter, Janus also sold more than half of its stakes in tech co=
mpanies EMC Corp. and Sun Microsystems Inc. In addition, the fund company, =
a unit of Stilwell Financial Inc., trimmed its exposure to energy company E=
nron Corp., selling 1.5 million shares to reduce its overall position to 41=
.4 million shares at the end of September.=20
On the buying side, Janus, one of the hottest fund firms of the late 1990s =
thanks to bets on leading technology stocks, about doubled its position in =
software company Microsoft Corp. It also boosted its holding in the investm=
ent company run by Warren Buffett, Berkshire Hathaway Inc., while starting =
a small position in Philip Morris Cos., whose dividend-rich stock is usuall=
y more popular with price-sensitive "value" managers. Janus has introduced =
new value portfolios recently, but most of its investors' assets still foll=
ow faster-growing companies.=20
-- Aaron Lucchetti and Todd Goren
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Wessex Water
11/19/2001
The Financial News
Copyright (C) 2001 The Financial News; Source: World Reporter (TM)
The Sunday Telegraph=20
The German state-owned bank, WestLB, is in talks to buy Wessex Water from i=
ts troubled US parent Enron.
WestLB is thought to be one of a number of financial buyers to have approac=
hed Enron with a view to acquiring Wessex, which is valued at more than AGB=
P1bn (e1.63bn).=20
Enron, the energy trading group which bought Wessex in 1998 for AGBP1.4bn, =
is being bought by its much smaller US rival Dynegy after collapsing into f=
inancial crisis.=20
The Independent on Sunday=20
The water and sewage company Wessex Water is understood to be up for sale f=
ollowing an offer to take over its owner, Enron.=20
Three years ago, Enron spent AGBP1.4bn on Wessex Water.=20
But Dynegy is understood to want to concentrate on US and European energy a=
ssets and is not interested in non-core assets.=20
Any hope to regain the same amount of money could be derailed as the indust=
ry is put off by regulatory problems, and the company's results have worsen=
ed due to imposed price cuts over the past year.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
India BSES:Dabhol Pwr Proj Due Diligence Done Jan -Report
11/19/2001
Emerging Markets Report
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW DELHI -(Dow Jones)- India's BSES Ltd. (P.BSX) said Monday due diligence=
on the 2,184 megawatt Dabhol power project is expected to be completed by =
January 2002, the Press Trust of India news agency reported.=20
"The due diligence process will take six-eight weeks after signing of the c=
onfidentiality agreement with Enron-promoted Dabhol Power Co.," the report =
said, quoting BSES' Chairman and Managing Director R.V. Shahi.
The U.S.-based energy company Enron Corp. (ENE) has a controlling 65% stake=
in the Dabhol power project located in the western Indian state of Maharas=
htra.=20
The Maharashtra State Electricity Board, or MSEB, has 15%, while U.S.-based=
companies General Electric Co. (GE) and Bechtel (X.BTL) each own 10% in DP=
C.=20
Enron wants to sell its stake in DPC because of payment defaults by its sol=
e customer, the MSEB, and the Indian federal government's failure to honor =
payment guarantees.=20
In August, the U.S. company said it was willing to sell its stake at cost.=
=20
BSES would appoint three separate consultants for technical, financial and =
legal due diligence on the Dabhol project, Shahi said.=20
After signing the confidentiality agreement, BSES will formally look into t=
he books of DPC, its loans, sponsors and other assets and legal wrangles be=
fore deciding on the acquisition price of the company, the report said.=20
The Dabhol project, at a cost of $2.9 billion, is India's largest single fo=
reign investment to date.=20
-By Himendra Kumar; Dow Jones Newswires; 91-11-461-9426; himendra.kumar@dow=
jones.com
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
India Dabhol Pwr: No Termination Notice Until Crt Verdict
11/19/2001
Dow Jones International News
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW DELHI -(Dow Jones)- Dabhol Power Co. will wait for the Bombay High Cour=
t's verdict before sending a final termination notice to its sole customer =
- the Maharashtra State Electricity Board, a source close to the company to=
ld Dow Jones Newswires Monday.=20
"Nothing is going to happen until Dec. 3. The Bombay High Court has adjourn=
ed all proceedings...(and)...DPC will wait for the court's verdict before d=
eciding its future course of action," said the source.
Enron Corp. (ENE) has a controlling 65% stake in the 2,184-megawatt Dabhol =
power project in the western Indian state of Maharashtra. Enron wants to se=
ll its stake in DPC because of payment defaults by the MSEB and the Indian =
federal government's failure to honor payment guarantees. In August, the U.=
S. company said it was willing to sell its equity at cost.=20
At $2.9 billion, Dabhol is India's largest single foreign investment to dat=
e. MSEB has 15%, while U.S.-based companies General Electric Co. (GE) and B=
echtel (X.BTL) own 10% each in DPC.=20
-By Himendra Kumar; Dow Jones Newswires; 91-11-461-9426; himendra.kumar@dow=
jones.com
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Financial Post: News
Fears raised on Enron deal: $15.6-billion rescue bid
Andrew Hill and Sheila McNulty
Financial Times
11/19/2001
National Post
National
FP3
(c) National Post 2001. All Rights Reserved.
NEW YORK - Companies that trade with Enron Corp., the Houston, Texas-based =
energy group, are taking precautions in case Dynegy Inc., also of Houston, =
withdraws its $15.6-billion rescue bid for its rival, a decision that could=
trigger a crisis in the energy trading market.=20
Counter-parties to Enron, which is one of the principal market-makers provi=
ding liquidity in the energy market, are seeking to limit their exposure to=
the group, in spite of reassurances from both Enron and Dynegy that the ta=
keover will go through.
Experts also say the implications of the deal are so complex that the regul=
atory review could take much longer than the six to nine months company off=
icials have estimated.=20
Analysts say the 27% spread between the value of Dynegy's offer price and E=
nron's share price suggests a 65% to 75% chance the bid will succeed. But b=
ankers and energy executives are still worried about systemic risk, both in=
the energy market and in financial markets, where companies such as Enron =
use derivatives to offset the risk of energy price fluctuations.=20
Enron was close to meltdown until Dynegy stepped in with a rescue bid 10 da=
ys ago, having persuaded credit rating agencies not to downgrade Enron's de=
bt to below investment grade.=20
Clauses built into the merger agreement signed with Enron give Dynegy the r=
ight to walk away under certain circumstances, although the two companies' =
officials and advisors differ on how easy it would be for Dynegy to pull ou=
t.=20
While the situation remains uncertain, companies that deal with Enron are r=
eluctant to lock themselves into long-term contracts to buy or sell power, =
said John Olson, an analyst at Sanders Morris Harris, the investment bankin=
g arm of Houston, Texas-based Sanders Morris Harris Group.=20
Keith Stamm, chief executive of Aquila Inc., the energy marketing and risk-=
management company, said his company had begun preparing contingency plans =
in case the deal fell through.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Blackout in the power sector
A V Rajwade
11/19/2001
Business Standard
10
Copyright (c) Business Standard
Every foreign company in the Indian power sector wants to exit. Of these, t=
he most controversial has been Enron and its Dabhol Power Company Ltd (DPCL=
). This apart, the experience of investors in the "reformed" power sector i=
n Orissa is also unhappy. Five years ago, Orissa was the first state to ado=
pt the World Bank-recommended model of separating generation, transmission =
and distribution of power, and an independent regulator. The Godbole Commit=
tee has recently recommended the same for Maharashtra as well.=20
Clearly, separating the three functions is a complex restructuring. Maybe i=
t helps privatisation, the current fashion on the subject having been set i=
n Thatcherite Britain. While some privatisations in UK have succeeded, the =
experience has not been consistent all over.
Take UK's rail sector. While privatising, the government in its wisdom deci=
ded to separate the ownership of the rail network (Railtrack) and the owner=
ship and operation of trains. The contractual relationship between the vari=
ous operating companies and Railtrack were governed by a byzantine, bewilde=
ringly complex system of penalties and incentives, to be monitored by an in=
dependent regulator.=20
Such separation had no parallel. Besides, Railtrack suffered from poor mana=
gement, cost escalation in modernisation of tracks, etc. Several serious ac=
cidents occurred and fixing responsibility became difficult. The "reform" d=
id not work, and Railtrack was put back under public control last month.=20
What are the chances of trifurcation of the power sector in India succeedin=
g? Pretty poor, if the experience of Orissa is any guide. It faithfully sep=
arated the three functions, and privatised distribution and part of generat=
ion. AES, a foreign company, was 49 per cent investor in a generating compa=
ny, and 51 per cent in CESCO, a distribution company. As Gajendra Haldea an=
alysed in this paper on August 27, "The policy and regulatory framework was=
inadequate and myopic."=20
Distribution losses, a euphemism for power theft, were much larger than the=
companies had been led to believe at the time of privatisation. CESCO defa=
ulted in paying the dues of GRIDCO, the transmission company, which in turn=
defaulted to the generating company. Indeed, all CESCO's cash inflows are =
now escrowed, leaving it no money even to pay salaries. For all practical p=
urposes, the distribution companies seem to be in a difficult situation, pe=
rhaps beyond redemption, and the "reform" is a total mess.=20
The crux of the problem in the power sector is not whether a unified SEB is=
less efficient than trifurcated companies it is the political unwillingnes=
s to charge a price which covers the cost to all consumers. For a while, cr=
oss subsidisation worked with commercial consumers subsidising the househol=
d and the agricultural segments.=20
However, as the burden became too large, the commercial sector started movi=
ng to captive generation, further worsening SEB finances. An "independent" =
regulator for power tariffs may not solve the problem. He may fix economic =
prices but will the state come forward to protect the bill collectors, puni=
sh power thiefs, face social unrest if power to recalcitrant consumers is c=
ut off? So long as the answers to these questions are in the negative, as, =
sadly, they are, the institutional restructuring is no substitute for subst=
antive action. No wonder all foreign investors in the power sector want to =
get out!=20
Enron too wants out but it has many more problems in its home country, over=
and above its dispute with MSEB. It had attracted a lot of adverse publici=
ty for gouging power consumers in California, a state in a power crisis (se=
e World Money, February 2, 2001). The Internet craze also had a hand in Enr=
on's misfortunes. It became an energy trader, established an electronic tra=
ding platform, had broadband ambitions, went into a disastrous diversificat=
ion in water supplies which, if I remember correctly, led to Rebecca Mark's=
exit. Perhaps it went into too many areas too quickly under Jeffery Skilli=
ng, ex-McKinsey, and was notorious for opaque, complex accounts.=20
To top it all, last month it announced that it will take an extraordinary $=
1.2 billion charge in its third quarter results for losses in financial act=
ivities. Enron's chief financial officer, who was supposed to be in charge =
of these, has resigned amidst reports that a private equity fund associated=
with him was involved in them. The SEC is investigating the affair and Enr=
on's share price is down 67 per cent since mid-October. There are some repo=
rts that Shell may make a bid for Enron.=20
After its ratings were downgraded, Enron is desperate for liquidity and anx=
ious to dispose its assets. DPCL was already on the platter; now a sale has=
become even more urgent. Reportedly, Tatas and BSES are interested; so are=
the lending institutions. Clearly, if a settlement is to be reached, this =
is the optimum time.=20
But one is not very optimistic. For one, Delhi and Mumbai will be involved,=
and bureaucracies never understand opportunity costs. Our byzantine decisi=
on-making processes make timely decisions impossible. Further, if a deal do=
es take place, there will be the inevitable allegations of corruption. It i=
s much safer for the reputation of the concerned ministers in Mumbai and De=
lhi to allow the drift to continue, to "let the law take its own course", w=
hatever the costs! Sadly, as Jairam Ramesh said in this paper, Indian polit=
icians respond to developments only out of compulsion, not conviction.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
| ||
arnold-j/deleted_items/702.
|
subject: Enron Mentions - 11/17/01 - 11/18/01
content: They left behind big piles of money
Houston Chronicle, 11/18/01
Economic News Helps Stocks, Not Bonds
The New York Times, 11/18/01
Bullish, and Patient, on Energy Stocks
The New York Times, 11/18/01
Aquila Energy Makes Provision for Dynegy Withdrawal, FT Says
Bloomberg, 11/18/01
A tale of greed and hubris
Sarasota Herald-Tribune, 11/18/01
Counting Blessings Along With the Losses
Los Angeles Times, 11/18/01
Don't Be A Pudd'n'head, Diversify
The Washington Post, 11/18/01
Wessex Water `to be sold'
The Independent - London, 11/18/01
UK PRESS: WestLB Makes Grab For GBP1B Wessex Water
Dow Jones International News, 11/18/01
Quanta steels itself against takeover bid
Houston Chronicle, 11/17/01
Business briefs / Houston & Texas
Houston Chronicle, 11/17/01
AT ENRON, THE BIG DOGS ATE FIRST
Portland Oregonian, 11/17/01
FINANCE WEEK - From dealing to reeling.
Financial Times, 11/17/01
WORLD STOCK MARKETS - Bears take upper hand on Wall St.
Financial Times, 11/17/01
IN BRIEF / ENERGY Pension Funds Consider Action Against Enron
Los Angeles Times, 11/17/01
Enron Investors Hope Filing Will Shed More Light on Finances
Bloomberg, 11/17/01
UK: Trade, bank buyers circle Enron's Wessex Water-reports.
Reuters English News Service, 11/17/01
A user's guide to living in Calgary: People moving from Houston find the ci=
ties much alike
National Post, 11/17/01
WestLB Offers to Buy Enron's U.K. Water Unit, Newspaper Says
Bloomberg, 11/17/01
Enron Closes on $550 Million Loan From J.P. Morgan, Salomon
Bloomberg, 11/16/01
BUSINESS
Jim Barlow
They left behind big piles of money
JIM BARLOW
Staff
11/18/2001
Houston Chronicle
2 STAR
1
(Copyright 2001)
WILL wonders never cease? Last week a couple of heavy hitters left money on=
the table.=20
Mark McGwire, the home-run-hitting baseball player for St. Louis, retired. =
And he let it be known that he never signed a two-year, $30 million contrac=
t his agent negotiated last spring. Why? Because he wanted to find out if h=
is injured right knee would allow him to play as well as he had before. It =
didn't, and he decided he wasn't worth that kind of money.
Then Ken Lay, chairman of Enron Corp., said he won't take the $60.6 million=
he had coming to him in a severance agreement that comes into play when En=
ron is sold to Dynegy Corp.=20
Of course, neither McGwire nor Lay will ever have to consider my fallback r=
etirement plan - sacking groceries at the supermarket, carrying them to the=
car and hoping for a big tip. Still, it was a class act on both their part=
s. McGwire only hit .187 last season, well below his lifetime average. And =
Lay? Well, let's say that rarely in the history of American capitalism has =
a company sunk as fast as Enron.=20
Remember that earlier this year its stock hit a top of $82 a share. Now it'=
s hovering in the single-digit level, and Enron is being forced to sell its=
elf to a smaller rival.=20
The stock price incentive=20
How did Enron get into this position? Put the blame on the company's relent=
less drive to push up its stock price. And a big reason for that push comes=
from the way American companies compensate top executives.=20
In the last couple of decades, executive compensation has soared. The avera=
ge chief executive officer today makes 531 times as much in salary, bonuses=
and stock options as the average factory worker.=20
Apologists for executive pay say these kinds of figures really aren't relev=
ant. Most of the money top executives receive doesn't come from base pay or=
bonuses but from stock options.=20
Such options usually work this way. Executives are given hundreds or thousa=
nds of shares of stock that they can only buy from the company at a future =
date. The sales price can be anything from 10 cents to the price of the sto=
ck on the date the options were granted. If the stock increases past the ex=
ercise price in the option, the executive can buy the stock and then sell i=
t, making big bucks. It the stock has dropped below the option price - it's=
underwater, in the jargon - then those options are worthless.=20
Granting options aligns the interests of the top executives with the shareh=
olders, those who favor this sort of incentive say. And that's true, if you=
talking about in-and-out traders. But it's not true if we're looking out f=
or the interests of the majority who hold stocks for the long term.=20
Keeping the debt hidden=20
Keeping its stock price soaring was what brought down Enron.=20
To hype the stock, Enron's execs were hiding the debt it took on to fuel it=
s amazing growth and some of its dicier investments, in partnerships. Enron=
was supposedly only a minority partner in these deals. That way it could m=
ove a large portion of its debt off its books in that partnership. That, in=
turn, made the company's earnings look better.=20
When Enron's executives finally fessed up, they had to write down their pro=
fits over the past few years by 20 percent. But the real irony here is that=
80 percent is still a heck of a lot of money. But by that time, the majori=
ty of shareholders simply had no faith in Enron's bookkeeping.=20
Now look at Lay's compensation. In 1999 he exercised stock options and made=
$44 million on them. In 2000, sales of options brought him $123 million, a=
nd this year about $26 million, according to a study published by Bloomberg=
News.=20
Was Lay deliberating deceiving investors to keep his stock options profitab=
le? I don't think so. He was simply following the latest fad in corporate g=
overnance. He was aligning himself with the interests of the shareholders.=
=20
The shareholders were happy with that high stock price. Nobody - besides so=
me stock analysts - complained about Enron's often- impenetrable bookkeepin=
g until that stock price started to fall.=20
Would Enron's bookkeeping have been different if top executives received fe=
wer stock options? Maybe.=20
Fewer stock options would mean lower pay for the top guys. And no one would=
want that job if he were only going to make $10 million a year instead of =
$100 million.=20
Just kidding.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Money and Business/Financial Desk; Section 3
DataBank
Economic News Helps Stocks, Not Bonds
By JONATHAN FUERBRINGER
11/18/2001
The New York Times
Page 17, Column 3
c. 2001 New York Times Company
Stocks rallied and bonds plunged last week as investors digested some posit=
ive reports about the economy. Inflation at the consumer level declined las=
t month, retail sales surged after falling in September, and weekly initial=
unemployment claims slowed.=20
All this news led some investors to conclude that the economy might not be =
as troubled as it appeared to be in the aftermath of the terrorist attacks.=
That was good for the stock market, but very bad for the many bond investo=
rs who had been assuming the worst.
For the week, the Nasdaq composite index rose 70.10 points, or 3.8 percent,=
to 1,898.58, while the Dow Jones industrial average climbed 258.99 points,=
or 2.7 percent, to 9,866.99. The Standard & Poor's 500-stock index gained =
18.33 points, or 1.6 percent, to 1,138.65.=20
But bond prices tumbled while yields, which move in the opposite direction,=
soared. The yield on the Treasury's 10-year note rose to 4.85 percent, fro=
m 4.31 percent a week ago, the biggest weekly move in percentage terms sinc=
e the note was first regularly issued 25 years ago. The jump in rates also =
showed that many investors no longer expect Federal Reserve policy makers t=
o cut short-term interest rates when they meet next month. JONATHAN FUERBRI=
NGER
Chart: ''STOCKS IN THE NEWS'' AMR NYSE: AMR The stock of the parent company=
of American Airlines, along with other airline companies, rebounded on fac=
tors including lower oil prices and passage of the aviation security bill. =
Friday's Close: $20.06 Week's Change: +10.65% EST. '01 P/E: -- Dynegy NYSE:=
DYN As part of its planned $9 billion acquisition of Enron, Dynegy will re=
ceive the right to acquire Northern Natural Gas, a potentially lucrative pi=
peline system, even if the larger deal is not completed. Friday's Close: $4=
2.47 Week's Change: +9.57% EST. '01 P/E: 20.29 Home Depot NYSE: HD The nati=
on's largest home-improvement chain said its third-quarter profit rose 20 p=
ercent over the year-earlier period. Friday's Close: $45.80 Week's Change: =
+8.76% EST. '01 P/E: 36.03 Dell Computer NNM: DELL Rebounding from a loss i=
n the second quarter, Dell reported a third-quarter profit of $429 mil lion=
. The company also predict d that PC sales would increase later this year. =
Friday's Close: $26.60 Week's Change: +3.30% EST. '01 P/E: 41.05 SunGard Da=
ta Systems NYSE: SDS An appeals court rejected the government's effort to s=
top SunGard from buying a unit of Comdisco, which filed for bankruptcy prot=
ection in July, while an antitrust investigation proceeds. Friday's Close: =
$28.64 Week's Change: +9.56% EST. '01 P/E: 32.11 Yahoo NNM: YHOO Wall Stree=
t analysts expressed confidence in the turnaround prospects of the company =
after it outlined plans to increase fee-based revenue and to reduce its wor=
k force. Friday's Close: $15.47 Week's Change: +12.76% EST. '01 P/E: 309.40=
Philip Morris NYSE: MO Philip Morris says it plans to change its name to t=
he Altria Group, pending approval by shareholders. Friday's Close: $48.13 W=
eek's Change: +2.78% EST. '01 P/E: 11.90 CV Therapeutics NNM: CVTX The biot=
echnology company said clinical trials of ranolazine showed that the drug, =
which it developed, was effective in treating the chest pain of angina. Fri=
day's Close: $51.67 Week's Change: +48.97% EST. '01 P/E: -- (Source: Bloomb=
erg Financial Markets)=20
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Money and Business/Financial Desk; Section 3
Investing
Bullish, and Patient, on Energy Stocks
By JAN M. ROSEN
11/18/2001
The New York Times
Page 8, Column 2
c. 2001 New York Times Company
DESPITE last week's plunge in the price of crude oil and in shares of big o=
il companies, some Wall Street analysts remain upbeat about the long-term p=
rospects for energy stocks.=20
''These very dramatic downturns are great buying opportunities,'' said Tina=
Vital, an oil and gas analyst at Standard & Poor's, who recommends a broad=
group of integrated oil companies, including Exxon Mobil, ChevronTexaco, R=
oyal Dutch/Shell, BP and TotalFinaElf. ''They have excellent management, a =
top dividend yield and are a safe haven for investors,'' she said, provided=
that investors are patient and can bear short-term swings.
Last week's price declines were set off by Russian oil companies' refusal t=
o accept demands by the Organization of the Petroleum Exporting Countries f=
or big production cuts. They were a reminder that the sector is extremely v=
olatile. ''Oil could go to $10 a barrel short term,'' she said, but there i=
s no certainty of that. The oil producers could reach an agreement by Janua=
ry, sending prices upward. Over the long term, she expects to see productio=
n cuts.=20
Demand for energy has grown only 0.5 percent this year, and prices have bee=
n declining for some time for both crude oil and gasoline -- as drivers hav=
e seen at the gas pump. West Texas intermediate crude closed Friday at $18.=
03 on the New York Mercantile Exchange, up 58 cents from its Thursday close=
, the lowest since June 1999. But an economic recovery, expected by late 20=
02, could cause demand to pick up, analysts say.=20
As oil prices have dropped, so have the prices of most oil stocks, but not =
as much as the overall market since the beginning of 2000. Over that period=
, the S.& P. energy index has lost 8 percent, while the S.& P. 500-stock in=
dex is down 23 percent.=20
A report issued last week by the Energy Department said that while the Sept=
. 11 terrorist attacks had intensified the country's economic slowdown, ''t=
hey are not expected to result in any long-term volatility in energy market=
s.'' The report estimated that commercial energy demand would rise 1.7 perc=
ent a year through 2020, instead of the 1.2 percent predicted only a year a=
go. Its predictions assume increased use of computers and office equipment,=
and slower increases in fuel efficiency for cars and trucks.=20
WHILE they warn of the possibility of wild price shifts in the months ahead=
, other analysts are similarly bullish for the long term. L. Bruce Lanni, s=
enior oil analyst at A. G. Edwards & Sons in New York, said that any potent=
ial price war was likely to be fairly short-lived, because neither OPEC nor=
non-OPEC countries could ''withstand low oil prices for a prolonged period=
of time,'' and prices should rebound sharply as a result, ''back up in the=
lower to mid-$20 range.''=20
Low prices could be painful for most of the oil companies in the short term=
, but Mr. Lanni, too, sees value in the stocks.=20
His top pick is Conoco, now trading at $24.30; his 12-month target is $34. =
''We remain confident,'' he said, ''that the company's annual oil and gas p=
roduction should grow by about 4 percent, on average, over the next several=
years.''=20
Conoco's debt, at 55 percent of capital, is relatively high, but he expects=
the company's strong cash flow -- it equaled $5.33 a share last year -- to=
reduce the debt level to 46 percent next year and to 38 percent in 2003. T=
he company's after-tax interest cost is only 3.5 percent, he said.=20
Mr. Lanni also favors Kerr-McGee, a natural gas exploration and production =
company, and BP, calling both undervalued. He regards Exxon Mobil, Royal Du=
tch/Shell and ChevronTexaco as fully priced, so he is not recommending buyi=
ng them now. ''If you own them, hold them,'' he said.=20
William Featherston, executive director and an oil and gas exploration anal=
yst at UBS Warburg, said he felt ''near-term caution but medium-term optimi=
sm for sustainably higher'' natural gas prices. He said he would encourage =
investors to consider buying shares of exploration and production companies=
over the next two months. His top picks are Apache, Kerr-McGee and EOG Res=
ources.=20
Such stocks are highly volatile, he said. They are ''trading-oriented vehic=
les, and short-term volatility in commodity prices generally provides the m=
ost attractive entry and exit points,'' he said. ''While natural gas prices=
declined throughout most of this year, prices rose at a startling pace, fr=
om $1.75 per million cubic feet at the end of September to over $3 per mill=
ion cubic feet within weeks.''=20
He cited three reasons for the price rally: a decline in gas surpluses, pre=
dictions of a colder-than-normal winter and what he has called ''pathetic t=
hird-quarter natural gas production,'' despite record drilling activity.=20
The tangled finances of the Enron Corporation were also a factor in the rec=
ent price increase for natural gas futures, he said. Enron, which marketed =
25 billion cubic feet a day of natural gas, or more than 40 percent of the =
nation's demand, is under investigation by the Securities and Exchange Comm=
ission and announced a $1.2 billion reduction in shareholder equity from de=
als with partnerships involving its former chief financial officer. It also=
reported a third-quarter loss and restated earlier earnings. Enron has agr=
eed to be taken over by Dynegy, a smaller rival, for about $9 billion in st=
ock. Dynegy is also assuming about $13 billion in debt.=20
Anxiety over whether the Enron investigation would disrupt deliveries or ha=
ve other market repercussions led to an increase in prices. While it is ''d=
ifficult to quantify the Enron factor,'' Mr. Featherston said, the short-te=
rm effects on natural gas prices seem to be over.=20
OTHER factors, of course, could also mean a bumpy ride for energy investors=
over the next several months. The status of the war against terrorism, Pre=
sident Bush's decision to fill the Strategic Petroleum Reserve, thus helpin=
g OPEC in reducing excess global capacity, and a United Nations review of t=
he food-for-oil deal with Iraq expected in December could each have a signi=
ficant impact on battered oil prices.=20
Nevertheless, Ms. Vital said, for the long term, energy will probably be in=
short supply, and new sources must be developed. So she also likes the pro=
spects of two drilling companies, Noble Drilling and Nabors Industries. Bot=
h took a beating last week, along with the oil companies, so again she sees=
buying opportunities.=20
Bern Fleming, portfolio manager of the AXP Utilities Income fund in Minneap=
olis, who has stakes in Dynegy, Duke Energy and Dominion Resources, said al=
l three had good prospects for growth, thanks to a mix of assets, ''managem=
ent I respect and solid business plans.''
Photo: Workers at an oil well near Lafayette, La. Although oil prices have =
plunged, analysts say there is still good long-term potential for the stock=
s of energy companies. (Marty Katz for The New York Times) Chart: ''Power P=
lay'' Energy stocks have generally outperformed the overall market since th=
e beginning of 2000. Graph shows CONOCO SHARES, S. & P. ENERGY COMPOSITE, a=
nd the S.& P. 500 INDEX since January 2000. (Source: Bloomberg Financial Ma=
rkets)=20
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Aquila Energy Makes Provision for Dynegy Withdrawal, FT Says
2001-11-18 19:52 (New York)
Houston, Nov. 19 (Bloomberg) -- Aquila Energy Corp. is one of
several energy traders limiting its trading with Enron Corp. in
case Dynegy Inc. pulls out of its bid for the company, the
Financial Times said, citing Aquila.
Aquila said it began making contingency plans in case Dynegy
withdrew from its $24 billion takeover of Enron, the paper
reported.
Enron, the largest energy trader, decided to sell after its
shares plunged 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.
Dynegy's agreement to buy Enron allows it to withdraw from
the transaction under certain circumstances, the FT said.
PERSPECTIVES
A tale of greed and hubris
Waldo Proffitt
11/18/2001
Sarasota Herald-Tribune
All
F2
(Copyright 2001)
For anyone not already disenchanted with the idea of total deregulation of =
public utilities, the most recent installment of the miserable Enron story =
as it unfolded last week should serve as a convincing example of the folly =
of relying on unregulated profit- driven enterprises to supply our energy.=
=20
A year ago Enron was the darling of Wall Street, the poster boy for the uti=
lity industry, its stock selling for about $85 a share. Last week its stock=
was worth about 10 percent of that and the company had agreed to be bought=
by a competitor. There was fear the company's bond rating might fall to th=
e "junk" level.
What happened? It will take months, if not years, to untangle the details, =
but it is clear that the main culprit was greed, closely followed by hubris=
.=20
Not too many years ago Enron was a small, struggling, gas pipeline company =
in Houston. As deregulation spread to more and more states, Enron began acq=
uiring pipelines, gas producers and utilities.=20
It also acquired friends in high places, especially the Bush family and the=
ir key political advisers. And, it discovered it could make money faster by=
selling and trading energy than by producing it. Enron sold many of its ge=
nerating plants and became the biggest "power broker" in the nation.=20
Though it was by no means the largest winner in the con game that bilked Ca=
lifornia consumers of tens of billions of dollars, Enron was one of the fir=
st power barons to take advantage of California's flawed deregulation law -=
- virtually written by in-state and out-of- state utility companies.=20
The California fiasco soured (probably) most Americans on utility deregulat=
ion, but Enron was not singled out for calumny, and management saw no reaso=
n to examine its business ethics.=20
Contrarywise. management had visions of even greater profits, which it felt=
no obligation to share with ordinary stockholders. The chief financial off=
icer and other high-ranking executives set up affiliated or subsidiary part=
nerships which made deals with Enron. I do not understand the details of th=
ese arrangements, but neither do independent accountants, the Securities an=
d Exchange Commission or congressional investigators. It does seem clear th=
at the Enron insiders made millions for themselves.=20
Enron acknowledges, without explaining, that stockholder equity dropped $1.=
2 billion in the last quarter and that it had for the last five years overs=
tated profits by some $600 million. Whether this was by design or by mistak=
e is in dispute, but it is the sort of thing which tends to undermine the c=
onfidence of investors.=20
So much for greed. Back to hubris. It seems not unlikely that Enron's leade=
rs felt they might not be punished for a modest amount of corner-cutting be=
cause they had friends in high places.=20
The chief executive, Kenneth L. Lay, was and is a personal friend of George=
W. Bush and has easy access to the White House. For many months after the =
new administration took office, Karl Rove, Bush's top political strategist,=
owned Enron stock valued at $100,000 to $250,000, and sold it only after h=
e had been able to secure a ruling that he did not have to pay capital gain=
s tax immediately because he sold to avoid a conflict of interest. Lawrence=
Lindsey, the president's chief economic coordinator, and I. Lewis Libby, V=
ice President Cheney's chief of staff, owned stock in Enron, and Lindsey wa=
s paid $50,000 last year as a consultant for Enron.=20
Enron and its employees gave more than anyone else to Bush's four political=
campaigns -- one (unsuccessful) for Congress, two for governor and one for=
president. In 2000, Enron and its employees gave $113,000 to Bush's campai=
gn, $250,000 to the Republican National Committee, and $300,000 to the Pres=
idential Inauguration Committee.=20
Cabinet appointments affecting energy policy, key sub-Cabinet appointments,=
administration action or inaction in the California energy mess, and the o=
verall energy policy of the administration could hardly have been more favo=
rable to the interests of Enron.=20
And now a couple of questions: Is it possible the unusual financial maneuve=
rs by Enron went unnoticed or even unsuspected by all the savvy Texas oilme=
n in the Bush administration? Were those of them with heavy investments in =
Enron unconcerned about the conduct of the company? Was Enron right in thin=
king its friends in government would not be in a hurry to investigate or to=
reprimand?=20
Or, in light of our preoccupation with terrorism, will the Enron case get m=
uch attention from the federal government? Or from voters?=20
Waldo Proffitt is the former editor of the Herald-Tribune.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Business; Financial Desk
MARKET BEAT
Counting Blessings Along With the Losses
TOM PETRUNO
TIMES STAFF WRITER
11/18/2001
Los Angeles Times
Home Edition
C-1
Copyright 2001 / The Times Mirror Company
Try finishing this sentence: "The best thing about my experience as an inve=
stor in 2001 was ... "=20
Many Americans, contemplating the losses they've suffered this year in the =
stock market, might say there was nothing "best" about what happened to the=
m--in fact, nothing good at all, perhaps other than that it might have been=
worse.
With share prices on the rise again, the damage to portfolios has been less=
ened. Even so, stocks will have to post strong gains in the next six weeks =
to keep this from being the market's worst calendar year since 1977.=20
The blue-chip Standard & Poor's 500 index rose 1.6% last week, but it's sti=
ll down 13.8% year to date.=20
Yet those losses, while certainly not trivial (especially when they're your=
s), can obscure what arguably are some very positive aspects of this year's=
experiences.=20
With investing, adversity can be a more important teacher than success. If =
you're having trouble this Thanksgiving week finding reasons to be thankful=
about anything investment-related, try these on for size:=20
* "Asset allocation" is no longer just a quaint theory. The paramount inves=
ting rule has always been to spread your money around to reduce risk. But i=
t took the worst stock bear market in 25 years to bring this lesson home fo=
r many people who thought equities only rose in value.=20
Now, millions of investors have a far better appreciation for just how much=
they can lose in stocks--and how bonds and short-term cash savings can off=
set market losses and preserve capital.=20
It has been a hard lesson, to be sure. But investors who take asset allocat=
ion to heart will be laying a much more solid foundation for their money in=
the long run. And don't underestimate what that can mean for your peace of=
mind long term.=20
* The wisdom of saving money on a regular basis has been relearned. In the =
late 1990s, many economists lamented how the U.S. savings rate continued to=
shrink. Some people felt there was little need to put significant new sums=
into savings when the stocks or stock mutual funds they owned seemed to be=
rising nonstop.=20
In other words, many Americans were letting the stock market do their savin=
g for them when share prices were rising 20% or more each year.=20
Now, with shares down and with the likelihood of much more moderate returns=
on stocks in this decade, it's clear that many people will have to find a =
way to save regularly if they're going to meet their long-term financial go=
als, especially retirement.=20
This may not be a pleasant reality, but it's better for most people to have=
faced this fact sooner rather than later, while there may be time to make =
up lost ground.=20
* A healthy skepticism has replaced mindless euphoria about stocks and thos=
e who tout them. The market's slide has discredited a legion of Wall Street=
analysts, money managers and others whose knowledge, understanding and jud=
gment were clearly lacking, in retrospect.=20
Investors have come to see that having blind faith in those who present the=
mselves as "experts" is a highly dangerous strategy, if it can be called a =
strategy at all.=20
Sure, it may have been more fun when technology stocks were shooting the mo=
on and nobody had much use for reviewing a company's fundamentals. But that=
wasn't investing--it was speculating, and on a massive, and ultimately rui=
nous, scale.=20
People have learned to be less trusting about what others say about the mar=
ket, and that is more likely to be beneficial than detrimental to their por=
tfolios in the long run.=20
Just ask anyone who shifted their entire 401(k) retirement savings sum into=
aggressive-growth mutual funds in the first quarter of 2000--right before =
the market peaked--because of the bullish comments of some 25-year-old tech=
stock analyst. Those investors aren't likely to make a move like that agai=
n.=20
* Free-market forces are weeding out the weak players and the phonies. Capi=
talism may be harsh, but it's efficient when the good times end and it's ti=
me to find out which companies truly have talent and staying power--and des=
erve more capital.=20
Hundreds of dot-coms have failed, but who really misses them? Is it any har=
der to find what you want on the Internet? It probably would have been much=
worse for all concerned if those companies had sucked up investors' funds =
for another year instead of failing when they did.=20
But the market isn't just eliminating small companies that never had much o=
f a future. The financial near-collapse of energy giant Enron Corp. exposed=
a business that twisted accounting rules to its own benefit--to the point =
that the company now concedes that financial statements all the way back to=
1997 "should not be relied upon."=20
Also to be weeded out, though over a longer time period, will be mutual fun=
d managers whose performance running other peoples' money has been a nightm=
are for those investors--meaning, the returns produced have been far worse =
than what the investors would have achieved in the average fund in that par=
ticular sector.=20
These managers know who they are--and, hopefully, their shareholders know b=
y now as well, and will vote with their feet.=20
The free market also is reminding cartels just how tough it is to control p=
rices.=20
Once again, the Organization of Petroleum Exporting Countries has lost its =
ability to prop up crude oil prices, which have sunk to two-year lows amid =
the weak global economy. That's lousy for OPEC, but it's great for every en=
ergy consumer.=20
* The market's woes have altered many investors' priorities for the better.=
The wild bull market of the late 1990s demanded peoples' attention, and go=
t it.=20
For some, stocks became an obsession. Their portfolios dominated their live=
s, especially if they were actively trading shares. They believed they were=
going to be rich, or richer, and that it was all because of how smart they=
were.=20
Now, most people have been humbled by the market. In the process, some have=
realized that they don't want their mood determined by their portfolio's d=
ay-to-date price changes.=20
The Sept. 11 terrorist attacks, of course, also changed many peoples' view =
of what truly matters to them.=20
Money is important, but you aren't your stocks, and they aren't you. Life i=
s more than a daily stock quote.=20
*=20
Tom Petruno can be reached at [email protected]. For recent columns o=
n the Web, go to www.latimes.com/petruno.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Financial
INVESTING James K. Glassman
Don't Be A Pudd'n'head, Diversify
James K. Glassman
11/18/2001
The Washington Post
FINAL
H01
Copyright 2001, The Washington Post Co. All Rights Reserved
Warren Buffett, who was probably the greatest investor of the 20th century,=
is fond of quoting the salacious actress Mae West as saying, "Too much of =
a good thing can be wonderful." In the market, such a motto would lead you =
to avoid diversification and instead concentrate your portfolio in stocks y=
ou really, really like.=20
Peter Lynch, who was probably the best mutual fund manager of the 20th cent=
ury, calls spreading yourself too thin "diworseification."
Smart, witty and brilliant at picking stocks, Buffett and Lynch may not nee=
d diversification, but the rest of us do. When you own one stock, you're ou=
t on a limb. For example, very few analysts -- with or without a conflict o=
f interest -- predicted that shares of Enron, the energy and trading compan=
y, would tumble by 90 percent in a year. Put all your eggs in a basket like=
that and you end up with a gooey mess. The more stocks you own -- as long =
as they are in different industries -- the more the overall riskiness of yo=
ur portfolio is modulated.=20
The reason you don't want a super-risky portfolio is simple: While Warren B=
uffett may be calm and prescient enough to ride out severe dips in the valu=
e of his holdings, most investors are not. A portfolio that increases in pr=
ice by 10 percent each and every year is worth exactly the same at the end =
of three years as a portfolio that falls by half the first year, rises by t=
hree-quarters the second and rises by 52 percent the third. But reasonable =
investors prefer the consistent ride. It prevents them from doing something=
stupid, such as selling all their stocks after losing half their money dur=
ing that first disastrous year.=20
Consider the sad case of James D. McCall, who earlier this month resigned a=
s manager of the Merrill Lynch Focus Twenty mutual fund. Two years ago, Mer=
rill wanted McCall's services so desperately that the firm went to court to=
pry McCall away from his previous employer, Pilgrim Baxter, where he rang =
up impressive gains in the late 1990s. (His big success was called PBHG Lar=
ge Cap 20.) And when they got McCall, Merrill's brokers raised more than $1=
.5 billion from their clients for him to invest. While the average growth-s=
tock mutual fund owns about 100 stocks, with the top 10 holdings representi=
ng about one-fourth of the portfolio's total value, McCall specialized in w=
hat are called "concentrated portfolios." In the case of Merrill Lynch Focu=
s Twenty, he owned, as the name implies, just 20 stocks. At last report, hi=
s top 10 holdings accounted for a whopping two-thirds of the fund's assets.=
=20
If McCall had spread his 20 stocks among, say, a dozen different industries=
, he might have smoothed his ride. Instead, 69 percent of his assets went t=
o technology firms. The Focus fund and a smaller one that McCall ran called=
Premier Growth were launched in March 2000. Within just 17 months, all but=
$650 million of the clients' original $1.5 billion had vanished.=20
It is hard to imagine losing as much as Focus Twenty did even if you tried.=
As of Nov. 9, the week McCall resigned, the fund was down 72 percent for t=
he year, compared with a loss of 14 percent for the Standard & Poor's 500-s=
tock index, the benchmark for fund managers. According to the latest report=
from Morningstar Mutual Funds, 19 of McCall's 20 stocks had declined durin=
g 2001, the only exception being Harley-Davidson. More amazing, 16 of the 1=
9 losers had fallen by at least half. (By the way, Enron was McCall's seven=
th-largest holding.)=20
"This fund has had a wretched existence," wrote Morningstar analyst Kunal K=
apoor, who did admit a grudging admiration for McCall's perseverance. McCal=
l's "faith may turn out to be well placed over time," Kapoor said. Unfortun=
ately, time ran out.=20
My point here is not to pick on McCall but to reveal the perils of concentr=
ation. Buying Focus Twenty as a technology fund, and consigning it to no mo=
re than one-fifth of your holdings (with the rest of your assets in diversi=
fied, conventional stocks or funds) might have made sense, but Focus Twenty=
was touted as a "long-term capital appreciation" fund, not a sector fund. =
Here, it failed, but maybe it didn't have to.=20
The manager who made the concentrated fund popular, Tom Marsico, who ran Ja=
nus Twenty, took care to spread his holdings around. His successor, Scott S=
choelzel, has suffered losses lately (he is down 28 percent year-to-date, b=
ut that's after a total gain of 546 percent in the preceding five years), b=
ut they have not been nearly so catastrophic -- and for good reason. Schoel=
zel's last report lists among his top 10 holdings three tech stocks, two fi=
nancials, one drug company, one energy firm (whoops, Enron again), one indu=
strial, one consumer-durables company and one services firm.=20
For investors in individual stocks, the important question is this: How muc=
h diversification is enough? Some risk is inherent in even the broadest por=
tfolio. This is called market, or "systematic," risk. Over the past 75 year=
s, market risk, as measured in standard deviation, has been about 20 percen=
t. In other words, in two-thirds of the years the annual return of the S&P =
has fallen into a band ranging from 20 points lower to 20 points higher tha=
n its average return of 11 percent; that is, between a loss of 9 percent an=
d a gain of 31 percent. That's still volatile, but if you invest in stocks =
you have to live with it.=20
What you don't have to live with is anything more volatile. So your objecti=
ve in building a portfolio is to try to approximate systematic risk and avo=
id what is called "idiosyncratic," or extra, risk. A portfolio with just a =
few stocks, or one like McCall's, that is overloaded in a single sector, ha=
s lots of idiosyncratic risk. In 1977, an influential study found that inve=
stors could nearly eliminate that extra risk by owning just 20 stocks in a =
wide variety of sectors; in fact, owning eight or 10 stocks depressed risk =
sharply.=20
Recently, however, the market has appeared to be far more volatile, and a n=
ew study by a group of economists headed by John Campbell of Harvard found =
that many more stocks were needed -- around 50 -- to bring a portfolio down=
to the same level of riskiness as the broad market. What Campbell's group =
found was that neither the market itself nor individual sectors had become =
more volatile in the 1990s, but that stocks within those sectors had, so yo=
u need to own more of them.=20
But owning 50 stocks is a pain in the neck -- and it brings up the Buffett-=
Lynch admonitions about too much diversification. It is hard just to take t=
he time to make the selections, but even buy-and-hold investors need to kee=
p track of the companies they own to spot adverse changes in management, pr=
oduct failures or new competition (not to mention Enron-style accounting sh=
enanigans) -- signs that it's time to sell.=20
One good answer is to achieve balance by owning a combination of mutual fun=
ds and stocks. For example, you might want to put 50 percent of the money y=
ou have allotted for stocks into a fund that mimics the S&P itself, like Va=
nguard Index 500, which charges rock-bottom expenses and guarantees that ri=
sk won't exceed systematic levels. You could also consider a broad fund tha=
t's managed by human beings, such as Meridian Value or Baron Growth, which =
are recommended by Sheldon Jacobs, editor of the No-Load Fund Investor news=
letter. Then another 25 percent of your holdings can go into a few sector f=
unds that specialize in technology, real estate, energy and small-caps, and=
the final 25 percent into a portfolio of 10 to 20 individual stocks. (I ow=
n 16, at last count.)=20
There are many valid variations. Just don't emulate Mark Twain.=20
In a letter to clients recently, Anthony M. Maramarco of David L. Babson & =
Co., the Cambridge, Mass., investment firm, recalled the aphorism of Twain'=
s Pudd'n'head Wilson: "Put all your eggs in the one basket -- and watch tha=
t basket!" Unfortunately, such a philosophy emphatically does not work in s=
tock investing -- as Twain himself learned when he sank nearly all his fort=
une into the Paige Linotype, a machine that flopped.=20
We all make mistakes. (It was Twain, after all, who pointed out that "human=
beings are the only animals that blush -- or need to.") But smart diversif=
ication helps investors avoid some of the worst of them.=20
James K. Glassman invites comments at [email protected], but he cannot answ=
er all queries.
http://www.washingtonpost.com=20
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Business
Wessex Water `to be sold'
Heather Tomlinson
11/18/2001
The Independent - London
FOREIGN
1
(Copyright 2001 Independent Newspapers (UK) Limited)
Wessex Water, the water and sewage company, is understood to be up for sale=
following an offer to take over its owner, Enron, by Dynegy, the US energy=
group.=20
Three years ago, Enron spent pounds 1.4bn on Wessex Water. But Dynegy is un=
derstood to want to concentrate on US and European energy assets and is not=
interested in non-core assets.
Any hope to regain the same amount of money could be derailed as the indust=
ry is put off by regulatory problems, and the company's results have worsen=
ed due to imposed price cuts over the past year.=20
"It is not that there is going to be a fire sale but most of [the internati=
onal assets] are not core to the businesses we will continue to pursue," sa=
id an Enron spokesperson. "At the right price we will sell."=20
Scottish & Southern Energy and United Utilities have been touted as potenti=
al buyers, yet industry insiders believe that the UK regulator, Ofwat, will=
take a dim view of bids by UK water companies, as they are too large to bu=
y it.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
UK PRESS: WestLB Makes Grab For GBP1B Wessex Water
11/18/2001
Dow Jones International News
(Copyright (c) 2001, Dow Jones & Company, Inc.)
LONDON -(Dow Jones)- German state-owned bank WestLB Panmure is in talks to =
buy Wessex Water from its troubled U.S. parent Enron (ENE), reports the Sun=
day Telegraph.=20
WestLB is said to have made a formal approach within the last few days. It =
is thought to be one of a number of companies that have approached Enron to=
buy the British water utility valued at GBP1 billion.
Newspaper Web site: http://www.telegraph.co.uk=20
London Bureau, Dow Jones Newswires; 44-207-842-9289
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
BUSINESS
Quanta steels itself against takeover bid
NELSON ANTOSH
Staff
11/17/2001
Houston Chronicle
3 STAR
1
(Copyright 2001)
Quanta Services, which builds and maintains power and communications lines,=
said Friday it is fighting a "creeping takeover" by UtiliCorp United, one =
of the nation's largest utility holding companies.=20
On Thursday Quanta board members changed the Houston company's shareholder =
rights agreement - called a "poison pill" defense against takeovers - to de=
ter UtiliCorp from acquiring a controlling stake.
The action was taken after negotiations with UtiliCorp fell apart and the K=
ansas City, Mo.-based company announced its intention to resume purchases o=
f Quanta stock.=20
A spokesman told Bloomberg News on Oct. 4 that UtiliCorp wanted to increase=
its stake to the mid-40s percentage range, which would give it effective c=
ontrol, with a vote on management.=20
UtiliCorp invested $320 million in Quanta from September of 1999 through Fe=
bruary of 2000, said UtiliCorp spokesman Ethan Hirsh, bringing its ownershi=
p up to 28 percent, and has been adding stock since then. It owned about 38=
percent when a standstill agreement stopped further purchases in early Oct=
ober.=20
Part of the shareholder rights amendment limits further purchases by Quanta=
by reducing the trigger point for the poison pill to 39 percent of Quanta'=
s outstanding shares, instead of the 49.9 percent that has been in effect j=
ust for UtiliCorp.=20
In addition to saying that UtiliCorp is no longer "an exempt" person under =
the 39 percent trigger, the amendments changed the kind of securities to be=
issued in the event the pill is triggered and how they could be exercised.=
=20
UtiliCorp had a higher trigger point that other potential acquirers because=
it already was a significant shareholder when the plan was initially draft=
ed.=20
Hirsch didn't think the amendments would prevent his company from buying mo=
re.=20
UtiliCorp's interest in Houston acquisitions is not limited to Quanta. Its =
also said this week it would like to buy Enron's share of a United Kingdom =
power station that provides electricity sufficient to light 1.88 million ho=
mes.=20
It will soon get a 27 percent share in the station near London, known as th=
e Teeside power station,through the purchase of a utility there. It would l=
ike the 42.5 percent that Enron owns, UtiliCorp President Robert Green said=
in a conference call.=20
Green said he understood that stake was on Enron's for-sale list.=20
UtiliCorp revealed in a Securities and Exchange Commission filing that it b=
ought 1.538 million shares of Quanta's common stock on the open market, at =
a cost of more than $24 million, between Sept. 28 and Oct. 3.=20
Quanta's stock declined 27 cents to close Friday at $15.69, while UtiliCorp=
rose 10 cents to close at $27.50. Quanta's stock is down 51 percent for th=
e year to date, and hit a 52-week low of $9.94 on Sept. 21.=20
"After many weeks of negotiations with UtiliCorp, we could not reach agreem=
ent upon a strategy that would allow UtiliCorp to consolidate our financial=
results for accounting purposes on terms acceptable to Quanta," John Colso=
n, Quanta's chief executive officer, said in a written statement.=20
"In the face of UtiliCorp's communications last evening breaking off negoti=
ations and stating its intent to resume open market purchases of Quanta sto=
ck, the board acted to protect the best interests of all Quanta stockholder=
s against a change of control transaction which did not provide an appropri=
ate benefit to all shareholders," he said.=20
Quanta has a mutually beneficial relationship with UtiliCorp and hopes nego=
tiations can resume, Colson said.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
BUSINESS
Business briefs
Business briefs / Houston & Texas
Staff, Bloomberg News, Reuters, Associated Press
11/17/2001
Houston Chronicle
3 STAR
2
(Copyright 2001)
Offer still on table for Canadian Hunter=20
Burlington Resources on Friday extended a $1.96 billion offer for Canadian =
Hunter Exploration Ltd. until Dec. 3 while Canadian regulators study the bi=
d.
The cash offer was to expire Tuesday. Investment Canada, which oversees for=
eign ownership of Canadian companies, won't complete its review by then, Bu=
rlington said.=20
Houston-based Burlington agreed to buy Calgary-based Canadian Hunter on Oct=
. 9.=20
Azurix settles suit over Dynegy buyback=20
Azurix Corp., a wastewater-services management company, won a judge's appro=
val Friday in Wilmington, Del., to settle shareholders' lawsuits over paren=
t Enron Corp.'s $329 million stock buyback in March.=20
Houston-based Enron, soon to be bought by Dynegy, said in October 2000 it w=
ould pay $7 for each of Azurix's outstanding shares, or $275 million, to ta=
ke the company private. Seven Azurix stock owners sued in Delaware Chancery=
Court seeking more money.=20
Enron eventually agreed to pay $8.375 per share, adding about $54 million t=
o the offer, and stockholders agreed to settle the lawsuit, lawyers said.=
=20
SBC adds 2 states to long-distance rolls=20
San Antonio-based SBC Communications received permission Friday from the Fe=
deral Communications Commission to begin offering long- distance service to=
customers in Missouri and Arkansas.=20
The decision allows SBC to offer the service in the five states served by i=
ts SBC Southwestern Bell subsidiary. SBC has already received permission to=
compete in the long-distance market in Texas, Kansas and Oklahoma.=20
While the FCC's decision was unanimous, there was discussion on whether SBC=
has made its DSL high-speed Internet access service available for resale a=
nd if the federal law requires such resale. The commission will address the=
issue in another proceeding.=20
Airline canceling 200 layoffs of pilots=20
FORT WORTH - American Airlines Friday canceled the planned Dec. 2 layoffs o=
f 200 pilots because military duty was extended for pilots called up on res=
erve and other employees took leaves.=20
American laid off 386 American pilots Sept. 28 and 200 more Nov. 1, as well=
as 120 at TWA Airlines. Those were among 20,000 jobs AMR eliminated as pas=
senger demand fell. The company said it will bring employees back as demand=
improves.=20
Southwest drops suit against Orbitz site=20
DALLAS - Southwest Airlines Co. has agreed to drop a lawsuit that claimed O=
rbitz, an Internet travel site owned by five rival airlines, displayed inco=
rrect information about Southwest's flights and fares.=20
"It gives Southwest Airlines the right to restart the litigation at its cur=
rent point if Southwest fares are ever displayed on Orbitz again," said Lin=
da Rutherford, a spokeswoman for the Dallas-based airline.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
EDITORIAL
AT ENRON, THE BIG DOGS ATE FIRST
11/17/2001
Portland Oregonian
SUNRISE
D06
(Copyright (c) The Oregonian 2001)
Summary: Workers' ire over 401(k) plans is understandable=20
Watching Enron's bigwigs lose their jobs after inflating profits may offer =
some satisfaction to retirees and employees at the troubled energy marketer=
. But don't bank on it.
When corporate insiders can sell the company and stroll away with millions =
while workers and other stockholders are left with peanuts, it would be har=
d not to be bitter.=20
As Oregonian business writer Jeff Manning reported Friday, local employees =
of Portland General Electric, an Enron subsidiary, watched their retirement=
savings sink after Enron announced on Oct. 16 that it would lose $618 mill=
ion in the fourth quarter. This came after Enron officers made more than $1=
36 million selling stocks earlier in the year.=20
Then on Nov. 8, Enron dropped the other shoe: It admitted it had overstated=
earnings for four years by $586 million, or 20 percent. Over those few wee=
ks, Enron shares plunged from $33.84 to its $9 close on Friday.=20
The four-year overstatement developed through some novel accounting methods=
. Enron and its auditor, Arthur Anderson, insist that its financial reports=
were all within proper standards, but the mechanics in this case included =
obscuring debt by placing it on the ledgers of other entities so that the p=
arent company's profit picture appeared rosier than it actually was.=20
The weeks from mid-October to early November were wrenching for employees. =
Because the company was changing its fund manager, they were powerless to m=
ake any changes in their 401(k) plans. PGE chief executive Peggy Fowler poi=
nts out that the change in 401(k) plan managers was announced last summer. =
And although employees could have gotten out of Enron stocks over the histo=
ry of the plan, Enron seemed to be an attractive investment.=20
Company executives, though, were selling. Jeffrey Skilling, who was promote=
d to Enron chief executive early in the year but resigned in August, sold m=
ore than $5 million in company shares according to transaction records cove=
ring the first half of the year.=20
Former chief financial officer, Andrew Fastow, who was fired last month in =
an action related to the financial mess, made $14 million in stock sales be=
tweeen March and November of last year. Kenneth Lay, Enron's chief executiv=
e, who returned after his protege Skilling left, made at least $20 million =
in stock sales from late last year. He has announced that he would decline =
his severance package.=20
Dynegy, another Texas energy marketing company, has made a bid to buy Enron=
. That probably means the best Enron and PGE employees can hope for now is =
that Dynegy will be a better corporate owner, or they can try their luck wi=
th one of the many shareholder lawsuits being filed.=20
The Securities and Exchange Commission is investigating Enron's activities.=
If its behavior was illegal, there will be consequences for company office=
rs.=20
That's still not much to offer to workers who have seen their retirement sa=
vings dissolve. But for now it's all there is.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
FINANCE WEEK - From dealing to reeling.
By BARRY RILEY.
11/17/2001
Financial Times
(c) 2001 Financial Times Limited . All Rights Reserved
FINANCE WEEK - From dealing to reeling - The legacy of the late 1990s stock=
market bubble remains with us, as does irrationality THE LONG VIEW - BARRY=
RILEY.=20
Optimism is back. Stock markets around the globe have typically rallied by =
20 per cent since rock bottom was reached on September 21. Only 9 per cent =
of global fund managers believe equities will be lower in 12 months, accord=
ing to a Merrill Lynch survey published this week.
But the legacy of the late 1990s stock market bubble remains with us. The c=
hallenge is how to minimise the level of irrationality. Two of the UK's big=
gest losers from crazy prices reported on Tuesday. Vodafone suffered #11.45=
bn of write-downs - but curiously, made no provisions against the sky-high =
#13.1bn it paid for third-generation mobile phone licences in 2000.=20
Such payments, argued Sir Christopher Gent, Voda-fone's chief executive, we=
re merely what the market demanded at the time. It is interesting to note, =
too, that Paul Klemperer, the Oxford professor who is an expert in "auction=
theory" and advised the British government, has defended the disastrous ou=
tcome by arguing that the prices reflected the capital market's view of 3G'=
s prospects. The common theme here is that it is nobody's fault if crazy pr=
ices are paid, because they are legitimised by the stock market.=20
Marconi, which is financially in a much worse state than the mobile phone g=
iant, has written off most of the #4.1bn paid for US internet hardware comp=
anies in 1999. There has also been a great deal of controversy in the US du=
ring the past few weeks over the near-collapse of Enron, the power group be=
ing rescued by a takeover bid from its smaller rival Dynegy. There was an o=
bvious failure by investors - and by stock market analysts - to assess the =
true risks at Enron.=20
Smart businessmen will sellat mad prices, but why on earth should they buy?=
The trouble is, too many academics have developed theories of value based =
on rational expectations. The real world is unfortunately very different.=
=20
Some of the distortions had obvious technical origins. The Vodafone bubble =
of 1999 reflected the cross-border takeover of Mannesmann and the artificia=
l weighting shortages that developed from that transaction as Vodafone ball=
ooned in market capitalisation to reach, at one stage, 16 per cent of the F=
TSE 100 Index. The market price was driven not by normal corporate fundamen=
tals, but by the desire of most fund managers to reach a market weighting, =
at which point they were "safe" in terms of risk against the index benchmar=
k.=20
That was the period when investment banks exploited the idea of low free-fl=
oat new issues: internet companies, especially, were floated off with only =
15 per cent of the stock made available, although anything up to 100 per ce=
nt went into the indices, creating serious shortages and bubble valuations.=
Changes now being made to the main stock market indices have reduced the p=
roblem, but there remains a basic irrationality in the concept that investm=
ent risk resides in an index rather than in the underlying stocks.=20
Takeovers have always been plagued by irrationality, and indeed this is an =
area where academics recognise the problem; over many years they have point=
ed out that all the benefits of deals, and often more than all, accrue to t=
he shareholders of the companies taken over, while investors in the bidding=
companies suffer dilution. Investors know this, and in normal market condi=
tions news of a takeover will depress the bidder's share price. But in a bu=
bble market these prudent attitudes can be overwhelmed by euphoria, as well=
as technical factors relating to demand by fund managers so that they can =
maintain their weightings when a bidder is spraying around large quantities=
of new equity.=20
Also, it is irrational that many more deals are done when the stock market =
is high than when it is low. Two years ago, companies such as Marconi were =
engaged in buying sprees at daft prices. Now, when prices are much lower, h=
ardly any acquisitions are being made (and investment banks are dismissing =
thousands of employees). An exception to the deal famine is gold mining, wh=
ich just happens to have been one of the stock market's strongest sectors t=
his year.=20
Another important source of irrationality has been the domination of stock =
market analysis by the stockbroking offshoots of the investment banks. Over=
recent years their earnings-per-share forecasts for the next calendar year=
have been on average 8 per cent too high. This has not just been a mistake=
; they have been paid to be over-optimistic. Admittedly, attempts are being=
made to restructure the incentives here, as the embarrassed investment ban=
ks come under pressure from the regulators and the courts for their errors =
of judgment during the bull market, but it remains to be seen whether much =
will really change.=20
The mystery is why anybody would take notice of these forecasts, and indeed=
many professional investors do not. That Merrill survey, incidentally, sho=
ws that fund managers on average expect no more than 4 per cent earnings pe=
r share growth over the next year, while the stockbrokers' analysts are sti=
ll clinging to the hope that it will be 15 per cent.=20
A final source of distortion is the tendency of companies to offer their ex=
ecutives the wrong sort of incentives. The ruin of Marconi may appear irrat=
ional, when multi-billion-pound acquisitions are being declared worthless a=
fter only two years. But executives with lucrative stock option plans, whic=
h pay off if their gambles go right, combined with golden goodbye and pensi=
on packages that are triggered if things go wrong, may well consider it per=
fectly rational, from their viewpoint, to take much bigger risks than other=
shareholders, or employees, would consider acceptable.=20
Moreover, Sir Christopher Gent, shareholders of Vodafone will remember, rec=
eived a controversial #10m personal bonus last year for clinching the Manne=
smann takeover, a deal that requires #10bn of write-offs.=20
In normal market conditions the valuation of equities may be tolerably rati=
onal, but in a bubble market the rules are thrown out of the window. Many i=
nvestors certainly like the idea of getting rich quickly. That is why many =
people subscribe so keenly to national lotteries in which the chance of win=
ning is so small as to be not worth rational consideration.=20
[email protected].=20
(c) Copyright Financial Times Ltd. All rights reserved.=20
http://www.ft.com.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
WORLD STOCK MARKETS - Bears take upper hand on Wall St.
By MARY CHUNG.
11/17/2001
Financial Times
(c) 2001 Financial Times Limited . All Rights Reserved
After an early game of tug-of-war, the bears took the upper hand as the Dow=
Jones Industrial Average closed 5.40 lower at 9,866.99. The S&P 500 index =
gave up 3.59 at 1,138.65 and the Nasdaq Composite slipped 1.98 at 1,898.59.=
Volume was fairly heavy with 1.34bn trades in the NYSE.=20
The indices were earlier bolstered by news that some of the leaders of the =
Taliban and the al-Qaeda terrorist network had been killed in bombing raids=
on Kabul and Kandahar this week.
However, the momentum faded as investors found little reason to keep sendin=
g stocks higher following a sharp decline in the US consumer price index. T=
he index saw its steepest monthly drop since April 1986. Separately, the Fe=
deral Reserve reported another drop in industrial output last month.=20
Investors appeared more hesitant to step into the market and buy stocks aft=
er several weeks of sharp gains. However, the corporate picture looked to b=
e improving for some companies such as Dell. The computer maker reported th=
ird-quarter results that beat analysts' estimates by a penny and predicted =
a small rise in sales for the current quarter. Shares, however, fell 4 per =
cent at $26.60.=20
Rivals Hewlett-Packard shed 2.7 per cent at $21.50 and Compaq gave up 3.7 p=
er cent at $10.30. Yahoo!, the world's largest internet portal, jumped 4.3 =
per cent at $15.47 after it announced a restructuring and job cuts, but rea=
ffirmed its guidance for the fourth quarter.=20
Shares in Starbucks fell 9 per cent at $17.50 in spite of the coffee compan=
y reporting a 22 per cent rise in earnings for the fourth quarter.=20
Energy prices rose in spite of the continuing dispute over oil production b=
etween Opec and Russia. Amerada Hess put on 2.5 per cent at $54.59 and Exxo=
n Mobil added 1 per cent at $37.54. Enron, the embattled energy trading com=
pany, however, slid 5 per cent at $9. Most Dow components were lower as Alc=
oa slipped 1 per cent at $37.12, American Express shed 3.7 per cent to $33.=
13 and Wal-Mart fell 1.6 per cent at $55.10.=20
Toronto was little changed in morning trade in spite of a rally in technolo=
gy and cyclical shares, the first sectors expected to respond to an improvi=
ng economy.=20
However, at the close the S&P TSE-300 composite index was up 0.72 per cent =
at 7,315.30 as tech issues continued to strengthen.=20
Overall, 11 of the market's 14 sub-indexes were higher but safe-haven gold =
stocks suffered as hopes grew for a swift conclusion to the war in Afghanis=
tan. The tech-heavy industrials sector enjoyed a 1.61 per cent gain. Electr=
onics manufacturer Celestica charged ahead, rising 3.3 per cent to C$64.80.=
=20
Telecoms equipment heavyweight Nortel Networks jumped to C$12.69 as several=
investment firms raised targets.=20
(c) Copyright Financial Times Ltd. All rights reserved.=20
http://www.ft.com.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Business; Financial Desk
IN BRIEF / ENERGY Pension Funds Consider Action Against Enron
Reuters
11/17/2001
Los Angeles Times
Home Edition
C-2
Copyright 2001 / The Times Mirror Company
Some big pension funds that invested in Enron Corp. said they are consideri=
ng legal options in the wake of the energy giant's stock collapse and a reg=
ulatory probe of its dealings.=20
Spokesmen for the New York state and city comptrollers and an official from=
Amalgamated Bank, a trustee of workers' retirement funds, said they were l=
ooking into lawsuits stemming from Enron's murky financial dealings and sto=
ck plunge.
Pension funds and mutual funds have been big holders of Enron, once a Wall =
Street darling whose stock has plunged 89% this year.=20
Five New York City pension funds hold about 2.9 million Enron shares, said =
David Neustadt, a spokesman for the New York City Comptroller's Office. The=
funds serve teachers, police and other city workers.=20
Enron shares fell 48 cents to $9 on the New York Stock Exchange.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Enron Investors Hope Filing Will Shed More Light on Finances
2001-11-17 11:06 (New York)
Enron Investors Hope Filing Will Shed More Light on Finances
Houston, Nov. 17 (Bloomberg) -- Enron Corp. investors hope
the energy trader's third-quarter report to the U.S. Securities
and Exchange Commission will answer some of the questions that
sent its shares tumbling and led to a proposed sale to rival
Dynegy Inc.
Enron, which has been criticized for failing to clearly
explain how it makes money, may disclose in Monday's filing more
on how much is owed by the company and affiliated partnerships, as
well as any planned job cuts and other cost-saving moves related
to Dynegy's $24 billion buyout.
``Investors will be looking for anything that affects the
likelihood of the (Dynegy) deal going through and the timing of
such a deal,'' said Edward Paik, who helps manage the Liberty
Utilities Fund, which owns 1.6 million in Enron shares.
Enron agreed to sell after its stock plunged 67 percent in
three weeks amid an SEC investigation into partnerships run by
Enron executives. Investors worry that new disclosures, such as
previously unreported debt, might threaten Enron's credit rating
and scuttle the merger, possibly pushing Enron into bankruptcy.
``There's been so much skepticism about what Enron's
liabilities are with these partnerships, I'm looking to quantify
this,'' said Glen Hilton, a fund manager at Montgomery Asset
Management LP, which holds Dynegy shares.
Enron Chairman Kenneth Lay admitted last week that failed
investments and a loss of investor confidence forced the sale to
Dynegy, and he and other executives pledged to be more open with
investors. Lay, 59, said last week he won't accept a severance
package of more than $60 million that he could have collected
following the takeover.
Enron shares fell 48 cents yesterday to $9. Dynegy fell
$1.53, or 3.5 percent, to $42.47.
Balance Sheet
Enron's third-quarter report, which had been expected last
week, was delayed by the Dynegy talks and a restatement of
earnings, Chief Financial Officer Jeffrey McMahon said. Enron
reduced net income for four years by a combined $586 million to
include losses from affiliated partnerships.
Monday's filing, called a 10-Q, will include a balance sheet
summarizing assets and debts. Enron for years has omitted balance
sheets, which the SEC requires as part of the 10-Q, from its press
releases announcing earnings.
Investors renewed their criticisms of the practice after Lay
mentioned during a conference call last month that dealings with
two partnerships had reduced Enron's shareholder equity, or its
assets minus liabilities, by $1.2 billion. The disclosure led to
the ouster of Chief Financial Officer Andrew Fastow.
``Everyone is trying to make their own assessment of what
(Enron's) ultimate liability will need to be,'' said Commerzbank
Securities analyst Andre Meade, who rates the shares ``hold'' and
doesn't own them.
Monday's report probably won't give a complete answer, said
Louis Gagliardi, an analyst at John S. Herold Inc. While the
balance sheet will list liabilities for the partnerships, which
were set up to buy Enron assets and get debt off the company's
books, it won't spell out Enron's share, he said.
``What is the net liability off the balance sheet?''
Gagliardi said. ``We really don't know what that number is.''
Credit Rating
Dynegy has said it can back out of the acquisition if Enron's
legal liabilities exceed $3.5 billion. The balance sheet ``will
help us see how good a deal this is for Dynegy,'' said Kathleen
Vuchetich, co-manager of the $1.4 billion Strong American
Utilities Fund, which owns 284,000 Dynegy shares.
Both companies are based in Houston.
The filing also might offer details on the SEC probe. ``It
may say what the SEC is looking for, and what the rating agencies
have told them,'' said Christopher Ellinghaus, an analyst at
Williams Capital Group. He added, though, ``I don't expect much.''
Enron's stock drop led Moody's Investors Service to cut the
company's debt rating to the lowest investment grade. Dynegy held
off on a purchase agreement out of concern that the rating would
be cut to junk, jeopardizing Enron's ability to raise cash needed
to settle its daily power and natural-gas trades.
Enron may reveal where it expects to cut jobs and how much it
will pay to departing employees, Paik said. Chief Operating
Officer Greg Whalley said last week that fourth-quarter profit
will be hurt by severance payments and reorganization costs. He
didn't give details.
Jobs likely will be eliminated in businesses the company
plans to sell, including its money-losing telecommunications unit
and operations in Europe, analysts said.
Enron has about 21,000 employees, two-thirds in the U.S. and
about a fifth in the U.K. Its 600 traders are divided between
London and Houston, where Enron employs about 7,500.
Many Enron workers are already preparing for layoffs, said
Lyndon Taylor, a Houston-based recruiter for Heidrick & Struggles
International Inc., an executive placement firm.
``I got 56 resumes last week from Enron,'' Taylor said.
``That's equal to the number I got in the past year.''
--Margot Habiby in Dallas and Jim Polson in Princeton
UK: Trade, bank buyers circle Enron's Wessex Water-reports.
11/17/2001
Reuters English News Service
(C) Reuters Limited 2001.
LONDON, Nov 17 (Reuters) - Both financial and trade buyers are considering =
bids for Wessex Water, the UK utility owned by crisis-hit U.S. energy group=
Enron , weekend press reports said.=20
According to the UK trade magazine Utility Week, Enron's rescue buyer Dyneg=
y wants to offload Wessex as soon as possible, and focus on integrating Enr=
on's core energy businesses.
A report in the Sunday Telegraph newspaper named German bank WestLB as a po=
ssible buyer at a price of 1 billion pounds ($1.4 billion). WestLB is the f=
inancial backer of the management buyout team that owns another southern En=
gland regional utility, Mid Kent Water.=20
Utility Week raised the possibility that UK power utility Scottish & Southe=
rn might be interested.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Financial Post: Canada
A user's guide to living in Calgary: People moving from Houston find the ci=
ties much alike
Claudia Cattaneo
Financial Post
11/17/2001
National Post
National
FP7
(c) National Post 2001. All Rights Reserved.
U.S. oil companies are setting up shop all over downtown, usually picking h=
igh-quality office space with lots of open space. Anadarko Petroleum Corp. =
is located at Fifth Avenue Place, Burlington Resources Inc. is in Bow Valle=
y Square and Devon Energy Corp. is in Canterra Tower. Some end up in the of=
fices of the companies they acquire. Conoco Inc. has moved into Gulf Canada=
Square.=20
The big takeover wave has led to a reshuffling of downtown space. Today, th=
ere is a shortage of large spaces and an increase in small ones available f=
or sublease.
Some would like to get the towers they occupy named after them but landlord=
s resist this because naming a building after one tenant can be a disincent=
ive for others.=20
Oilmen's favourite hangout is the Calgary Petroleum Club, founded by U.S. a=
nd Canadian oilmen in 1948 in the Palliser Hotel. Members have reciprocal m=
embership at the Petroleum Club of Houston. But Calgary's Pete Club is a ba=
rgain compared to its Texas counterpart. The initiation fee in Calgary is $=
2,000, monthly dues are $65 and the minimum amount members must spend in a =
year is $600. The initiation fee for full membership at the Petroleum Club =
of Houston is US$3,500, monthly dues are US$110 and the minimum house accou=
nt is US$75 per quarter.=20
U.S. executives running Canadian oil and gas operations earn substantially =
more than their Canadian counterparts because their compensation is competi=
tive with the U.S. market.=20
When U.S. oil companies purchase Canadian operations, they like to keep as =
much of the Canadian staff as possible, since they are even more aware than=
their Canadian rivals of the "war for talent."=20
When recruiting locally, U.S. firms pay competitively but of course will pa=
y what they must to get the best candidate. They also offer competitive ben=
efits and stock-option plans. U.S. employers gulp at the generous holidays =
enjoyed by Canadian oilpatch employees.=20
There's no American neighbourhood in Calgary, although many recent arrivals=
are buying homes close to the city's core, particularly in such high-end n=
eighbourhoods as Mount Royal, Elbow Park and Britannia, where homes sell fo=
r $500,000 to $2-million.=20
Some U.S. companies purchase condominiums in such areas as Eau Claire on th=
e Bow River to house U.S. executives in transit.=20
Ted Zaharko, a broker-owner with Royal LePage, says Americans are driven by=
lifestyle choices and the fact that they can afford to buy expensive homes=
. Living near other Americans isn't important.=20
The cost of living is lower in Calgary than in many comparable U.S. cities.=
However, U.S. cities become more competitive for high-income earners becau=
se personal income taxes in Canada are higher than in the U.S. at the highe=
r income levels. Offsetting factors include access to health care, clean ai=
r, a short commute to work and the nearby mountain playground, which tend t=
o be important to affluent people.=20
U.S. oil types may have strange accents -- many come from the southern stat=
es -- but oilpatch jargon is pretty much the same. Calgarians and Americans=
understand one another when they talk of dry holes (no discovery), wildcat=
wells (exploration wells) or roughnecks (rig workers). The language of mon=
ey is also the same: barrels and U.S. dollars.=20
Oilpatch humour is also borderless. One of the latest jokes circulating by =
e-mail, courtesy of oilpatch investment dealer Peters & Co., is called "Und=
erstanding Enron." The U.S. energy giant is in trouble over its use of off-=
balance-sheet transactions to keep debt off its books:=20
FEUDALISM You have two cows. Your lord takes some of the milk.=20
FASCISM You have two cows. The government takes both, hires you to take car=
e of them and sells you the milk.=20
PURE COMMUNISM You have two cows. Your neighbours help take care of them an=
d you all share the milk.=20
APPLIED COMMUNISM You have two cows. You must take care of them, but the go=
vernment takes all the milk.=20
TOTALITARIANISM You have two cows. The government takes them both and denie=
s they ever existed. Milk is banned.=20
MEXICAN DEMOCRACY You have two cows. The government takes both and drafts y=
ou into the army.=20
EUROPEAN DEMOCRACY You have two cows. The EU commission decides which regul=
ations for feeding and milking apply. If there aren't any, they invent some=
. They pay you not to milk the cows. They take both cows, shoot one, milk t=
he other and pour the milk down the drain. They then require you to fill ou=
t forms accounting for the missing cows.=20
AMERICAN DEMOCRACY The government promises to give you two cows if you vote=
for it. After the election, the President is impeached for speculating in =
cow futures. The press dubs the affair "cowgate," but supports the Presiden=
t. The cows sue you for breach of contract. Your legal bills exceed your an=
nual income. You settle out of court and declare bankruptcy.=20
CAPITALISM You have two cows. You sell one and buy a bull. Your herd multip=
lies and the economy grows. You sell them and retire on the income.=20
ENRON VENTURE CAPITALISM You have two cows. You sell three of them to your =
publicly listed company, using letters of credit opened by your brother-in-=
law at the bank, then execute a debt/equity swap with an associated general=
offer so you get all four cows back, with a tax exemption for five cows. T=
he milk rights of the six cows are transferred via an intermediary to a Cay=
man Island company secretly owned by the majority shareholder who sells the=
rights to all seven cows back to your listed company. The annual report sa=
ys the company owns eight cows, with an option on one more.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
WestLB Offers to Buy Enron's U.K. Water Unit, Newspaper Says
2001-11-17 20:01 (New York)
London, Nov. 18 (Bloomberg) -- Westdeutsche Landesbank
Girozentrale, Germany's largest state-owned bank, is one of
several suitors talking to Enron Corp. about its Wessex Water
unit, which is valued at more than 1 billion pounds ($1.4
billion), the Sunday Telegraph said without citing sources.
Dynegy Inc. of the U.S. is looking to buy Enron for $24
billion, and will sell some of its assets, including Wessex.
WestLB made a formal offer to Enron in the past few days in hopes
of striking a quick deal because Dynegy may want to avoid the
regulatory risk in such a sale; any bid for a water company in the
U.K. worth at least 30 million pounds must be referred to the
Competition Commission, the newspaper said.
Enron bought Wessex for 1.4 billion pounds in 1998. RWE AG of
Germany, Europe's fourth-biggest power company, is also interested
in Wessex, but Enron thinks U.K. regulators won't approve an RWE
bid because the company already owns Thames Water, a large U.K.
water company.
WestLB has also been reported to be preparing a buyout for
Railtrack Group Plc, the insolvent owner of the U.K.'s train
tracks and stations, the paper said.
Enron Closes on $550 Million Loan From J.P. Morgan, Salomon
2001-11-16 17:36 (New York)
Enron Closes on $550 Million Loan From J.P. Morgan, Salomon
Houston, Nov. 16 (Bloomberg) -- Enron Corp. closed Wednesday
on a $550 million loan from J.P. Morgan Chase & Co. and Salomon
Smith Barney Inc. that was secured with assets of its Transwestern
Pipeline Co., spokesman Vance Meyer said.
Enron, the largest energy trader, said Nov. 1 that it had
received a commitment for $1 billion in loans from the investment
banks that would be used for debt payments and to supplement cash
reserves.
Enron secured the loans with the assets of Transwestern and
the Northern Natural Gas Co. The two pipeline systems combined are
about 19,000 miles long and can deliver as much as 6 billion cubic
feet of gas a day. The remaining $450 million loan, secured with
the Northern Natural Gas assets, is in the documentation stage and
is expected to close next week, Meyer said.
Enron agreed a week ago to be acquired by Dynegy Inc. in a
transaction now valued at $24.7 billion in stock and assumed debt.
The move followed a loss in investor confidence -- the company's
shares had fallen 90 percent this year -- and amid a federal
investigation of accounting irregularities that limited its
ability to finance operations.
ChevronTexaco Corp., the second-biggest U.S. oil company and
Dynegy's largest shareholder with 26 percent, provided Enron,
through Dynegy, with a $1.5 billion cash infusion on Tuesday as
part of the buyout agreement.
In return, Dynegy acquired preferred stock and other rights
in the Enron unit that owns Northern Natural Gas. If the merger
isn't completed, Dynegy will have the right to acquire Northern
Natural Gas, Enron said in regulatory filing Wednesday.
ChevronTexaco will provide Dynegy with another $1 billion after
the merger closes to maintain its equity stake.
The shares of Enron fell 48 cents to $9, while shares of
Dynegy fell $1.53 to $42.47. Both companies are based in Houston.
Shares of San Francisco-based ChevronTexaco fell 35 cents to
$83.45.
--Margot Habiby in the Dallas newsroom (214) 954-9452
| ||
arnold-j/deleted_items/703.
|
subject: Yahoo! Newsletter, November 2001
content: [IMAGE]
[IMAGE][IMAGE] [IMAGE] Yahoo! Warehouse - What's In It For You Visit=
the Yahoo! Warehouse grand opening for deals on used, overstock, and clea=
rance goods from distributors, liquidators, and individual sellers. Buy you=
r favorite books, music, DVDs and videos, video games, computers, and elect=
ronics at bargain prices! Got stuff to sell? It's a cinch to list your item=
s and watch your business grow. Four Dimensions of Shopping The New Yaho=
o! Shopping consists of Shopping, Warehouse, Auctions, and Classifieds. Se=
lect the universal search box to find that perfect holiday gift, or make a =
purchase for yourself or your business. Buy brand-name goods from catalog m=
erchants or boutique storefronts; commodity items from discount sellers; on=
e-of-a-kind collectibles on auction; or cars, pets, furnishings, and more f=
rom sellers in your local area. Shop at Home for the Holidays Find great =
gift ideas and seasonal specials at the Yahoo! Shopping Gift Center . Or vi=
sit the Cosmo Gift Guide 's boutique collection of presents for the ladies =
on your list, including Mom (plus treats for that special someone -- you)! =
From Yahoo! Shopping and Cosmopolitan Magazine -- your favorite things for =
the holidays or anytime. Desktop Essentials Made Easy One simple download=
gets you started with three powerful Yahoo! Essentials : Yahoo! Messenger,=
for instant messaging; Yahoo! Companion, a custom toolbar for your browser=
; and the Messenger Explorer bar, for access to messaging within your brows=
er. Don't miss Yahoo! Messenger's new IMVironments -- liven up your instan=
t chat with interactive themes like Dilbert, Hello Kitty, or the Super Smas=
h Bros. Set up your Windows desktop for easy access to your favorite Yahoo!=
services and preferences. More Great Ways to Yahoo! Short Takes * P=
ut Your Resume Where the Jobs Are - Create an online resume and post it fo=
r free on Yahoo! Careers -- thousands of jobs listings are just a click awa=
y. Let employers find you. * Consumer Reports Auto Hub - Steer your way t=
o expert, unbiased buying advice before you shop the showrooms. Get 90-day =
access to over 150 in-depth vehicle reports for only $9.95. Sample one of t=
he free reports on Yahoo! Autos, like this Best & Worst Used Cars . * Simp=
lify Your Financial Life - Let Yahoo! Finance organize all your accounts, =
calculate and monitor your net worth, and automatically create budgets that=
save you money. Completely free! * Yahoo! Mortgage Center - Mortgage int=
erest rates keep falling. Want to see how much you could save by refinancin=
g? Apply online for a loan and receive up to four offers. Cool Stuff *=
Shop for Thanksgiving - Everything you need for a feast at home or away: =
cookbooks, centerpieces, tools for roasting and carving, and even the tende=
rest turkeys. * Want to Sell Your Car? - Advertise your vehicle on Yahoo!=
Auto Classifieds -- it's easy to reach an audience of millions. Only $14.9=
5 for 21 days. Use Yahoo! Wallet and our secure web submission form. * Fan=
tasy NBA - What's bigger, badder, and better than Yahoo! Sports' free Fant=
asy NBA? Premium add-ons that raise your game to a new level. Try the Fanta=
sy NBA StatTracker, only $7.95 for an edge that lasts all season. Then, get=
Wireless Access for those remote last-minute moves -- $3.95 buys you a sea=
son's worth of mobile play. * Yahoo! Personals - Make a date, find a mate=
. Membership is less than $20 a month. Join ClubConnect now and get your fi=
rst month free. Offer available until November 30, 2001. Copyright ? 20=
01 Yahoo! Inc. All rights reserved. =09
=09
You received this email because your account information indicates that =
you wish to be contacted about special offers, promotions and Yahoo! featur=
es. If you do not want to receive further mailings from Yahoo! Delivers, u=
nsubscribe by clicking here or by replying to this email. You may also mo=
dify your delivery options at any time. To learn more about Yahoo!'s use=
of personal information, including the use of web beacons in HTML-based e=
mail, please read our Privacy Policy . =09
| ||
arnold-j/deleted_items/704.
|
subject: Only Three Days Left! All Electronics on Sale!
content: Only Three Days Left! ALL Electronics on Sale!
Our biggest sale of the season ends Nov. 28th. All PDAs, All Digital Cameras, All DVD Players, All Camcorders, All Cell Phones and ALL other electronics are on sale. Save 5 to 30% on top of other site savings. This offer will not be repeated this holiday season, so act now , this sale ends in three days!
Happy Holidays,
800.com
P.S. Now through December 19th get up to $200 back when you spend $299 or more.
P.P.S. For great holiday gift ideas at a great price visit our holiday savings center .
*Does not include, Movies, Music, Games or select Polk Audio.
************************************************************
If you prefer not to receive any future mailings from 800.com, simply send email to: [email protected] or use the link below: Unsubscribe
This email was sent to [email protected]
Prices and availability subject to change without notice. Quantities on some items may be limited. We strive for accuracy, but reserve the right to be held unaccountable for typographical errors. Copyright 2001, 800.com, Inc. All rights reserved.
| ||
arnold-j/deleted_items/705.
|
subject: Are you in debt?
content: Are you in debt? Having trouble paying it off? We can help!
We can consolidate your bills into just one monthly payment
and help achieve the following:
- Save you a lot of money by eliminating late fees
- Settle your accounts for a substantially reduced amount
- Stop creditors calling you on the phone
- Help avoid bankruptcy
- And more!
By first reducing, and then completely removing your debts,
you will be able to start fresh. Why keep dealing with the
stress, headaches, and wasted money, when you can
consolidate your debts and pay them off much sooner! To
obtain more information, with no obligations or costs,
please reply to this email, fill out the form below, and
return it to us. Your submission will be processed within
10 business days and you will be shortly contacted by one
of our informed staff. Thank you!
Full Name :
Address :
City :
State :
Zip Code :
Home Phone :
Work Phone :
Best Time to Call :
E-Mail Address :
Estimated Debt Size :
**********
If this e-mail arrived to you by error, or you wish to
never receive such advertisements from our company,
please reply to this e-mail with the word REMOVE in the
e-mail subject line. We apologize for any inconveniences
2p5wd2
| ||
arnold-j/deleted_items/706.
|
subject: GREAT SAVINGS FROM Spec's Wines, Spirits & Finer Foods!
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Store<br>
Member:</strong></span></td>
<td align='left' valign='bottom'><span class='emailH'><strong>
Spec's Wines, Spirits & Finer Foods</strong></span></td>
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Members > E-mail<br>
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<td width='160' align='left' class='emailtextwhite'>Hi
JOHN,
<p align='left'><span class='boldwh'>Spec's Wines, Spirits &
Finer Foods</span> and WineISIT.com have teamed up to offer you
some great savings on your favorite wines and spirits.<br>
<br>
We hope you enjoy these WineISIT.com specials.<br>
<br>
5% discount is available for those not using credit cards. Use of
debit cards earns the 5% cash discount.</p>
<p>Both regular and cash discount prices are listed. Specials
available at all locations.</p>
<p>E-mail any questions or comments about these special offers
to:<br>
<br>
<a href='mailto:[email protected]'><span class=
'whitelink'>[email protected]</span></a></p>
<!-- store info -->Spec's largest and most famous location is at
2400 Smith St. on the south edge of downtown. 16 other locations
are around Houston.
<p>Spec's is famous for providing customers more wine, liquor, beer
and specialty foods and at lower prices than anyone in Texas.</p>
<p>Store Hours:<br>
All stores are open from<br>
10AM to 9PM Monday through Saturday.</p>
<p>Charge Cards Honored:<br>
American Express, Mastercard, Visa, Discover cards.</p>
<p>To arrange delivery, call order department at 713-526-8787 OR
TOLL FREE 888-526-8787</p>
<p><b><i>Spec's, for the good stuff.<br>
</i></b></p>
<p>Spec's is not responsible for mis-prints or typographical
errors. All customers must be at least 21 years old.</p>
<p><!-- store info --><br clear='all'>
<!-- --> <a href=
"http://www.wineisit.com/ad/2001November/weekly/20011126/spec.html">
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<td height='10' align='left' valign='top' nowrap class='emailH'>
<span class='emailH'><u>Monthly Specials:</u></span></td>
<td colspan='2' align='right' valign='top' class='emailH'>November,
2001<br>
<font size='-2' face='verdana, tahoma, arial'>Valid 11/5 thru
12/1</font></td>
</tr>
<tr>
<td align='left' class='text1' colspan='3'><!-- specials list-->
<table cellpadding='0' cellspacing='0' border='0' align='left'
width='125'>
<tr>
<td align='middle'><img src=
'http://www.wineisit.com/ad/graphics/honey_brown_12pk.jpg' alt=''
border='0' width="120" height="108"></td>
</tr>
</table>
<p><span class="text1">J.W. Dundee's Honey Brown Lager 12
pack</span></p>
<p><span class="text2">America's first and finest honey lager, J.W.
Dundee's Honey Brown Lager is brewed with pure Canadian clover
honey. This delicious beer offers a smooth, full-bodied taste with
just a touch of sweetness.<br>
<br>
2000 World Beer Cup - Award Winner and 2001 American Tasting
Competition - Award Winner.<br>
<br>
"Wrap yourself around your Honey!"</span></p>
</td>
</tr>
<tr>
<td align='left' class='emailtextblack' colspan='3'>Cash Price:
<span class='specialred'>
$8.69</span> <span class='text2'>
Regular Price: $9.15</span></td>
</tr>
<tr>
<td align='left' class='emailtextblack' colspan='4'>
<hr size='1' width='100%' color='green'>
</td>
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<table cellpadding='0' cellspacing='0' border='0' align='left'
width='125'>
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<td align='middle'><img src=
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'0' width="125" height="77"></td>
</tr>
</table>
<p><span class="text1">Rancho Zabaco Sonoma Heritage Vines
Zinfandel<br>
750 ml.</span></p>
<p><span class="text2">One of the outstanding brands being produced
at the Gallo of Sonoma winery, created to showcase the bold,
intense varietals of the best Sonoma areas. They’re best
known for their Zinfandels, and this one captures the essence of
the grape’s character—lush berry fruit flavors and
moderate tannins. It’s great for everyday
drinking.</span></p>
</td>
</tr>
<tr>
<td align='left' class='emailtextblack' colspan='3'>Cash Price:
<span class='specialred'>
$8.40</span> <span class='text2'>
Regular Price: $8.85</span></td>
</tr>
<tr>
<td align='left' class='emailtextblack' colspan='4'>
<hr size='1' width='100%' color='green'>
</td>
</tr>
<tr>
<td class='emailtextblack' colspan='3' valign="top">
<table cellpadding='0' cellspacing='0' border='0' align='left'
width='125'>
<tr>
<td align='middle'><img src=
'http://www.wineisit.com/ad/graphics/torresella_pgrigio.gif' alt=''
border='0' width="40" height="150"></td>
</tr>
</table>
<p><span class="text1">Torresella Pinot Grigio 750 ml.</span></p>
<p><span class="text2">Aromas of fresh fruit, apple and melon;
crisp and clean flavors; dry and beautifully balanced. An excellent
complement to soups, antipasti, prosciutto, melon and light fish
and pastas.</span></p>
</td>
</tr>
<tr>
<td align='left' class='emailtextblack' colspan='3'>Cash Price:
<span class='specialred'>
$6.10</span> <span class='text2'>
Regular Price: $6.43</span></td>
</tr>
<tr>
<td align='left' class='emailtextblack' colspan='4'>
<hr size='1' width='100%' color='green'>
</td>
</tr>
<tr>
<td class='emailtextblack' colspan='3' valign="top">
<table cellpadding='0' cellspacing='0' border='0' align='left'
width='125'>
<tr>
<td align='middle'><img src=
'http://www.wineisit.com/ad/graphics/TLeaf_chard.jpg' alt=''
border='0' width="125" height="80"></td>
</tr>
</table>
<p><span class="text1">Turning Leaf Vineyards Chardonnay 750
ml.</span></p>
<p><span class="text2">As Turning Leaf wines are handcrafted for
perfection, a majority of the grapes for Turning Leaf were selected
from some of the finest vineyards in the Lodi region. A major
winegrape-growing region since the 1850s, Lodi is increasingly
looked to by leading California wineries for grapes of superior
quality. The warm days and cool nights of its Mediterranean climate
allow the grapes to develop excellent color and maintain crisp acid
levels through to harvest. The end result is a well-balanced
fruit-forward Chardonnay with excellent varietal
character.</span></p>
</td>
</tr>
<tr>
<td align='left' class='emailtextblack' colspan='3'>Cash Price:
<span class='specialred'>
$5.97</span> <span class='text2'>
Regular Price: $6.29</span></td>
</tr>
<tr>
<td align='left' class='emailtextblack' colspan='4'>
<hr size='1' width='100%' color='green'>
</td>
</tr>
<tr>
<td class='emailtextblack' colspan='3' valign="top">
<table cellpadding='0' cellspacing='0' border='0' align='left'
width='125'>
<tr>
<td align='middle'><img src=
'http://www.wineisit.com/ad/graphics/Tostiasti.jpg' alt='' border=
'0' width="56" height="200"></td>
</tr>
</table>
<p><span class="text1">Tosti Asti 750 ml.</span></p>
<p><span class="text2">Tosti was founded in 1820 and is located in
Canelli, Italy in the heart of the Asti region. Produced from the
Moscato grape, it has a pale straw color with golden highlights.
The sparkle is soft, lively with a delicate, aromatic nose and a
trace of pear and fruit with a sweet flavor.<br>
<br>
Enjoy Tosti Asti whenever you feel<br>
like enjoying a great glass of wine.</span></p>
</td>
</tr>
<tr>
<td align='left' class='emailtextblack' colspan='3'>Cash Price:
<span class='specialred'>
$7.62</span> <span class='text2'>
Regular Price: $8.03</span></td>
</tr>
<tr>
<td align='left' class='emailtextblack' colspan='4'>
<hr size='1' width='100%' color='green'>
</td>
</tr>
<tr>
<td class='emailtextblack' colspan='3' valign="top">
<table cellpadding='0' cellspacing='0' border='0' align='left'
width='125'>
<tr>
<td align='middle'><img src=
'http://www.wineisit.com/ad/graphics/gallosonoma_merlot.gif' alt=''
border='0' width="120" height="61"></td>
</tr>
</table>
<p><span class="text1">Gallo of Sonoma Merlot 750ml.</span></p>
<p><span class="text2">A smooth, full-bodied wine with<br>
pleasant berry aromas, and an<br>
excellent balance between ripe fruit<br>
flavors and structured tannins.</span></p>
</td>
</tr>
<tr>
<td align='left' class='emailtextblack' colspan='3'>Cash Price:
<span class='specialred'>
$9.55</span> <span class='text2'>
Regular Price: $10.06</span></td>
</tr>
<tr>
<td align='left' class='emailtextblack' colspan='4'>
<hr size='1' width='100%' color='green'>
</td>
</tr>
<tr>
<td class='emailtextblack' colspan='3' valign="top">
<table cellpadding='0' cellspacing='0' border='0' align='left'
width='125'>
<tr>
<td align='middle'><img src=
'http://www.wineisit.com/ad/graphics/alicewhite_chard.jpg' alt=''
border='0' width="39" height="150"></td>
</tr>
</table>
<p><span class="text1">Alice White Chardonnay 750 ml.</span></p>
<p><span class="text2">Since its introduction in 1996, millions of
Americans have embraced the bold yet approachable Australian wines
of Alice White, consistent Wine Spectator “Best Buy”
selections that reflect the courage of the young adventurer
herself. Join Alice in her journeys—and explore the finest in
New World winemaking.</span></p>
</td>
</tr>
<tr>
<td align='left' class='emailtextblack' colspan='3'>Cash Price:
<span class='specialred'>
$5.56</span> <span class='text2'>
Regular Price: $5.86</span></td>
</tr>
<tr>
<td align='left' class='emailtextblack' colspan='4'>
<hr size='1' width='100%' color='green'>
</td>
</tr>
<tr>
<td class='emailtextblack' colspan='3' valign="top">
<table cellpadding='0' cellspacing='0' border='0' align='left'
width='125'>
<tr>
<td align='middle'><img src=
'http://www.wineisit.com/ad/graphics/gallosonoma_cab.jpg' alt=''
border='0' width="125" height="65"></td>
</tr>
</table>
<p><span class="text1">Gallo of Sonoma Cabernet Sauvignon 750
ml.</span></p>
<p><span class="text2">This Cabernet is rich and complex with
concentrated flavors of black cherries, currant, and spice.
Exhibits excellent structure and appealing depth, accentuated by
extended aging in American and French oak barrels. As a result, the
wine has ample body and an abundance of fruit character.</span></p>
</td>
</tr>
<tr>
<td align='left' class='emailtextblack' colspan='3'>Cash Price:
<span class='specialred'>
$10.35</span> <span class='text2'>
Regular Price: $10.90</span></td>
</tr>
<tr>
<td align='left' class='emailtextblack' colspan='4'>
<hr size='1' width='100%' color='green'>
</td>
</tr>
<tr>
<td class='emailtextblack' colspan='3' valign="top">
<table cellpadding='0' cellspacing='0' border='0' align='left'
width='125'>
<tr>
<td align='middle'><img src=
'http://www.wineisit.com/ad/graphics/bherzog_cab.gif' alt=''
border='0' width="40" height="150"></td>
</tr>
</table>
<p><span class="text1">Baron Herzog Cabernet Sauvignon 750
ml.</span></p>
<p><span class="text2">Baron Herzog wines are produced in Santa
Maria, California by former J. Lohr winemaker Peter Stern in
cooperation with Royal Wine Corporation, the leading distributor of
kosher wines in the world. Baron Herzog Cabernet Sauvignon is a
full-bodied rich wine of unmistakable depth and
elegance.</span></p>
</td>
</tr>
<tr>
<td align='left' class='emailtextblack' colspan='3'>Cash Price:
<span class='specialred'>
$10.29</span> <span class='text2'>
Regular Price: $10.84</span></td>
</tr>
<tr>
<td align='left' class='emailtextblack' colspan='4'>
<hr size='1' width='100%' color='green'>
</td>
</tr>
<tr>
<td class='emailtextblack' colspan='3' valign="top">
<table cellpadding='0' cellspacing='0' border='0' align='left'
width='125'>
<tr>
<td align='middle'><img src=
'http://www.wineisit.com/ad/graphics/bherzog_chard.gif' alt=''
border='0' width="42" height="150"></td>
</tr>
</table>
<p><span class="text1">Baron Herzog Chardonnay<br>
750 ml.</span></p>
<p><span class="text2">Baron Herzog wines are produced in Santa
Maria, California by former J. Lohr winemaker Peter Stern in
cooperation with Royal Wine Corporation, the leading distributor of
kosher wines in the world. Baron Herzog Chardonnay is a luscious
wine with distinct flavors and noble character.</span></p>
</td>
</tr>
<tr>
<td align='left' class='emailtextblack' colspan='3'>Cash Price:
<span class='specialred'>
$10.29</span> <span class='text2'>
Regular Price: $10.84</span></td>
</tr>
<tr>
<td align='left' class='emailtextblack' colspan='4'>
<hr size='1' width='100%' color='green'>
</td>
</tr>
<tr>
<td class='emailtextblack' colspan='3' valign="top">
<table cellpadding='0' cellspacing='0' border='0' align='left'
width='125'>
<tr>
<td align='middle'><img src=
'http://www.wineisit.com/ad/graphics/lockwoodchard.gif' alt=''
border='0' width="44" height="150"></td>
</tr>
</table>
<p><span class="text1">Lockwood Vineyard 1998 Chardonnay 750
ml.</span></p>
<p><span class="text2">The Lockwood Vineyard 1998 chardonnay
reflects meticulous care in the vineyards, innovation in the winery
and a passion for excellence in handcrafted wines. Its tropical
aromas are accented with French oak nuances. The flavors and
textures are full but display balanced acidity. It's a perfect
companion to a diversity of cuisines.</span></p>
</td>
</tr>
<tr>
<td align='left' class='emailtextblack' colspan='3'>Cash Price:
<span class='specialred'>
$9.15</span> <span class='text2'>
Regular Price: $9.64</span></td>
</tr>
<tr>
<td align='left' class='emailtextblack' colspan='4'>
<hr size='1' width='100%' color='green'>
</td>
</tr>
<tr>
<td class='emailtextblack' colspan='3' valign="top">
<table cellpadding='0' cellspacing='0' border='0' align='left'
width='125'>
<tr>
<td align='middle'><img src=
'http://www.wineisit.com/ad/graphics/bherzog_merlot.gif' alt=''
border='0' width="40" height="150"></td>
</tr>
</table>
<p><span class="text1">Baron Herzog Merlot 750 ml.</span></p>
<p><span class="text2">Baron Herzog wines are produced in Santa
Maria, California by former J. Lohr winemaker Peter Stern in
cooperation with Royal Wine Corporation, the leading distributor of
kosher wines in the world. Their Merlot is charming and well
balanced, with a bursting bouquet and full flavorful
finish.</span></p>
</td>
</tr>
<tr>
<td align='left' class='emailtextblack' colspan='3'>Cash Price:
<span class='specialred'>
$10.29</span> <span class='text2'>
Regular Price: $10.84</span></td>
</tr>
<tr>
<td align='left' class='emailtextblack' colspan='4'>
<hr size='1' width='100%' color='green'>
</td>
</tr>
<tr>
<td class='emailtextblack' colspan='3' valign="top">
<table cellpadding='0' cellspacing='0' border='0' align='left'
width='125'>
<tr>
<td align='middle'><img src=
'http://www.wineisit.com/ad/graphics/TLV99Merl750.gif' alt=''
border='0' width="120" height="74"></td>
</tr>
</table>
<p><span class="text1">Turning Leaf Vineyards Merlot 750
ml.</span></p>
<p><span class="text2">Produced in the moderate climate of
California’s Central Valley, this wine was aged in oak for an
average of six months to meld the ripe fruit flavors of Merlot into
a soft-textured mouthfeel. Medium bodied, with rich, fruity aromas
and flavors enhanced by subtle undertones of oak. Pleasing notes of
ripe fruit and plum deliver a full, soft mouthfeel and a lingering
finish.</span></p>
</td>
</tr>
<tr>
<td align='left' class='emailtextblack' colspan='3'>Cash Price:
<span class='specialred'>
$5.97</span> <span class='text2'>
Regular Price: $6.29</span></td>
</tr>
<tr>
<td align='left' class='emailtextblack' colspan='4'>
<hr size='1' width='100%' color='green'>
</td>
</tr>
<tr>
<td class='emailtextblack' colspan='3' valign="top">
<table cellpadding='0' cellspacing='0' border='0' align='left'
width='125'>
<tr>
<td align='middle'><img src=
'http://www.wineisit.com/ad/graphics/stbrendans.jpg' alt='' border=
'0' width="125" height="139"></td>
</tr>
</table>
<p><span class="text1">Saint Brendan’s Irish Cream Liqueur
34° 750 ml.</span></p>
<p><span class="text2">Saint Brendan’s Irish Cream Liqueur is
unique in that it is the only Irish Cream Liqueur made by a dairy
company. Its delicious, smooth blend of premium, triple-distilled,
aged Irish Whiskey and the company’s own best dairy cream
ensures the ultimate freshness and creamy texture. Saint
Brendan’s uses only top quality, all-natural ingredients for
an exceptionally rich, smooth and creamy flavor.</span></p>
</td>
</tr>
<tr>
<td align='left' class='emailtextblack' colspan='3'>Cash Price:
<span class='specialred'>
$10.44</span> <span class='text2'>
Regular Price: $10.99</span></td>
</tr>
<tr>
<td align='left' class='emailtextblack' colspan='4'>
<hr size='1' width='100%' color='green'>
</td>
</tr>
<tr>
<td class='emailtextblack' colspan='3' valign="top">
<table cellpadding='0' cellspacing='0' border='0' align='left'
width='125'>
<tr>
<td align='middle'><img src=
'http://www.wineisit.com/ad/graphics/cavitpinotgrigio.gif' alt=''
border='0' width="113" height="106"></td>
</tr>
</table>
<p><span class="text1">Cavit Pinot Grigio 1.5L</span></p>
<p><span class="text2">It's all about taste. Start a tradition this
summers with Cavit, America's #1 Pinot Grigio and #1 Imported
Wine*. Crisp, light with appealing flavors, Cavit Pinot Grigio was
awarded a 4-Star rating from the New York Times Wine Today website.
A perfect companion to your favorite summer dishes. Enjoy
chilled.<br>
<br>
*Cavit Pinot Grigio ACNielsen 52 weeks 3/31/01 FDL"</span></p>
</td>
</tr>
<tr>
<td align='left' class='emailtextblack' colspan='3'>Cash Price:
<span class='specialred'>
$7.25</span> <span class='text2'>
Regular Price: $7.64</span></td>
</tr>
<tr>
<td align='left' class='emailtextblack' colspan='4'>
<hr size='1' width='100%' color='green'>
</td>
</tr>
<tr>
<td class='emailtextblack' colspan='3' valign="top">
<table cellpadding='0' cellspacing='0' border='0' align='left'
width='125'>
<tr>
<td align='middle'><img src=
'http://www.wineisit.com/ad/graphics/e&j_VSOP.gif' alt=''
border='0' width="120" height="116"></td>
</tr>
</table>
<p><span class="text1">E&J VSOP Brandy<br>
80° 750 ml.</span></p>
<p><span class="text2">" . . . richly bodied and rewardingly
flavored high impact blend that gives the dual pleasures of complex
oak aged flavors and lingering body. Powerful bouquet of vanilla
and old sherry are demonstrated here which can only be gained by
long aging. Supple flavors of cedar and berries finish with a long
and satisfying smoothness that defines this blend."<br>
Gregory Hill, Brandymaster<br>
</span></p>
</td>
</tr>
<tr>
<td align='left' class='emailtextblack' colspan='3'>Cash Price:
<span class='specialred'>
$8.28</span> <span class='text2'>
Regular Price: $8.72</span></td>
</tr>
<tr>
<td align='left' class='emailtextblack' colspan='4'>
<hr size='1' width='100%' color='green'>
</td>
</tr>
<tr>
<td class='emailtextblack' colspan='3' valign="top">
<table cellpadding='0' cellspacing='0' border='0' align='left'
width='125'>
<tr>
<td align='middle'><img src=
'http://www.wineisit.com/ad/graphics/cricklewood_pgris.jpg' alt=''
border='0' width="120" height="78"></td>
</tr>
</table>
<p><span class="text1">Cricklewood Pinot Gris 750 ml.</span></p>
<p><span class="text2">With loads of apple and pear flavors, this
crisp white is beautifully balanced with a spicy, refreshing
finish. The Cricklewood varietals are produced by Montonore
Vineyards from its estate vineyards in the Northern Willamette
Valley of Oregon.</span></p>
</td>
</tr>
<tr>
<td align='left' class='emailtextblack' colspan='3'>Cash Price:
<span class='specialred'>
$8.57</span> <span class='text2'>
Regular Price: $9.03</span></td>
</tr>
<tr>
<td align='left' class='emailtextblack' colspan='4'>
<hr size='1' width='100%' color='green'>
</td>
</tr>
<tr>
<td class='emailtextblack' colspan='3' valign="top">
<table cellpadding='0' cellspacing='0' border='0' align='left'
width='125'>
<tr>
<td align='middle'><img src=
'http://www.wineisit.com/ad/graphics/cricklewood_pinot.jpg' alt=''
border='0' width="120" height="78"></td>
</tr>
</table>
<p><span class="text1">Cricklewood Pinot Noir 750 ml.</span></p>
<p><span class="text2">This lovely, easy drinking red offers lots
of red and black cherry with light earth and chocolate notes with a
velvety texture and finish. The Cricklewood varietals are produced
by Montonore Vineyards from its estate vineyards in the Northern
Willamette Valley of Oregon.</span></p>
</td>
</tr>
<tr>
<td align='left' class='emailtextblack' colspan='3'>Cash Price:
<span class='specialred'>
$8.57</span> <span class='text2'>
Regular Price: $9.03</span></td>
</tr>
<tr>
<td align='left' class='emailtextblack' colspan='4'>
<hr size='1' width='100%' color='green'>
</td>
</tr>
<tr>
<td class='emailtextblack' colspan='3' valign="top">
<table cellpadding='0' cellspacing='0' border='0' align='left'
width='125'>
<tr>
<td align='middle'><img src=
'http://www.wineisit.com/ad/graphics/e&j_vs_brandy.jpg' alt=''
border='0' width="108" height="150"></td>
</tr>
</table>
<p><span class="text1">E & J Brandy 80° 1.75 L.</span></p>
<p><span class="text2">" ...distilled and aged to demonstrate<br>
finesse and delicacy of California<br>
brandy... loads of fruit and varietal<br>
grape flavors dominate, with a light<br>
balance of butterscotch and vanilla<br>
notes recovered from carefully<br>
selected barrels used in aging . . .<br>
lightly bodied with a crisp clean<br>
finish."<br>
<br>
Gregory Hill, Brandymaster</span></p>
</td>
</tr>
<tr>
<td align='left' class='emailtextblack' colspan='3'>Cash Price:
<span class='specialred'>
$15.44</span> <span class='text2'>
Regular Price: $16.26</span></td>
</tr>
<tr>
<td align='left' class='emailtextblack' colspan='4'>
<hr size='1' width='100%' color='green'>
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<tr>
<td class='emailtextblack' colspan='3' valign="top">
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'http://www.wineisit.com/ad/graphics/moskovskaya.gif' alt=''
border='0' width="39" height="150"></td>
</tr>
</table>
<p><span class="text1">Moskovskaya Vodka<br>
80° 1 L.</span></p>
<p><span class="text2">From Moscow’s famous Cristall
Distillery, makers of Stolichnaya and known worldwide for
exceptional quality, this is the top-selling vodka in Russia.
Virtually identical to Stoli (except the label is green, not red)
at a bargain price!</span></p>
</td>
</tr>
<tr>
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<span class='specialred'>
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Regular Price: $13.68</span></td>
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arnold-j/deleted_items/707.
|
subject: Update to Merger Q&A
content: We've updated the Merger Q&A document on our Enron Updates site ( <http://home.enron.com/updates/mergerQA.html>), as a result of the many questions you've had concerning the merger between Enron and Dynegy. Questions addressed include those about Enron stock options, benefits and immigration status. Please stay tuned for additional updates.
| ||
arnold-j/deleted_items/708.
|
subject: Enron Mentions- 11/21/01
content: Dynegy Issues Statement On Enron Merger Status
Business Wire, 11/21/01
Enron says repayment of 690 mln usd debt extended until mid-Dec
AFX News, 11/21/01
USA: Enron secures credit line as shares fall.
Reuters English News Service, 11/21/01
Enron stock free-fall continues
Associated Press Newswires, 11/21/01
Enron Closes On $450M Secured Credit Line
Dow Jones News Service, 11/21/01
USA: UPDATE 1-Enron shares fall further on credit concerns.
Reuters English News Service, 11/21/01
USA: Enron shares tumble on credit concerns.
Reuters English News Service, 11/21/01
Upgrades and Downgrades
CNNfn: Market Coverage - Morning, 11/21/01
USA: RESEARCH ALERT-Enron, Dynegy cut by Goldman.
Reuters English News Service, 11/21/01
Enron Gets Extension on $690 Mln Note Due Next Week (Update1)
Bloomberg, 11/21/01
Enron, Dynegy Shares Fall 2nd Day on Threat to Buyout (Update2)
Bloomberg, 11/21/01
U.S. Equity Movers: Cardiac Science, Enron, Guidant, TriQuint
Bloomberg, 11/21/01
Enron, Dynegy Shares Fall 2nd Day on Threat to Dynegy Bid
Bloomberg, 11/21/01
Enron Corp. Cut to `Market Perform' at Goldman Sachs
Bloomberg, 11/21/01
Enron Says Lenders Extend $690 Mln Note Payment to Mid-December
Bloomberg, 11/21/01
Plunge Says End Is Near at Enron
TheStreet.com, 11/21/01
DYNEGY, ENRON SAY MERGER TO PROCEED
CBS.MarketWatch.com, 11/21/01
Dynegy Issues Statement On Enron Merger Status
11/21/2001
Business Wire
(Copyright (c) 2001, Business Wire)
HOUSTON--(BUSINESS WIRE)--Nov. 21, 2001--Dynegy Inc. (NYSE:DYN) Chairman an=
d CEO Chuck Watson today said he is encouraged by Enron Corp.'s report this=
morning that it has closed the remaining $450 million credit facility secu=
red by the assets of Northern Natural Gas Pipeline and has received a commi=
tment from its lead bank to extend the $690 million note payable obligation=
described in Enron's recent 10-Q filing.=20
"We are continuing our confirmatory due diligence and working to accelerate=
the regulatory approvals required to complete the merger in accordance wit=
h the previously announced agreement," he said.
Watson also noted that ChevronTexaco recently reiterated that it has "full =
confidence in Dynegy's disciplined management approach to complete the merg=
er and to build a new company into an industry leader." ChevronTexaco owns =
26 percent of Dynegy's outstanding common stock.=20
Dynegy Inc. is one of the world's top energy merchants. Through its global =
energy delivery network and marketing, trading and risk management capabili=
ties, Dynegy provides innovative solutions to customers in North America, t=
he United Kingdom and Continental Europe.=20
Certain statements included in this news release are intended as "forward-l=
ooking statements" under the Private Securities Litigation Reform Act of 19=
95. These statements include assumptions, expectations, predictions, intent=
ions or beliefs about future events. Dynegy cautions that actual future res=
ults may vary materially from those expressed or implied in any forward-loo=
king statements. Some of the key factors that could cause actual results to=
vary from those Dynegy expects include changes in commodity prices for ene=
rgy or communications products or services; the timing and extent of deregu=
lation of energy markets in the U.S. and Europe; the timing of required app=
rovals for the Dynegy/Enron merger and the success of integration and cost =
savings measures relating to the merger; the effectiveness of Dynegy's risk=
management policies and procedures and the creditworthiness of customers a=
nd counterparties; the liquidity and competitiveness of wholesale trading m=
arkets for energy commodities, including the impact of electronic or online=
trading in these markets; operational factors affecting Dynegy's power gen=
eration or Dynegy's midstream natural gas facilities; uncertainties regardi=
ng the development of, and competition within, the market for communication=
s services in the U.S. and Europe; uncertainties regarding environmental re=
gulations or litigation and other legal or regulatory developments affectin=
g Dynegy's business; general political, economic and financial market condi=
tions; and any extended period of war or conflict involving the United Stat=
es or Europe. Moreover, Dynegy's expectation that the acquisition will be a=
ccretive to earnings in 2002 and beyond is based upon achieving certain sal=
es projections, meeting certain cost targets and successfully integrating t=
he acquired assets. More information about the risks and uncertainties rela=
ting to these forward-looking statements are found in Dynegy's SEC filings,=
which are available free of charge on the SEC's Web site at http://www.sec=
.gov.
CONTACT: Dynegy Inc., Houston 713/767-5800=20
13:26 EST NOVEMBER 21, 2001=20
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Enron says repayment of 690 mln usd debt extended until mid-Dec
11/21/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
HOUSTON (AFX) - Enron Corp said its creditor banks have granted an extensio=
n on a 690 mln usd note payable by Nov 27 until mid-December, giving it eno=
ugh time to restructure the debt.=20
In a statement, the troubled energy company said the extension has been agr=
eed following talks with its main creditor banks on restructuring its debt =
to avoid a liquidity crisis.
"We have been in continuous contact with our banks and believe we can ident=
ify a mutually beneficial restructuring to enhance our cash position, stren=
gthen our balance sheet and address upcoming maturities," said chief financ=
ial officer Jeffrey McMahon.=20
Enron first informed investors of the possibility it would be forced to rep=
ay the 690 mln usd note in a filing to the Securities and Exchange Commissi=
on on Monday.=20
The obligation arose after Standard & Poor's cut the company's long-term de=
bt rating to BBB- last week, forcing it to either post collateral on the no=
te or repay it on maturity.=20
Enron said it has also secured the remaining 450 mln usd of a previously an=
nounced 1 bln usd credit line from JP Morgan and Salomon Smith Barney. The =
facility is secured by the assets of Enron's Northern Natural Gas Co unit.=
=20
The other 550 mln usd are secured by the assets of its Transwestern Pipelin=
e Co.=20
Enron also said it is still committed to its merger with Dynegy Inc, announ=
ced on Nov 9.=20
"We continue to believe that this merger is in the best interests of our sh=
areholders, employees, and lenders," said chairman and chief executive Kenn=
eth Lay. "It offers the opportunity to create a formidable player in the me=
rchant energy business with substantial growth prospects and a strong finan=
cial position."=20
JP Morgan Chase vice chairman James Lee said the bank will work with Enron =
and its other creditor banks "to develop a plan to strengthen Enron's finan=
cial position up to and through its merger with Dynegy", which is expected =
to close in the third quarter of 2002.=20
cl/gc For more information and to contact AFX: www.afxnews.com and www.afxp=
ress.com
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
USA: Enron secures credit line as shares fall.
11/21/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Nov 21 (Reuters) - Enron Corp. said on Wednesday it secured the r=
emaining $450 million of its $1 billion credit line and reaffirmed its comm=
itment to an agreement to be taken over by rival Dynegy Inc.=20
Facing a crisis of confidence, Enron said it is in active talks with its ot=
her lenders to restructure its debt obligation and had pushed back the dead=
line for repaying a $690 million loan obligation to mid-December.
"We continue to believe that this merger is in the best interests of our sh=
areholders, employees, and lenders," Enron Chairman and Chief Executive Ken=
Lay said in a statement.=20
Enron shares were down 28 percent after noon on Wednesday, after being down=
33 percent earlier in the day. Its shares fell about 23 percent on Tuesday=
amid concerns over its liquidity and growing questions over whether the pr=
oposed takeover by Dynegy would go ahead.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Enron stock free-fall continues
11/21/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.
HOUSTON (AP) - Shares of embattled Enron Corp. plunged another 32 percent W=
ednesday morning as analysts and investors continued to doubt the once-migh=
ty energy trader's ability to recover lost business and investor confidence=
.=20
In a report released Wednesday, Goldman Sachs & Co. analyst David Fleischer=
became the latest to question Enron's future, saying that an SEC filing by=
the Houston-based company earlier this week "raised new issues about liqui=
dity and the ability of the company to even finance itself over the next se=
veral months."
Analysts are also questioning whether Dynegy Inc.'s planned dlrs 8.9 billio=
n acquisition of Enron will survive given the latest revelations.=20
Documents filed with the Securities and Exchange Commission by Enron late M=
onday restated the company's third-quarter earnings and stated that it may =
have to repay a dlrs 690 million debt by next week because of decreased cre=
dit ratings.=20
The filing also noted that Enron's financial woes have led to a "reduced le=
vel of transaction activity" with the company by trading partners.=20
Enron shares fell 23 percent Tuesday, then dropped another dlrs 2.25, or 32=
percent, to dlrs 4.74 Wednesday in extremely heavy trading on the New York=
Stock Exchange.=20
Fleischer said Enron's Nov. 16 cash balance of dlrs 1.2 billion is inadequa=
te to meet remaining debt obligations.=20
Fleischer acknowledged, however, Enron's efforts to renegotiate next week's=
due date for the dlrs 690 million debt, which was triggered Nov. 12 when t=
he company's credit rating was downgraded to BBB-, saying that there are in=
dications that Enron's banks may be willing to roll current maturities over=
and even make new equity investments.=20
Michelle Foss, director of the Energy Institute at the University of Housto=
n, said this latest round of troubles had to raise concerns about whether t=
he Dynegy-Enron deal will be pulled off.=20
"It doesn't look like it's going to be able to happen," Foss said. "It did =
look like a decent idea when they proposed the merger, but today I'm sure t=
hey'll look at it and see if they can salvage their attempt to buy Enron."=
=20
Shares of Dynegy were off dlrs 2.55 to dlrs 39.15 in trading on the NYSE.=
=20
---=20
Tobacco suits by Venezuela, Brazil's Espirito Santo dropped=20
MIAMI (AP) - Health care cost-recovery lawsuits against major U.S. cigarett=
e makers by Venezuela and the Brazilian state of Espirito Santo have been d=
ismissed.=20
"This is another important reminder to American plaintiffs' lawyers that a =
state court won't ignore the overwhelming number of decisions by federal co=
urts rejecting these lawsuits," William S. Ohlemeyer, Philip Morris Cos. vi=
ce president, said Tuesday after the decisions.=20
Attorneys for several foreign governments have filed an assortment of lawsu=
its in U.S. federal and state courts in an attempt to find some legal mecha=
nism that withstands judicial scrutiny.=20
Russia and other Brazilian states are among the foreign governments that ha=
ve sued in Miami, where a verdict of dlrs 145 billion was awarded to Florid=
a smokers against the five biggest U.S. cigarette makers.=20
Ecuador's suit in Miami was withdrawn earlier when another state judge anno=
unced his intention to dismiss it.=20
----=20
General Motors of Canada inks supplier agreement with Quebec rubber plants=
=20
Eds: Dollar figures are Canadian.=20
MONTREAL (AP) - General Motors of Canada has signed supplier agreements wit=
h a Quebec auto-parts maker that helped create about 800 jobs, news reports=
said Wednesday.=20
The deal with Saar-Gummi Automotive Group in Magog, Quebec, is part of Gene=
ral Motors' commitment to offset the jobs that will be lost when it shuts d=
own its car assembly factory in Boisbriand, Quebec, next year, killing 1,40=
0 jobs.=20
GM did not reveal the value of the contracts, but German-based Saar-Gummi s=
aid Tuesday it has made a dlrs 40 million investment in its seven Magog pla=
nts, doubling its workforce to 1,600 employees from 800 since last summer.=
=20
The factories make molded rubber parts for cars, such as the rubber strips =
and molding found along the doors of vehicles. Most of the production is so=
ld to GM, and goes into 56 GM plants in Canada, the United States and Mexic=
o.=20
The products will be used in several models including the Chevrolet Avalanc=
he, GMC Envoy, Saturn VUE and Cadillacs.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Enron Closes On $450M Secured Credit Line
11/21/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
HOUSTON -(Dow Jones)- Enron Co. (ENE) closed on the remaining $450 million =
of a previously announced $1 billion in secured credit lines and said it is=
in active discussions to restructure its debt to improve liquidity.=20
In a press release Wednesday, Enron said the $450 million credit facility i=
s secured by the assets of Enron's Northern Natural Gas Co.
A $550 million credit facility, secured by the assets of Enron's Transweste=
rn Pipeline Co., closed Nov. 16. The proceeds are being used to supplement =
short-term liquidity and to refinance maturing obligations.=20
The company said it was informed by the lead bank on the facility that the =
maturity on its $690 million note payable obligation will be extended to mi=
d-December. Enron expects the extension to be finalized shortly.=20
Dow Jones Corporate Filings Alert reported Monday that Enron is currently p=
reparing a restructuring plan aimed at taking aggressive steps to rationali=
ze the company's existing cost structure, accelerating the process of dives=
ting noncore businesses and assets and restructuring scheduled maturities o=
f debt and other obligations.=20
Enron's credit lines are from J.P. Morgan, the investment-banking arm of J.=
P. Morgan Chase & Co. (JPM), and Salomon Smith Barney, the investment-banki=
ng arm of Citigroup Inc. (C).=20
Enron also reaffirmed its commitment to the merger with Dynegy Inc. (DYN). =
On Nov. 9, Enron and Dynegy signed a definitive merger agreement that would=
give Enron shareholders 0.2685 share of a Dynegy share. The merger is expe=
cted to close by the end of the third quarter of 2002.=20
On Monday, Enron filed its Form 10-Q for the third quarter, which reflected=
a wider loss by 3 cents a share. The energy company previously reported a =
loss of $618 million, or 84 cents a share, on revenue of $47.6 billion for =
the third quarter ended Sept. 30.=20
-Stephen Lee; Dow Jones Newswires; 201-938-5400
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
USA: UPDATE 1-Enron shares fall further on credit concerns.
11/21/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Nov 21 (Reuters) - Enron Corp. shares tumbled 33 percent in early=
trading on Wednesday, following a 22.8 percent drop on Tuesday, amid conce=
rns over the company's liquidity and growing questions over whether the pro=
posed takeover by Dynegy will go ahead.=20
Enron's shares were down $2.29 to $4.70 in early trading on the New York St=
ock Exchange. The stock was the biggest loser by percentage and the most ac=
tive stock on the NYSE.
"The Dynegy deal will take a long time and a lot of things could happen ove=
r that time period. Dynegy did their homework, but if they missed anything,=
they have a number of exit opportunities," said Fulcrum Global Partners an=
alyst Michael Barbis.=20
Dynegy was not immediately available for comment.=20
Wall Street analysts said Enron is losing market share because of credit co=
ncerns from its trading partners and questions over Dynegy Inc.'s takeover =
offer. Enron warned on Monday it could be forced to pay by next week a $690=
million debt triggered by a credit downgrade last week.=20
"Enron is definitely losing market share on credit concerns. Cash needs to =
run the buisness have now increased. The market perceives Enron as needing =
more cash," said Barbis.=20
On Monday, Enron disclosed it is up against a deadline of Nov. 26 to delive=
r collateral against the debt owed to a third party in one of its many part=
nerships.=20
If not, the partner has the right to liquidate all of the assets of the par=
tnership, which include a Brazilian natural gas company that Enron was coun=
ting on selling to raise $250 million in cash.=20
Enron is working to make alternative payment arrangements, since it can ill=
-afford to pay the debt now. Enron has already already maxed out its $3 bil=
lion credit line, secured roughly $2 billion in loans and is looking for mo=
re cash to stay afloat.=20
On Monday, the Houston-based company also reduced previously reported 2001 =
third-quarter earnings by 3 cents per share and increased reported earnings=
for the first 9 months of the year by a penny per share.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
USA: Enron shares tumble on credit concerns.
11/21/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Nov 21 (Reuters) - Enron Corp. shares tumbled 19 percent in openi=
ng trade on Wednesday, amid concerns over the company's liquidity and growi=
ng questions over whether the proposed takeover by Dynegy will go ahead.=20
Shares were down $1.33 to $5.66 in early trading on the New York Stock Exch=
ange.
Wall Street analysts said Enron is losing market share because of credit co=
ncerns from its trading partners and questions over Dynegy Inc.'s takeover =
offer. Enron warned on Monday it could be forced to pay by next week a $690=
million debt triggered by a credit downgrade last week.=20
"The Dynegy deal will take a long time and a lot of things could happen ove=
r that time period. Dynegy did their homework, but if they missed anything,=
they have a number of exit opportunities," said Fulcrum Global Partners an=
alyst Michael Barbis.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Business
Upgrades and Downgrades
Rhonda Schaffler, Charles Kadlec
11/21/2001
CNNfn: Market Coverage - Morning
(c) Copyright Federal Document Clearing House. All Rights Reserved.
RHONDA SCHAFFLER, CNNfn ANCHOR, MARKET CALL: Time now for upgrades and down=
grades.=20
Salomon Smith Barney downgrades Microsoft (URL: http://www.microsoft.com/) =
to neutral from outperform saying the company`s earnings estimates too aggr=
essive in light of the economic conditions.
Goldman Sachs, as we heard from Chris, removing three energy firms; Enron (=
URL: http://.www.enron.com/) , Dynegy (URL: http://www.dynegy.com/) and Wil=
liams (URL: http://www.williamsenergy.com/) , from the recommended list.=20
Dynegy was expected to buy the troubled Enron. It is still, but it`s rated =
market perform now as is Enron. Williams rated market outperform. Goldman s=
ays it`s concerned about Enron`s ability to recover from the loss of signif=
icant business deals and sees no positive catalysts for the entire group la=
rgely due to the problems in Enron.=20
On the upside, Deutsche Bank is raising Xerox (URL: http://www.xerox.com/) =
to buy from market perform saying it`s pleased with the company`s turnaroun=
d strategy. We`re going to talk about that in detail when we speak with the=
analyst who made that call in just a moment.=20
First, we want to take a look at how these stocks are trading. Entire group=
is down with the exception of Xerox. It`s up 15 cents.=20
Peter Ausnit is imaging analyst at Deutsche Bank Alex. Brown and joins us.=
=20
And thanks for joining us here on MARKET CALL. What is it about Xerox you l=
ike?=20
PETER AUSNIT, IMAGING ANALYST, DEUTSCHE BANK ALEX. BROWN: Well I think the =
company`s really put its liquidity concerns behind it and now investors can=
look at the long-term picture, which is much brighter.=20
CHARLES KADLEC, J&W SELIGMAN: Peter, it`s Chuck Kadlec. Good morning. Is th=
is is a heroic recommendation here? Is this - should we consider this more =
of a speculative investment or is this something that a conservative invest=
or ought to be interested in?=20
AUSNIT: I think investors should be interested in this if, over the next se=
veral quarters - in the near-term, the conditions are still quite difficult=
but over the long-term it`s not that speculative. Xerox has a large instal=
l base, a tremendous sales and service force and can probably return to ind=
ustry standard margins.=20
KADLEC: As you say, this probably depends on management`s ability to execut=
e here. Why do you believe this management is going to be able to execute t=
heir strategy?=20
AUSNIT: Well their track records during the turnaround has been fairly stro=
ng and the strategy has made a lot of sense. They`ve sold a lot of business=
es. They`ve done most of the things they promised to do such as bring on ne=
w third party equipment financing and they`re going to bring on a new CFO a=
s well.=20
SCHAFFLER: Peter Ausnit of Deutsche Bank Alex. Brown, thanks for joining us=
.=20
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
USA: RESEARCH ALERT-Enron, Dynegy cut by Goldman.
11/21/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Nov 21 (Reuters) - Goldman Sachs said on Wednesday it removed mer=
ger partners Enron Corp. and Dynegy Inc. from its "recommended list" and do=
wngraded the stocks to "market perform."=20
Goldman said it cut Enron's 2001 earnings estimate to $1.35 a share, and cu=
t the 2002 estimate to 50 cents a share amid concerns about "new and major"=
liquidity issues, and the company's ability to recover the business that h=
as been lost.
The firm said the cash infusion from Dynegy "appears inadequate to restore =
the confidence of Enron customers."=20
It said Dynegy and Williams Cos Inc. have "excellent long-term prospects," =
but valuations throughout the sector may be under pressure until Enron's is=
sues are resolved.=20
Shares of Enron closed at $6.99 on Tuesday, while Dynegy closed at $41.70. =
Shares of Williams closed at $29.26.
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved. =09
Enron Gets Extension on $690 Mln Note Due Next Week (Update1)
2001-11-21 12:38 (New York)
Enron Gets Extension on $690 Mln Note Due Next Week (Update1)
(Updates with amount of debt in fourth paragraph.)
Houston, Nov. 21 (Bloomberg) -- Enron Corp., whose shares had
dropped 92 percent this year amid a financial crisis, said lenders
extended to mid-December the payment date on a $690 million note
due next week.
Enron, which agreed to be bought out by rival energy trader
Dynegy Inc. in a transaction now valued at more than $23 billion,
said earlier this week a drop in its credit rating may force it to
repay the $690 million note. The repayment would strain cash
reserves Enron needs to back its trading operations, investors and
analysts said.
The Houston-based company didn't say in its release who holds
the note, which is owed by an affiliated partnership that owns
Brazilian natural-gas assets and was backed by Enron.
The note is held by a group of banks led by the Citibank unit
of Citigroup Inc., Standard & Poor's said in a press release
yesterday.
Enron also is in discussions with other lenders on a
restructuring of its debt, the company said in a statement
distributed by PR Newswire.
``We believe the interests of Chase and Enron's other primary
lenders are aligned in this restructuring effort,'' James Lee,
vice president of JP Morgan Chase & Co., said in the Enron
statement. ``We will work with Enron and its other primary lenders
to develop a plan to strengthen Enron's financial position up to
and through its merger with Dynegy.'' Morgan has been advising
Enron on its merger with Dynegy.
Enron said yesterday it may have to pay $9.15 billion in debt
due by 2003, suggesting the company may run out of cash before the
merger closes. Dynegy has said the merger should close before the
end of the third quarter of 2002.
Enron said in a regulatory filing that it has less than $2
billion in cash or credit lines.
Shares of Enron, the most active stock in U.S. trading, fell
$1.79, or 23 percent, to $5.20 in midday trading. Before the
announcement that it had renegotiated the $690 million note, its
shares had fallen as much as 42.78 percent, the lowest level in
more than a decade.
Dynegy fell $2.50, or 6 percent, to $39.20. Shares of
ChevronTexaco Corp., which owns 26 percent of Dynegy, rose 49
cents to $87.02
Enron, Dynegy Shares Fall 2nd Day on Threat to Buyout (Update2)
2001-11-21 11:49 (New York)
Enron, Dynegy Shares Fall 2nd Day on Threat to Buyout (Update2)
(Adds analyst comment in fourth paragraph.)
Houston, Nov. 21, (Bloomberg) -- Shares of Enron Corp., the
biggest energy trader, and Dynegy Inc. fell for a second day on
concern Enron may run out of cash before its takeover by Dynegy
can be completed.
Enron tumbled as much as 33 percent, and Dynegy dropped as
much as 6.7 percent. Enron's bonds also fell. The company's 6.4
percent notes maturing in July 2006 were bid at 62 cents and
offered at 66 cents, traders said. They sold at about 72 cents
yesterday.
Institutional investors sold shares of both companies after
Goldman, Sachs & Co. analyst David Fleischer downgraded them to
``market perform'' from his ``recommend'' list, other analysts
said.
The Dynegy bid ``did not eliminate customer concerns about
Enron's liquidity and long-term viability,'' Goldman Sachs said
in its report. ``We now believe that it will be difficult for
Enron shares to generate strong returns until it is clear that
Enron can operate on a normal basis without having to provide
cash or letters of credit to back routine transactions.''
Fleischer also cut his 2002 profit estimate for Enron to 50
cents from $1.35. Enron had been expected to make $1.90 next
year, the average estimate of 16 analysts surveyed by Thomson
Financial/First Call.
Enron said Monday it may have to pay $9.15 billion in debt
due by 2003, suggesting the Houston-based energy trader may run
out of cash. The company said in a regulatory filing it has less
than $2 billion in cash or credit lines.
It also surprised some investors by saying a drop in its
credit rating may force it to repay a $690 million note next
week. Enron said yesterday the terms of the notes, which it
guaranteed for an affiliated partnership that owns Brazilian
natural-gas assets, are being renegotiated and that it had a
``verbal indications'' that the maturity of the notes will be
extended.
The company's dealings with affiliated partnerships led to
earnings restatements, credit-rating cuts, a federal
investigation and a management shakeup. Dynegy plans to complete
its buyout by October, and Enron may have to ask lenders to
restructure payment schedules.
Mirant Corp., Aquila Inc. and other big energy traders are
doing fewer transactions with Enron as concerns increase about
its credit rating and ability to finance daily business,
executives said yesterday.
Enron's stock fell $2.28, or 32 percent, to $4.71 in
late-morning trading. Earlier, it touched $4.67, its lowest price
in more than a decade. The shares have plummeted 92 percent this
year. Dynegy fell $2.70, or 6.5 percent, to $39.00. The shares
had dropped 26 percent this year.
U.S. Equity Movers: Cardiac Science, Enron, Guidant, TriQuint
2001-11-21 10:24 (New York)
U.S. Equity Movers: Cardiac Science, Enron, Guidant, TriQuint
New York, Nov. 21 (Bloomberg) -- The following is a list of
companies whose shares are moving in U.S. markets Wednesday, Nov.
21. The stock symbol is in parentheses after the company name.
Major Moving Stocks:
Enron Corp. (ENE) fell $1.54, or 22 percent, to $5.45 and
traded as low as $5.44. The energy trader shares fell for a second
day on concern Enron may run out of cash before its takeover by
Dynegy Inc. (DYN) can be completed.
Other Moving Stocks:
Cardiac Science Inc. (DFIB) rose 51 cents, or 16 percent, to
$3.65 and traded as high as $3.89. The maker of equipment used to
restore a normal heartbeat to patients in cardiac arrest said the
San Diego City Council approved an agreement for the company to
deploy automated external defibrillators in the region. The
company made the announcement in a press release distributed by PR
Newswire. Officials couldn't immediately be reached to comment.
Guidant Corp. (GDT) rose $4.18, or 8.9 percent, to $51 and
traded as high as $51.50. The maker of products to treat heart
disease said a study showed implantable defibrillators cut deaths
by 30 percent in heart-attack survivors, potentially expanding the
$1.9 billion market for the product.
Portal Software Inc. (PRSF) fell 34 cents, or 15 percent, to
$1.89 and traded as low as $1.64. The provider of Internet-billing
programs said in a release distributed by Business Wire that it
forecasts a loss of 9 cents to 10 cents a share in the fourth
quarter ending Jan. 31. The company is expected to lose 11 cents,
the average estimate of analysts surveyed by First Call. Officials
couldn't be reached to comment.
TriQuint Semiconductor Inc. (TQNT) fell $1.99, or 10 percent,
to $17.56 and traded as low as $17.35. The communications-
equipment chipmaker said it would report fourth- and first-quarter
results at the low end of previous forecasts. TriQuint was cut to
``neutral'' from ``buy'' in a report by U.S. Bancorp Piper Jaffray
Cos. analyst Samuel May.
Tickers: ENE DFIB GDT TQNT
Money flows, the difference between the value of trades made
at a higher price than the previous trade and those made at a
lower price, may also appear for some stocks. These inflows and
outflows show whether people are willing to pay more for a stock
that's rising, or to sell a stock that's falling for less. If not
it's a signal the share price may soon change direction.
Enron, Dynegy Shares Fall 2nd Day on Threat to Dynegy Bid
2001-11-21 09:57 (New York)
Enron, Dynegy Shares Fall 2nd Day on Threat to Dynegy Bid
Houston, Nov. 21, (Bloomberg) -- Shares in Enron Corp. and
Dynegy Inc. fell for a second day on concern Enron may run out of
cash before its takeover by Dynegy can be completed.
Enron fell $1.37, or 20 percent to $5.62 in early trading.
Dynegy fell $1.95, or 4.7 percent, to $39.75.
Enron bonds extended declines. The company's 6.4 percent
notes maturing in July 2006 were bid at 60 cents and offered at 68
cents, traders said. They traded at about 72 cents yesterday.
Enron Corp. Cut to `Market Perform' at Goldman Sachs
2001-11-21 08:46 (New York)
Princeton, New Jersey, Nov. 21 (Bloomberg Data) -- Enron Corp. (ENE US=
)
was downgraded to ``market perform'' from ``recommend list'' by analyst Dav=
id
N Fleischer at Goldman, Sachs & Co.
Earnings estimates: Period Previous estimate New estimate
per share (USD) FY 2001 1.80 1.35
FY 2002 2.15 0.50
Enron Says Lenders Extend $690 Mln Note Payment to Mid-December
2001-11-21 12:10 (New York)
Enron Says Lenders Extend $690 Mln Note Payment to Mid-December
Houston, Nov. 21 (Bloomberg) -- Enron Corp. said its lenders
extended to mid-December the payment date on a $690 million note,
giving the debt-laden energy trader more time to restructure its
finances.
Enron said it's still committed to a takeover by Dynegy Inc.
The company said it secured the remaining $450 million of a
previously announced $1 billion credit line.
Enron shares pared losses after the announcement of the debt
extension. The stock fell $1.54, or 22 percent, to $5.45 in midday
trading.
Plunge Says End Is Near at Enron
By Peter Eavis <mailto:[email protected]>
Senior Columnist
11/21/2001 12:32 PM EST
Enron (ENE <http://tscquote.thestreet.com/StockQuotes.jhtml?tkr=3DENE>:NYSE=
- news <http://tscquote.thestreet.com/BBNews.jhtml?tkr=3DENE> - commentary=
<http://find.thestreet.com/cgi-bin/texis/cmttkrfind/results.html?tkr=3DENE=
&site=3Dtsc> - research <http://thestreet.multexinvestor.com/search.asp?Tic=
ker=3DENE> - analysis) <http://www.riskgrades.com/clients/thestreet/index.c=
gi?tickers=3DENE> shares plunged a second straight day Wednesday as fear mo=
unted that the struggling energy trader's bailout merger plan will unravel.=
=20
A potentially lethal cash crunch appears to be gripping Enron, even though =
its planned acquirer Dynegy (DYN <http://tscquote.thestreet.com/StockQuotes=
.jhtml?tkr=3DDYN>:NYSE - news <http://tscquote.thestreet.com/BBNews.jhtml?t=
kr=3DDYN> - commentary <http://find.thestreet.com/cgi-bin/texis/cmttkrfind/=
results.html?tkr=3DDYN&site=3Dtsc> - research <http://thestreet.multexinves=
tor.com/search.asp?Ticker=3DDYN> - analysis) <http://www.riskgrades.com/cli=
ents/thestreet/index.cgi?tickers=3DDYN> has injected $1.5 billion of cash, =
and banks have opened new credit lines. An Enron collapse would cause weeks=
of dislocation in the energy markets that would damage other energy trader=
s, and it would cause big losses for the Houston company's creditors.=20
Just before noon EST, Enron announced in a press release that it had extend=
ed to mid-December a $690 million obligation that was due next week. It als=
o said that it had agreed with its bankers to draw down the remaining $450 =
million of a previously announced $1 billion secured credit line that has J=
.P. Morgan Chase as its lead banker.=20
Investors have been fleeing Enron since the company last month disclosed a =
$1.2 billion writedown to unwind some related-party hedging transactions. T=
he Securities and Exchange Commission is probing Enron deals with related p=
arties. The October disclosure made investors uneasy because it suggested t=
he company hadn't been forthcoming about the true state of its finances, an=
d it showed that Enron was facing serious liquidity problems.=20
Those fears were temporarily quieted earlier this month when Enron agreed t=
o be acquired by smaller rival Dynegy. But Enron's disclosure Monday that i=
t faces additional earnings and financing troubles renewed the rush to the =
exits. In the Wednesday release, Enron CEO Ken Lay said his company was sti=
ll committed to the merger: "We continue to believe that this merger is in =
the best interests of our shareholders, employees and lenders." Dynegy late=
r issued a press release indicating it is "continuing our confirmatory due =
diligence" regarding the merger. Neither Enron nor Dynegy returned calls se=
eking comment.=20
After plunging 23% Tuesday to $6.99, Enron was down a staggering 34% at one=
point Wednesday. It moved slightly higher after the midday press release t=
o trade at $4.90. Enron shares have lost more than 80% of their value since=
the company issued its third-quarter earnings release last month. Dynegy d=
ropped $2.44, to $39.26, though it remains substantially above premerger le=
vels.=20
At the heart of Enron's trouble is the sense that the company isn't letting=
on the full extent of its troubles. The selloff in Enron shares began in e=
arnest Oct. 16, when the company disclosed in an earnings conference call t=
hat it would take a $1.2 billion writedown to unwind some related-party tra=
nsactions. Critics of the company said those deals, in which the company di=
d business with separate entities involving Enron managers, raised serious =
ethical and disclosure issues.=20
The Dynegy merger was taken as a vote of confidence for Enron, since as a b=
ig trading partner Dynegy would appear to have a solid grasp of Enron's sit=
uation. As a result, shares in both companies rallied after the deal's anno=
uncement. But Monday's disclosure that Enron faced $690 million in bond pay=
ments next week reignited worries that the company faced steeper challenges=
than it has detailed. According to a Merrill Lynch report cited in The New=
York Times Wednesday, Dynegy wasn't aware of the $690 million obligation. =
Critics of the deal wondered whether Enron had told Dynegy about all its ob=
ligations. <http://www.thestreet.com/markets/detox/10003860.html>=20
Liquidity fears have also been rekindled by information contained in a fili=
ng of quarterly results that show the company consumed as much as $5 billio=
n of cash in recent weeks. By the end of 2002, Enron has to find around $9 =
billion to pay back various obligations. It had $1.2 billion in cash on han=
d as of Nov. 16, according to the filing.=20
Tellingly, Dynegy shares haven't plunged along with Enron, suggesting that =
investors see a collapse of the merger as catastrophic for Enron but not fo=
r Dynegy. At current levels, Enron shares are trading at more than a 50% di=
scount to the Dynegy offer.=20
J.P. Morgan has taken a leading role in helping Enron. It has lent funds an=
d it helped restructure the $690 million obligation. The bank's stock was d=
own 78 cents to $38.62. "We will work with Enron and its other primary lend=
ers to develop a plan to strengthen Enron's financial position up to and th=
rough its merger with Dynegy," said James Lee, a top banker at Morgan, in t=
he Enron release.=20
From CBS.MarketWatch.com, online at:
DYNEGY, ENRON SAY MERGER TO PROCEED
By Myra P. Saefong
1:52 PM ET Nov 21, 2001
WASHINGTON (CBS.MW) -- Merger partners Enron and Dynegy restated their
commitment Wednesday to completing a deal, on the heels of embattled
Enron's announcement that its lead lender granted it more time to pay
off a $690 million note set to come due next week.
"We are continuing our confirmatory due diligence and working to
accelerate the regulatory approvals required to complete the merger,"
said Chuck Watson, Dynegy's chairman and chief executive, in a
statement.
Shares of Enron (ENE) recovered slightly in afternoon trading but
remained under pressure.
On heavy volume, the stock -- which had touched $4 earlier in the
session -- was down $1.83 to trade at $5.16, a new 10-year low. Some 84
million shares had changed hands.
Enron declined 23 percent Tuesday after the company revealed the
upcoming debt deadline and restated its earnings.
Meanwhile, Dynegy shares lost $1.83 to stand at $39.87.
Enron said that the lead bank on the $690 million debt agreed to extend
the maturity date to mid-December, which will give the company time to
restructure the facility, and added it expects to further restructure
its debt.
"We ... believe we can identify a mutually beneficial restructuring to
enhance our cash position, strengthen our balance sheet, and address
upcoming maturities," said Jeff McMahon, chief financial officer, in a
statement.
J.P. Morgan Chase & Co. said it and other lenders are committed to
helping Enron improve its financial position.
Also, Enron reaffirmed its commitment to a merger with Dynegy and said
it closed on a previously announced $450 million line of credit from
J.P. Morgan, collateralized by the company's Northern Natural Gas Co.
Enron -- which is being acquired by its smaller rival Dynegy (DYN) at a
fire-sale price -- revealed in a Securities and Exchange Commission
filing Monday that it had to pay off or refinance $690 million in debt
obligations by next Monday or risk triggering nearly $4 billion in
additional payments.
If Enron had missed that deadline and didn't post collateral, investors
had the right to demand immediate liquidation of the assets of one of
Enron's limited partnerships, the unusual business entities at the
center of the company's murky transactions currently under
investigation.
The SEC filing of Monday also contained yet another restatement of
financial results on the heels of a similar filing that disclosed more
than four years of restated earnings figures.
<http://cbs.marketwatch.com/news/story.asp?guid=3D%7B35D690E0%2D13BE%2D43D9=
%2D9644%2D1B1CF4896115%7D>
Earlier Wednesday, Goldman Sachs lowered its rating on Enron's stock to
"market performer" from its "U.S. recommended list," citing "major"
liquidity issues and concerns over whether the company can recover the
business it has lost.
CIBC World Markets also cut Enron to a "hold" from a "buy."
Commerzbank weighed in Wednesday, saying Enron's viability is in doubt.
"We believe the filing clearly shows that Enron remains in a precarious
financial position and its status as a going concern is much in doubt,"
analysts Andre Meade and Andrew Smith wrote. "It appears that Enron's
situation could worsen in a number of ways."
Though Enron's most recent disclosures shed more light on the fiscal
situation, Meade and Smith characterized the information as "piecemeal."
"It appears that the full extent of Enron's problems is not currently
known," they said in a note, cautioning clients against investing in
Enron.
| ||
arnold-j/deleted_items/709.
|
subject: Energy update
content: - energy111901.doc
| ||
arnold-j/deleted_items/71.
|
subject: RE:
content: I think that sounds awesome - I'll see if I can get out. I'll let you know ASAP! MSA
-----Original Message-----
From: Arnold, John
Sent: Monday, October 08, 2001 10:35 AM
To: Allen, Margaret
Subject:
want to play hookie and go to the bb game tomorrow at noon?
| ||
arnold-j/deleted_items/710.
|
subject: FW: Move Related Issues
content: PLEASE MAKE SURE YOU ARE COMPLETELY PACKED BY 3:00 PM. THE MOVE TEAM WILL BE ON THE FLOOR BY 3:00 PM.
ALSO:
1. EMPTY VOICEMAIL
2. TAKE HOME LAPTOPS AND PALM PILOTS, IPAQ'S OR BLACKBERRY'S
3. TO BE HERE AT LEAST ONE HOUR PRIOR TO YOUR NORMAL TIME ON MONDAY MORNING. THE FLOOR WILL BE OPEN BY 5:00 AM
4. PACK HEADSETS. (BOX, BLACK WIRE TO EARPIECE AND BLACK CORD THAT CONNECTS UNDER DESK) ONLY LEAVE GRAY WIRES
LET ME KNOW IF THERE IS ANY QUESTIONS OR IF YOU NEED ANY HELP
Ina Rangel
Administrative Coordinator
Enron North America
713-853-7257 Voice
713-646-3604 Fax
| ||
arnold-j/deleted_items/711.
|
subject: Sunday Access
content: YOU HAVE ACCESS TO COME IN THE BUILDING ON SUNDAY BETWEEN 2:00 PM AND 6:00 PM. YOU'RE NAME WILL BE ON A LIST AT THE DOOR ON THE 6TH FLOOR. THERE WILL BE IT SUPPORT ON THE FLOOR TO HELP YOU IF YOU HAVE ANY PROBLEMS WITH YOUR SYSTEMS.
THANK YOU
Ina Rangel
Administrative Coordinator
Enron North America
713-853-7257 Voice
713-646-3604 Fax
|
trading <[email protected]>, [email protected], [email protected],
|
|
arnold-j/deleted_items/712.
|
subject: FW: FW: TOP 50 GAS CPS - AS OF 11-14-01
content: -----Original Message-----
From: Sweitzer, Tara
Sent: Thursday, November 15, 2001 11:33 AM
To: Puthigai, Savita; Denny, Jennifer; Moorer, Torrey; Johnson, Adam; George, Fraisy
Subject: FW: TOP 50 GAS CPS - AS OF 11-14-01
Savita,
The numbers on this report have been verified.
Thanks
Tara
| ||
arnold-j/deleted_items/713.
|
subject: RE: Trading Track - New participants (rotations assgined)
content: Hi John,
We are not moving forward with the external offers at this point and only concentrating on internal. However, I have adivsed them I would keep in touch with them - should this change I will give you a call and give you an update.
Thanks,
Karen.
-----Original Message-----
From: Arnold, John
Sent: Wednesday, November 14, 2001 8:45 PM
To: Buckley, Karen
Subject: RE: Trading Track - New participants (rotations assgined)
Did we hear a response from the guy who works on the floor of the Nymex?
-----Original Message-----
From: Buckley, Karen
Sent: Tue 11/13/2001 5:22 PM
To: Allen, Phillip K.; Arnold, John; Bentley, Corry; Black, Don; Davis, Mark Dana; Gaskill, Chris; Gossett, Jeffrey C.; Grigsby, Mike; Herndon, Rogers; Martin, Thomas A.; Meyn, Jim; McMichael Jr., Ed; Mrha, Jean; Neal, Scott; Presto, Kevin M.; Schwieger, Jim; Shively, Hunter S.; Sturm, Fletcher J.; Superty, Robert; Will, Lloyd
Cc: Lavorato, John
Subject: Trading Track - New participants (rotations assgined)
<<Trading Track Rotations November 9th.xls>>
All,
The attached spreadsheet outlines the rotations for the internal new hires to the Trading Track. I will be meeting with the new TT A&A tomorrow, and subject to them signing all associated documentation, they will join the Track immediately.
Let me know if you have any questions with respect to the rotations outlined and we can make the appropriate changes as we move forward.
Thanks,
Karen B.
x54667
| ||
arnold-j/deleted_items/714.
|
subject: Enron Center South Technology Watch
content: Welcome to Enron Center South. As you have probably already noticed, things look a little different here. We wanted to orientate you to your new environment and inform you about the future technology coming on-line in the coming weeks.
Occupancy Guidebook To Enron Center South
You will find this handy guide on your desk; it contains information concerning the enhanced printer environment, the new easy access keyboards and telephony procedures.
NEC Monitors
The NEC monitors have an internal anti-glare screen to help reduce eye strain and eliminate the need to install an additional screen cover. Additionally, an integrated speaker has been installed on one monitor for each desk.
Turret Users
An "Alliance MX turret quick reference guide" has been placed on your desk; this includes important information about the new features such as "Caller ID" and "Voicemail Indication".
Increased Information Access
There are many NEC 50" Plasma screens installed on the 5th and 6th floors. While many of these will be displaying information designed for the specific unit, others will be displaying various television channels. The audio to these television channels can be accessed via any of your telephony equipment. Here's how:
Ten audio channels have been set up for access from your either your Avaya telephone, Stentophon, or IPC Turret. The channels have been defined on Page 15 of your Turret. To access the audio from either your Avaya or Stentophon, simply dial the extensions shown in the table below:
Channel Avaya Stentophon
Weather Channel 12401 801
CNN Headlines News 12402 802
CNN Financial News 12403 803
CNBC 12404 804
MSNBC 12405 805
Bloomberg 12406 806
Financial News Network 12407 807
CNN 12408 808
Fox Sports 12409 809
ESPN1 12410 810
Wireless Telephony
You may notice the cellular phone coverage is not consistent across the floor, and some areas have virtually no coverage at all. We are implementing a multi-network "in-building" system to provide consistent high quality service for the campus, keeping you in touch while you are on the move.
Wireless LAN
The infrastructure to support Wireless LAN technology is in place and is being tested. We will be implementing multi level encryption and security to keep our intellectual property safe from eavesdroppers or hackers.
Amtel Replacement
As a move to provide a more flexible "Plug n Play" environment and to help with the reduced desk footprint, we have replaced the Amtel message boxes with Microsoft Exchange Instant Messaging. The Global Messaging Team is testing additional software products to provide some of the features not available with Exchange Instant Messaging; these include one-touch response keys, external LED display, and printing. Updates will be provided as they become available.
Keeping an Open forum
We will keep you informed of the changes and developments as the migration to the building continues, please feel free to respond with any comments, queries or suggestions to mailto:[email protected]
| ||
arnold-j/deleted_items/715.
|
subject: FW: [Fwd: FW: Terrorism explained for footy fans]
content: -------- Original Message --------
Subject: FW: Terrorism explained for footy fans
Date: Wed, 14 Nov 2001 17:23:47 -0000
From: "MacMillan, Timothy" <[email protected]>
To: "[email protected]"
<[email protected]>
> > > The War on Terrorism - The key participants - an explanation for
> > > footy
> > > fans
> > > ---------------------------------------------------------------------
> > >
> > > USA: Man Utd - Utterly Arrogant and motivated by greed. If they suffer
> > > the
> > > slightest injustice the whole world hears about it. Leader sees
> > > himself as
> > > bit of a visionary, most see him as bit of a tyrant.
> > > Al Qaeda:Leeds - Thugs who like to take out opponents behind the play.
> > > Capable of upsetting just about anyone. Leader is a paranoid nutter.
> > > UK: Aston Villa - Trying to move forward having been stuck in the
> > > past
> > > for decades. Have a leader who loves the sound of his own voice, full
> > > of rhetoric whilst ducking the important issues.
> > > France: Arsenal - Perennial bridesmaids. Have a huge armoury but
> > > heavily
> > > criticized in the past for misfiring. More likely to bore you to
> > > death
> > > than to be a real threat to anyone. Leader has a habit of turning a
> > > blind
> > > eye.
> > > Pakistan: Chelsea - Trying hard to be one of the big boys, but has
> > > upset
> > > a large percentage of its supporter base through its over involvement
> > > with foreigners. Could soon experience a revolt within its own ranks.
> > > The Taliban: Liverpool - Strict disciplinarians where members are
> > > measured as much by what they wear and do as who they are. Leadership
> > > suffered a bit of a shock recently but clinging to life and always
> > > hard
> > > to beat at home. Very much a bloke's team.
> > >
> > > India: Sunderland - A sleeping giant, not a contender at the moment
> > > but
> > > with a huge supporter base. Likes to think it's opinion is worth
> > > plenty,
> > > yet is largely ignored by non fans. Local derbies can be a bit fiery.
> > >
> > > The Northern Alliance: West Ham - An undisciplined rabble in need of
> > > sponsorship dollars.
> > > Israel: Tottenham - Rabid supporters tucked away everywhere and
> > > usually
> > > only become vocal when they start winning. See themselves as the
> > > chosen
> > > but in reality suffer from an over inflated sense of self. Local
> > > transport can be a bit dodgy.
> > >
> > > Palestine: Fulham - A team currently looking for a home, had been on
> > > the
> > > periphery for many years before the mid 90s. Not regarded as a big
> > > contender
> > > but has a strong youth policy. Funded by rich Arabs.
> > > Japan: Everton - No attack, last campaign of any note 1942. Big player
> > > financially in the 1980s, however struggling a bit these days.
> > > Iraq: Millwall - Serious hard arses who could be on the way back.
> > > Opponents
> > > prefer to see them out of the Premiership. Most of their neighbours
> > > hate
> > > them, they know it, and they don't care.
> > > Russia: - Newcastle - Once a great superpower, recently in decay.
> > > Have
> > > chosen some real muppets as leaders.
> > >
> > > Uzbekistan: Leicester - Stuck in the middle. Light on ammunition.
> > > Germany: Wolves - Tendency to self destruct. A strong history but off
> > > the scene of late. Unfortunate uniforms.
> > > Australia: Southampton - Completely harmless. Not a contender. Just
> > > in
> > > it to make up the numbers. Supporters are loyal but regularly
> > > embarrassed.
> > >
> > > Egypt: Derby - Had a crack at world dominance and though the remnants
> > > are still there they hark back to the glory days. A bit over
> > > defensive
> > > and vulnerable up the middle.
> > >
> > > Please note that no country can be associated with Middlesborough.
> > > The
> > > closest thing was Lebanon but apparently certain parts of war torn
> > > Beirut
> > > are bordering on pleasant.
> > >
> > >
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e-mail <[email protected]>, e-mail <[email protected]>,
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|
arnold-j/deleted_items/716.
|
subject: TOP 50 GAS CPS - AS OF 11-13-01
content: Hi John,
Here is your report for today.
I also need to get your opinion on the following matter.
We have been working on a new look and feel for EnronOnline that includes expanded order functionality. This was expected to be released sometime in January. We think going ahead will act as an indicator that as far as our core businesses are concerned it is business as usual and we are contiuing to develop the platform.
Before proceeding however we would like to get your opinion on whether this is something we should even be considering at this point . I also have some screen shots that I will bring by after trading for you to take a look at. I aprreciate your help.
Savita
| ||
arnold-j/deleted_items/717.
|
subject: RE: Monday bike workout
content: andy, you are da man. thanks!
-----Original Message-----
From: Coyle, John
Sent: Tuesday, November 06, 2001 9:47 AM
To: Sorak, Philip; '[email protected]'; Huff, Jeff; Niezgoda, Stephen; Romine, Brad; Arnold, Matthew; Arnold, John; Robins, Bryan
Cc: Cocks, Christopher
Subject: RE: Monday bike workout
We are riding again tonight ~6:30pm at Memorial - pacing - Andy Walker's leading 20 laps at 23mph. We can switch off behind him.
Thanks Andy.
-John
-----Original Message-----
From: Sorak, Philip
Sent: Tuesday, November 06, 2001 9:02 AM
To: Coyle, John
Subject: RE: Monday bike workout
Sorry I missed the biking - had a plumbing disaster, but was able to fix it myself!!
Camera is the same resolution as yours, I believe - 3.3 Megapixel. The lens was updated - lower F-stop - lets more light in.
Let me know about Pho!
-------------------------------------------------
Philip Sorak
Manager, Enron Networks
Office: 713-345-6448
Cell : 713-501-9830
Email: [email protected]
-----Original Message-----
From: Coyle, John
Sent: Monday, November 05, 2001 2:28 PM
To: Sorak, Philip
Subject: RE: Monday bike workout
Great pic - is that the camera with the ultra high resolution?
Current plans are 7pm memorial. Pho tomorrow may work...
-----Original Message-----
From: Sorak, Philip
Sent: Friday, November 02, 2001 11:12 AM
To: Coyle, John
Subject: RE: Monday bike workout
I'm doing great! Tina and I just got back from a trip to Yosemite, Kings Canyon, and Sequoia National Parks. Check out this photo:
<< File: test0108.JPG >>
Tina bought me the Olympus c-3040 for my birthday - latest version of the one you and Jeff have.
I don't have a bike, but will see if I can borrow Dan's.
If I don't make it Monday night, how about Pho on Tuesday?
-------------------------------------------------
Philip Sorak
Manager, Enron Networks
Office: 713-345-6448
Cell : 713-501-9830
Email: [email protected]
-----Original Message-----
From: Coyle, John
Sent: Friday, November 02, 2001 10:55 AM
To: Sorak, Philip
Subject: RE: Monday bike workout
It is dark but they light it up pretty good. How are you buddy? Do you have a road bike?
-----Original Message-----
From: Sorak, Philip
Sent: Friday, November 02, 2001 10:53 AM
To: Coyle, John
Subject: RE: Monday bike workout
Isn't it dark by then? Or do they light the loop?
-------------------------------------------------
Philip Sorak
Manager, Enron Networks
Office: 713-345-6448
Cell : 713-501-9830
Email: [email protected]
-----Original Message-----
From: Coyle, John
Sent: Friday, November 02, 2001 10:52 AM
To: Niezgoda, Stephen; Cocks, Christopher; Huff, Jeff; Romine, Brad; Arnold, Matthew; Robins, Bryan; Arnold, John; Sorak, Philip
Subject: Monday bike workout
15 miles of spinning - Monday 7pm - Memorial park
Huff's got the new fancy machine - check it out!
| ||
arnold-j/deleted_items/718.
|
subject: FW: PIRA's Natural Gas Pipeline Study
content: -----Original Message-----
From: Jeff Steele [mailto:[email protected]]
Sent: Monday, November 05, 2001 1:03 PM
To: Fraser, Jennifer; EGMContent
Subject: PIRA's Natural Gas Pipeline Study
Jen,
Did you round up any interest at Enron in PIRA's new gas pipeline study, "The Price of Reliability: Stretching Infrastructure to New Frontiers"?
Please let me know.
Regards,
Jeff
PIRA
| ||
arnold-j/deleted_items/719.
|
subject:
content: John, We are not pulling the25 million today. No one from Man
should have demanded anything from you today. Eddie
| ||
arnold-j/deleted_items/72.
|
subject: 25% ACROSS THE BOARD REDUCTION IN ENE HEADCOUNT
content: YA HEARING ANYTHING ON THIS
GEORGE DOWN--CRUDE FLOOR EVACUATED AND BROUGHT BACK
| ||
arnold-j/deleted_items/720.
|
subject: RE: Monday bike workout
content: We are riding again tonight ~6:30pm at Memorial - pacing - Andy Walker's leading 20 laps at 23mph. We can switch off behind him.
Thanks Andy.
-John
-----Original Message-----
From: Sorak, Philip
Sent: Tuesday, November 06, 2001 9:02 AM
To: Coyle, John
Subject: RE: Monday bike workout
Sorry I missed the biking - had a plumbing disaster, but was able to fix it myself!!
Camera is the same resolution as yours, I believe - 3.3 Megapixel. The lens was updated - lower F-stop - lets more light in.
Let me know about Pho!
-------------------------------------------------
Philip Sorak
Manager, Enron Networks
Office: 713-345-6448
Cell : 713-501-9830
Email: [email protected]
-----Original Message-----
From: Coyle, John
Sent: Monday, November 05, 2001 2:28 PM
To: Sorak, Philip
Subject: RE: Monday bike workout
Great pic - is that the camera with the ultra high resolution?
Current plans are 7pm memorial. Pho tomorrow may work...
-----Original Message-----
From: Sorak, Philip
Sent: Friday, November 02, 2001 11:12 AM
To: Coyle, John
Subject: RE: Monday bike workout
I'm doing great! Tina and I just got back from a trip to Yosemite, Kings Canyon, and Sequoia National Parks. Check out this photo:
<< File: test0108.JPG >>
Tina bought me the Olympus c-3040 for my birthday - latest version of the one you and Jeff have.
I don't have a bike, but will see if I can borrow Dan's.
If I don't make it Monday night, how about Pho on Tuesday?
-------------------------------------------------
Philip Sorak
Manager, Enron Networks
Office: 713-345-6448
Cell : 713-501-9830
Email: [email protected]
-----Original Message-----
From: Coyle, John
Sent: Friday, November 02, 2001 10:55 AM
To: Sorak, Philip
Subject: RE: Monday bike workout
It is dark but they light it up pretty good. How are you buddy? Do you have a road bike?
-----Original Message-----
From: Sorak, Philip
Sent: Friday, November 02, 2001 10:53 AM
To: Coyle, John
Subject: RE: Monday bike workout
Isn't it dark by then? Or do they light the loop?
-------------------------------------------------
Philip Sorak
Manager, Enron Networks
Office: 713-345-6448
Cell : 713-501-9830
Email: [email protected]
-----Original Message-----
From: Coyle, John
Sent: Friday, November 02, 2001 10:52 AM
To: Niezgoda, Stephen; Cocks, Christopher; Huff, Jeff; Romine, Brad; Arnold, Matthew; Robins, Bryan; Arnold, John; Sorak, Philip
Subject: Monday bike workout
15 miles of spinning - Monday 7pm - Memorial park
Huff's got the new fancy machine - check it out!
| ||
arnold-j/deleted_items/721.
|
subject: customer positions/market
content: hi.. i know you are under tremendous pressure. i'd like to help in any way possible to clean things up.. if you have not already completely gone down this path, i can help with the banks and marketers up here..i know all of them. for example, we are loking at unwinding a 12 year deal CSFB has on with us. most of the banks hold reserve against specific deals.. this can increase depending on the counter. in the case of csfb, this is certainly the case... it can also be in our best interest to get deals off if we are paying money out to the counter.. this is the case with catequil (hedge fund) who holds 23M of our money- we are paying them Libor but borrowing at Libor + 350..
+ looking into all this because we can take some money.. also good to just clear up lines as this has been a major impediment to bigger deals this year.
+ campbell- can you give me 5 minutes to give them comfort we can clear ANYTHING they want..
market comment.. talking to pulaski today..put on the following through the floor today- strikes could be slightly different..
jan02- short 5 calls, long 3.75 calls, short 2.75 puts- 1200 lots
jun02- long 2.75 puts, short 3.75 calls- 1500 lots
basically playing small withdrawal scenerio in nov and dec and high end march storage.. wants to be max short summer but does not see big move till mid jan- willing to risk the 2.75 line on the jan options..
seems contrary to what you've been talking about.. weak front, supported back...unless you do not see weakness till jan/feb....
| ||
arnold-j/deleted_items/722.
|
subject: Monday bike workout
content: 15 miles of spinning - Monday 7pm - Memorial park
Huff's got the new fancy machine - check it out!
| ||
arnold-j/deleted_items/723.
|
subject: FW: natural gas inquiry
content: Hey John -
You're the only guy I know in Nat Gas. Please forward this to the right person. Thanks.
Lenny
-----Original Message-----
From: Brown, Ron X
Sent: Tuesday, November 13, 2001 7:22 AM
To: Hochschild, Lenny
Subject: natural gas inquiry
Hi Lenny,
Don't know if you are involved in this area or not. I think maybe. Anyway, we have a refined lead contract with Hammond. The local buyer for Pottstown, PA is interested in getting information about natural gas for possible future use from ENRON. If you could contact him or direct him to the person that is in a position to help it would be appreciated. His name is, Joe Stewartz E-MAIL address is [email protected]
telephone number (610) 327-1400 Fax number (610) 327-1255
Thanking you in advance and hope all is well with you.
Regards,
Ron Brown
| ||
arnold-j/deleted_items/724.
|
subject: Computer
content: Can you get Enron online on Matthew's laptop? You could bring it. Or Bob
will be out of town and you could go over there and trade all you want. Of
course I would tell him. Just let me know. I heard from Uncle Elmer, he
said he has not forgotten about the computer and when he gets back from
Thanksgiving he will somewhere find a box in which to ship it. Thank you
for your offer to buy me one, but just save your money for now. I got
tickets for the ballet! Do you know if you are flying or driving Wed? See
you soon. Love you, your Mom
| ||
arnold-j/deleted_items/725.
|
subject: Password changed.
content: Your Yahoo! ID is: nymexdesk
Your password for this account has recently been changed. You don't
need to do anything, this message is simply a notification to protect
the security of your account.
Please note: your new password may take a while to activate. If it
doesn't work on your first try, please try it again later.
DO NOT REPLY TO THIS MESSAGE. For further help or to contact support,
see http://help.yahoo.com/help/edit/
***************************************************************
You can always change your password by:
1. signing in to any Yahoo! service,
2. clicking on any "Account Info" link,
3. choosing "Change Password."
If you cannot find an "Account Info" link, you can find a "Change
Password" link in the following ways.
My Yahoo! (http://my.yahoo.com) or Yahoo! Chat (http://chat.yahoo.com)
Click on "Account Information" on the upper right corner.
Yahoo! Mail (http://mail.yahoo.com)
Click on "Options" in the left column. In the next screen, select
"User Information" from the main screen.
Yahoo! Finance (http://finance.yahoo.com)
Click on the "My Yahoo! View." On your My Yahoo! page, click on
"Account Information" on the upper right corner.
[209.0.209.220]
|
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