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bonadea is also helpful with respect to correcting grammatical mistakes but she also some times...i am sure unknowingly reverts articles especially those which i have contributed to. | toxic | en |
"
Lovley.
GorillazFan " | toxic | en |
re : grant masson
great news . lets get this moving along . sheila , can you work out offer letter ?
vince , i am in london monday / tuesday , back weds late . i ' ll ask sheila to fix
this for you and if you need me call me on my cell phone .
vince j kaminski
12 / 15 / 2000 09 : 50 am
to : david oxley / hou / ect @ ect
cc : vince j kaminski / hou / ect @ ect
subject : grant masson
david ,
a follow - up on my voice - mail message regarding
grant .
dave delainey is on board regarding grant .
we can bring him back at the same level and comp ,
assuming that resignation was handled
in a professional manner .
dd asked me to work out the details with you . can we meet to talk
about it on monday ?
vince | scam | en |
start date : 12 / 20 / 01 ; hourahead hour : 3 ;
start date : 12 / 20 / 01 ; hourahead hour : 3 ; no ancillary schedules awarded . no variances detected .
log messages :
parsing file - - > > o : \ portland \ westdesk \ california scheduling \ iso final schedules \ 2001122003 . txt | scam | en |
I'm with you there. I had a beautiful black cat I'll never forget. She was passionately in love with me, and me with her. Whenever I was packing to go away on business she'd try and get in my suitcase, and she'd mope until I came home again. I was devastated when she had to make that final trip to the vet, couldn't stop crying. Fatuorum | toxic | en |
Timeline for unblock request
Although I have created articles and templates in the past, and participated in various wikiprojects, nowadays I tend to restrict myself to correcting errors in Wikipedia, mostly spelling and date format issues (because they are easy to find and fix) and removing polemic from political articles. Both are enjoyable and useful activities. Wikipedia's articles on politics, religion and sex are magnets for POV warriors. I'm liberal on sex, tolerant on religion, but on politics I know my stuff and I detest seeing articles slanted one way or another by POV-warriors, who change useful resources into propaganda.
I'm a taxidriver doing a twelve hour night shift, so my time for editing Wikipedia is limited. However, I've recently begun taking my laptop with me, and squeezing in a bit of wikiwork between customers. This usually amounts to a few minutes here and there, and I'm often forced to close down suddenly as I move up to the head of the rank. This is significant in what follows. | toxic | en |
Well, that's fair. Charity is always good. Money and morality don't have to be mutually exclusive. It's just that before some jerk invented the idea of comparative value of material goods, human beings primarily existed by charity. Morality was a given, and money was not needed. Mutual interdependence. And life was good. There is nothing to steal when no one really owns anything. And there is nothing to lose when people recognize that life is a flowing impermanent thing anywayour lives are on loan to us from the universe. Nothing to hang on to, no need for property. Now we live in an age where anything can be turned into a commodity, and most wealth is controlled by a few. So, how can we be free when our lives revolve around money? | toxic | en |
"
Actually the best place to take spam issues is Wikipedia talk:WikiProject Spam since the volunteers there have special software tools to track and reverse future link additions.
Thanks for helping us with our spam problems! (talk) " | toxic | en |
:Yep. trying. - | toxic | en |
, as much as I hesitated | toxic | en |
"
== RE: Barrage_(tidal) ==
Hi Ed, noticed your revert, and was about to revert again, but checked your profile just to make sure we weren't going to have a revert ""war"". Looks like a quick chat might be better.
I was just curious to why you were adding 250px tags to images like the one on the Tidal Barrage page.
Wikipedia isn't a fixed width site, so adding width tags, especially to thumbnail images doesn't work the same as it would for a fixed-width size like CNN.com or BBC News.
On top of that, as a registered user you can control the default widths for thumbnail images in your preferences control panel.
An an unregistered user, the default is already 250px.
If you want examples check out River Thames or Microsoft and search in the Wikicode for Image: - note their are no sizes for any images. The only exceptions are panoramas which are much wider than standard thumbnail images.
Sorry for the length of this - I just wanted to come across completely transparent, as some of the other people on your talk page, doing seem to be quite as civil. Regards, " | toxic | en |
I have reverted a recent edit you made to the article Belmont Abbey College. You did not provide an edit summary, and I could not determine whether the edit was vandalism or a constructive contribution. In the future, please use edit summaries. | toxic | en |
Sargon's behavior is why there are usually strict rules to debates. He was such a disengenuous, shifty, conceded, vacuous putz. And that's coming from a Jew. | adult_sexism | en |
The official UCI results website is here: http://www.uci.ch/templates/BUILTIN-NOFRAMES/Template3/layout.asp?MenuId=MTYzMzY&LangId;=1 | toxic | en |
"
Isn't it irritating when someone answers their own question? I just saw this in the heading of Talk:The Beatles. ""Consensus per the closures of this RfC and this RfM is to use ""the Beatles"" mid-sentence."" " | toxic | en |
Heyy Hunter,
Im sitting in the lab and watching you talk to Mr. Wilder. Well its Amie && Julie and were wicked happy you found the grave...!!!! Well were about to get yelled at for taling gtg!!! Bye
From,
You 2&1 best friend..!!! | toxic | en |
:The English language interface pages at Lyrikline.org have now been whitelisted, and the link for Kruger has been added. | toxic | en |
I'd trust your gut on this one, hard next. If you have the stones ghost her and don't explain, let her slowly be consumed with guilt and eventually she'll probably confess but even if she doesn't she's no longer your problem. | adult_sexism | en |
It depends a bit where you are in Europe. Anywhere there is major highway infrastructure and urbanisation, spotting a pickup truck is a bit like spotting a white raven. On the island of Malta, they are not uncommon. On the smaller island of Gozo, they are fairly common (although still a small minority when compared to passenger cars). If you have unpaved roads, and one or more small fields (as is often the case on the island of Gozo), a pickup is a lot more practical than a tractor. Then again, the country of Malta (to which these two islands belong) has just over 400,000 inhabitants, so it's far from representative. | toxic | en |
"
There's also a little state called Judaea. It was independent from about 160 BC to 6 AD, and again from 41-44 (although it was a Roman client after 63 BC). In the intermittent period, under the Persians, Ptolemies, and Seleucids, the Jews largely ruled themselves through their high priest, although they didn't have political independence, so I wouldn't describe it as rule. But certainly the Hasmoneans and the Herods were real ""rulers"" of the region. " | toxic | en |
"
== Shameful... ==
It is shameful that you use the Congressional Medal of Honor to commemorate something so trivial as ""Master Editor""" | toxic | en |
Then considering that no independent expert, no one without an interest in not being responsible for having blown up children, you agree it is ridiculous for us to place the killers denial on par with those experts who pulled pieces of Israel bombs out of the victims. | toxic | en |
No one is censoring anything, but I really question your choice of pictures used. So here is a picture from Wiki Commons that you can use see above. Again, this is not propaganda, but we are not trying to show thing in a bad light either. 76.118.227.161 | toxic | en |
You deleted Ordu - History
Why did you delete Ordu history? All you have done is revert and delete any other contributions that people made to Ordu for last 4 months - except your own version. What is your problem? I would love to hear your reason. | toxic | en |
Teaching how to make pipe bombs.
Shame oin you liberally biased Wikipieda! Shame! | toxic | en |
Well, I shipped out my seven brothers there, in order to thin the compeition. | toxic | en |
:::Okay the current version at this time in my opinion is acceptable until new papers are published. | toxic | en |
:If you haven't already, please leave your comment on the deletion discussion page. Thanks! | toxic | en |
sandeep kohli
dave ,
i would like to recommend to you sandeep kohli who is likely to approach you
regarding a
position in your area .
i have been working with sandeep for a number of years and i was always
impressed with his
skills , intelligence and mature , thoughtful approach to solving business
problems .
he is currently located in india ( our dpc unit ) and is looking for a
permanent position with enron in houston
for family reasons ( his wife is from houston and has a family here ) . of
course , there are
some other obvious factors affecting his decision .
vince | scam | en |
REDIRECT Talk:John Shaw (naval officer) | toxic | en |
You appear to be gone, but ...
Thanks for the explanation you added to the Edinburg, Texas page. When I saw it previously, it made no sense to say Edinburg was named in honor of Chris Filoteo. Your clarification that it was named in honor of someone from Edinburgh, Scotland put everything right. | toxic | en |
the retarded thing is when the trick has been revealed and the audience still thinks it's magic. | adult_sexism | en |
re : tony fountain , bp amoco
louise :
i am waiting on that information from bp . danny thought that mr . fountain might bring james taylor . i will confirm with you when i receive information .
- - - - - original message - - - - -
from : kitchen , louise
sent : friday , july 27 , 2001 8 : 45 am
to : armstrong , julie ; frevert , mark ; mccarty , danny ; harris , steven
cc : daw , nicki ; robertson , audrey ; schoppe , tammie
subject : re : tony fountain , bp amoco
how many people are attending from bp amoco - we seem a little overbearing here .
- - - - - original message - - - - -
from : armstrong , julie
sent : thursday , july 26 , 2001 5 : 09 pm
to : frevert , mark ; kitchen , louise ; mccarty , danny ; harris , steven
cc : daw , nicki ; robertson , audrey ; schoppe , tammie
subject : tony fountain , bp amoco
the lunch with tony fountain , president of bp amoco is confirmed for tuesday , september 4 th beginning at 11 : 45 at cafe annie .
the lunch is will serve as a general introduction for all parties .
if you have any questions , please call me at x 33597 .
i have attached some reference articles on tony fountain and bp .
tony fountain , bp amoco
http : / / 194 . 129 . 75 . 138 / executive . asp
bp executives
http : / / 194 . 129 . 75 . 138 / powercontacts . htm
bp amoco expands e - commerce presence , london ( march 28 , 2000 )
bp amoco is to acquire a stake in e - commerce energy exchange and will partner with web - based customer information provider .
bp ' s hitting its stride
bp amoco gas and power north america
http : / / www . nwga . org / bp _ amoco _ gp _ na . htm
julie armstrong
x 33597 | scam | en |
::::::*That's absolutely contradicted by your action. You are in fact working with me in practice extremely well. I agree to some of the changes to the image you have just made. So what you're saying now is extremely confusing to me. You must know that any experienced, patient, Wikipedian, who has the time to do that, can easily see that you've adopted some of the very suggestions I've requested that are to be made. But I'm going to be very patient and give you, or anyone else, a chance to improve the article before I make any drastic changes myself. In fact, I'll probably not even make any minuscule alterations to the article because I sincerely do not wish to irritate you any more than you already have. Please calm down. Remember that the image issue was not introduced exclusively by me. I don't want anyone distracted by the irritability that you feel I cause you. So you are more than welcome to post any comment on my Talk page, telling me what I can do in order not to cause you any more annoyance. Please, please, calm down. I tried to introduce humor into our conversation - but that obviously didn't work. Bye, | toxic | en |
It's survived as the fourth reference link... so far.
It's the first thing vandals hit. They don't like it at all. Someone's ego is at stake. | toxic | en |
Weightloss! No more girl friends. Make loads of money on ebay or something. And give thanks to God. | scam | en |
"
Because of the excessive edit warring on this article regarding the above issue, I have protected the article for 3 days. Please discuss the issue here in a civil manner, and come to an agreement on the wording. If you can't come to an agreement, please don't resume edit warring when the protection expires, but rather start an WP:RFC to get a wider range of opinions. Note that edit warring can result in blocks even if it doesn't exceed WP:3RR. | converse _ " | toxic | en |
If you're going to argue over this sort of dumb thing, why not just use the name post-transition metal and be done with the whole issue? | toxic | en |
Oh and also I was reading stuff about me in your talk thing and by the way I'm a he, not a she, just so you know. | toxic | en |
"
== Your Host (horse) ==
Hi Ki Longfellow. I put there because it's not written in formal encyclopedic language. You can read more about tone at Wikipedia:Guide to writing better articles. For one thing, it needs to remain unbiased, and right now the article is quite slanted in favor of Your Host. " | toxic | en |
::::::::::::It's not a condition. If using ethnocentric view is valid, then so is excluding immigrants. Actually, excluding immigrants is more valid. Because they were immigrants. | toxic | en |
re : test
tom ,
the conference in new york is held on may 18 and may 19 . i can visit wharton
the day before .
vince kaminski
" piazze , thomas " on 04 / 05 / 2000 08 : 40 : 55 am
to : " ' vince j kaminski ' "
cc :
subject : re : test
vince : i enjoyed talking with you yesterday and look forward to receiving
information relative to your visit to campus .
tom piazze
> - - - - - original message - - - - -
> from : vince j kaminski [ smtp : vince . j . kaminski @ enron . com ]
> sent : tuesday , april 04 , 2000 4 : 52 pm
> to : piazzet @ wharton . upenn . edu
> subject : test
>
>
>
> test
> | scam | en |
power documents ( final )
attached are final forms of certain power trading documents :
1 . master agreement eei ( full blown ) , with all credit terms left blank , for negotiation with counterparties ( cp ) ;
2 . eei collateral annex , including paragraph 10 , for use with the master agreement eei ;
3 . gtc eei , online with credit terms ( unilateral right to call for collateral at any time for any reason ) , for use as the default gtcs online when dealing with cps with whom there will be a credit requirement ( but could also be used for trades entered into orally assuming we secure the cp consent to the form of agreement , including cover page , prior to entering into trade ) ;
4 . gtc eei , online without credit terms , for use as the default gtcs online when dealing with cps with whom there will not be a credit requirement ( but could also be used for trades entered into orally assuming we secure the cp consent to the form of agreement , including cover page , prior to entering into trade ) .
while these documents have been discussed generally with ubs , ubs has not yet had an opportunity to review the actual final version .
100 copies of the first two documents ( which will be combined as one for distribution ) will be delivered by genia to dave shortly .
please call with any questions / comments .
elizabeth sager
713 - 853 - 6349
- - - - - original message - - - - -
from : st . clair , carol
sent : sunday , february 03 , 2002 2 : 57 pm
to : cook , mary ; davis , angela ; hall , steve c . ( legal ) ; hansen , leslie ; hodge , jeffrey t . ; keohane , peter ; koehler , anne c . ; leite , francisco pinto ; nemec , gerald ; nettelton , marcus ; portz , david ; sager , elizabeth ; taylor , mark e ( legal ) ; yoder , christian ; bryan murtagh ( e - mail ) ; jeffrey stewart ( e - mail ) ; jennifer gabrielson ( e - mail ) ; john magovern ( e - mail ) ; sanjeev karkhanis ( e - mail )
cc : haedicke , mark e . ; kitchen , louise ; fitzgerald , genia ; ' llmagovern @ aol . com '
subject : power collateral support annex
importance : high
enclosed are clean and mark revised ( hopefully close to final ) drafts of the eei collateral annex and cover sheet . most of the changes were made to add securities as eligible collateral . this has not yet been done on the cover sheet since it is in a special format that i couldn ' t figure out . it will be done tomorrow . please call or e - mail me with any remaining comments as we need to finalize this as early as possible tomorrow . thanks .
> > > >
genia :
i left the cover sheet in your chair with the changes that need to be made . can you please make those changes ? thanks .
carol st . clair
eb 4539
713 - 853 - 3989 ( phone )
713 - 646 - 3393 ( fax )
281 - 382 - 1943 ( cell phone )
8774545506 ( pager )
281 - 890 - 8862 ( home fax )
carol . st . clair @ enron . com | scam | en |
ice new user enrollment
just fyi - andy z . has asked that i be the administrator ( i . e master user )
for for all of ena , ecc , and epmi trading . the cost
of this exchange is $ 500 per user so we are going to be closely monitoring
who is getting access to the site . we are working to get something set up
on erequest to track and automate this process . we have a meeting scheduled
for wed , so i will give you all the details then .
thanks
sheri
- - - - - - - - - - - - - - - - - - - - - - forwarded by sheri thomas / hou / ect on 10 / 16 / 2000 09 : 10
pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
chuck vice on 10 / 16 / 2000 06 : 51 : 54 pm
to : " ' sheri . thomas @ enron . com ' "
cc : * * sales
subject : ice new user enrollment
sheri ,
it was a pleasure speaking with you today . attached is the ice new user
enrollment form . this is the means by which you can identify the
individuals that are to be set up as ice users and the level of access ( user
type ) to be granted to each . of particular importance is the identification
of the individuals who will be acting as the primary administrative , credit ,
it , and invoicing contacts for .
you will need to complete a separate form for each enron entity that
executed a participant agreement .
if you have any questions , please call me at 770 . 738 . 2129 . thanks for your
interest and we look forward to serving you .
regards ,
chuck vice
, llc
2100 riveredge parkway , suite 400
atlanta , ga 30328
tel : 770 . 738 . 2129
fax : 770 . 951 . 5481
cell : 678 . 414 . 5608
chuck . vice @ intcx . com
>
- ice new user enrollment form . xls | scam | en |
we beat the street ! what ' s next ?
check out ebiz and read jeff ' s key messages from the houston investor
conference .
also in this issue :
there ' s a new sec rule on earnings disclosure .
what do you mean , you ' re a " market maker ? "
it ' s all in the latest ebiz . go to home . enron . com , click publications , then
click ebiz , and " ebiz january 26 , 2001 . " | scam | en |
enron mentions - 11 / 23 / 01
premiums stay high on enron ' s near options , and ` doubling up ' date looms for tax losses
the wall street journal , 11 / 23 / 01
dynegy deal to buy enron hits crossroads
the wall street journal , 11 / 23 / 01
enron faces suits by 401 ( k ) plan participants
the wall street journal , 11 / 23 / 01
from sunbeam to enron , andersen ' s reputation suffers
the new york times , 11 / 23 / 01
chase and j . p . morgan ' s paper anniversary
a year after the merger , rosy plans meet reality
the new york times , 11 / 23 / 01
companies & finance the americas - enron ' awaiting ' capital injections , say officials .
financial times , 11 / 23 / 01
usa : update 2 - enron bleeds again as dynegy deal doubts grow .
reuters english news service , 11 / 23 / 01
usa : enron avoids junk status , but observers wonder how .
reuters english news service , 11 / 23 / 01
usa : us corp bonds - enron slips again in quiet market .
reuters english news service , 11 / 23 / 01
usa : enron shares seesaw on concerns over dynegy deal .
reuters english news service , 11 / 23 / 01
tales of the tape : energy traders ' perfect storm stalls
dow jones news service , 11 / 23 / 01
u . s . energy exhange may scrap online platform plans
dow jones energy service , 11 / 23 / 01
enron woes may endanger plans for mozambique steel proj
dow jones international news , 11 / 23 / 01
stockwatch enron down , dynegy up on lingering merger uncertainty
afx news , 11 / 23 / 01
usa : houston economy seen weathering major layoffs .
reuters english news service , 11 / 23 / 01
dabhol pwr confirms arbitrator panel mtg in singapore sat
dow jones international news , 11 / 23 / 01
enron sec filing contained information dynegy was unaware of - report
afx news , 11 / 23 / 01
dynegy ' s decision to buy enron hits crossroads amid rising financial woes
dow jones business news , 11 / 23 / 01
employees ' lawuit says enron hurt retirement funds courts : the suit claims the energy firm urged workers to invest in company stock just before it plunged .
los angeles times , 11 / 23 / 01
portland utility ' s fate tied to enron ' s future
the seattle times , 11 / 23 / 01
enron shares and bonds fall on concern about takeover ( update 5 )
bloomberg , 11 / 23 / 01
kkr , blackstone are among likely enron investors , analyst says
bloomberg , 11 / 23 / 01
microsoft msn fast web access expansion slowed by enron suit
bloomberg , 11 / 23 / 01
options report
premiums stay high on enron ' s near options , and ` doubling up ' date looms for tax losses
by kopin tan
dow jones newswires
11 / 23 / 2001
the wall street journal
cl 1
( copyright ( c ) 2001 , dow jones & company , inc . )
new york - - volatility and premiums on enron ' s near - month options remain extremely high . it is a sign that investors are willing to pay a rich price for option protection and expect the stock to be unsettled as the houston company sorts through its credit and debt problems and seeks to calm frazzled investors .
enron near - month defensive puts traded heavily in an otherwise quiet session wednesday , as investors bought them to hedge . the december 5 puts traded more than 10 , 000 contracts and jumped 45 cents to $ 1 . 10 at the chicago board options exchange . the stock closed down $ 1 . 98 , or 28 % , to $ 5 . 01 , as of 4 p . m . in new york stock exchange composite trading .
enron ' s calls traded actively as some investors sold them to generate income . traders noted some call buying - - especially after enron procured a three - week extension on a $ 690 million note - - as some hopeful investors bet on enron pulling through its troubles and proceeding with its merger with dynegy inc . enron ' s december 5 calls traded more than 14 , 500 contracts , compared with open interest of 710 , as they fell $ 1 . 45 to $ 1 . 15 at the cboe .
for investors who want to book a tax loss on beaten - down stocks , the " wash sale " rule can be a hurdle , because it essentially prevents taxpayers from selling stock or securities at a loss and then reacquiring " substantially identical " securities within a 30 - day period before or after that loss . this poses a problem for those who want to book a loss yet own stocks whose prices now make them attractive " buy " candidates .
in addition , the internal revenue service has taken the position that the wash - sale rule will disallow a loss if the investor sells an in - the - money put , because there is a strong likelihood that stock will be put to or acquired by the investor .
so investors typically get around the wash - sale rule by " doubling up " : buying additional stock or options , waiting at least 31 days , and then selling the original stock to book the loss . investors double up by buying calls , which locks a price to buy stock and achieves the same effect as buying additional stock .
copyright ? 2000 dow jones & company , inc . all rights reserved .
dynegy deal to buy enron hits crossroads
by rebecca smith and john r . emshwiller
staff reporters of the wall street journal
11 / 23 / 2001
the wall street journal
a 3
( copyright ( c ) 2001 , dow jones & company , inc . )
even as it reiterated its intention to purchase enron corp . , dynegy inc . is coming under increasing pressure to renegotiate or walk away from the multibillion - dollar deal .
the pressure is stemming from the continuing slide in the price of enron shares and the mounting financial problems at the houston energy - trading company , the nation ' s biggest marketer of electricity and natural gas . during the past month , enron has taken a $ 1 billion write - off of assets , revised downward the earnings of the past several years and taken a $ 1 . 2 billion reduction in shareholder equity .
the problems have been due largely to dealings enron had with private partnerships , run by some of its own executives , under investigation by the securities and exchange commission . in an sec filing monday , enron disclosed hundreds of millions of potential additional write - offs as well as the possibility that its weakening financial condition could force it to repay more than $ 2 billion in loans by the end of the year .
as of 4 p . m . wednesday in new york stock exchange composite trading , enron shares fell $ 1 . 98 , or 28 % , to $ 5 . 01 each after having dropped 23 % tuesday . in excess of 115 million shares traded wednesday , more than four times the volume of any other big board stock . enron ' s bonds also again traded sharply lower , market observers said .
the turmoil spilled over to dynegy ' s stock , which also was among the most actively traded on the new york stock exchange . as of 4 p . m . wednesday , dynegy shares fell $ 1 . 94 to $ 39 . 76 each .
on wednesday , dynegy issued a statement in which chairman and chief executive chuck watson said his company was working " to accelerate the regulatory approvals required to complete the merger in accordance with the previously announced agreement " though it continued to perform " due diligence " on enron .
under the merger agreement , dynegy has opportunities to renegotiate or walk away from the deal if enron ' s financial and legal problems become severe enough . however , some observers said it can be difficult to invoke these so - called material adverse change clauses . they point to a decision earlier this year by a delaware chancery court judge who forced tyson foods inc . to complete a planned purchase of ibp inc . even though tyson , a springdale , ark . , food - products company , had wanted to cancel the transaction because of a drop in ibp ' s earnings and accounting problems at an ibp unit .
dynegy officials didn ' t return calls seeking comment . to complete the deal , two - thirds of dynegy shareholders and a majority of enron shareholders would have to give their approval . no dates for those votes have been set .
one person familiar with the merger plans said the sec filing monday by enron contained information dynegy hadn ' t known about . dynegy representatives planned to work through the weekend evaluating the importance of this new information as part of the company ' s due diligence , this person said . it couldn ' t be determined what the new information was .
the merger agreement , announced nov . 9 , calls for dynegy to exchange 0 . 2685 share for each of enron ' s roughly 850 million fully diluted shares , giving the purchase a value of about $ 9 billion at dynegy ' s current stock price . however , from a price standpoint , the deal is appearing less attractive to dynegy .
on the day of the merger announcement , enron shares were trading at about $ 8 . 63 each , or about 83 % of the purchase price under the exchange ratio . as of wednesday , enron ' s market price was only about 47 % of the merger - formula price . such a sharp deterioration is unusual following a merger announcement , when the stock price of the company being acquired generally begins trading relatively close to the offering price .
sentiment among wall street analysts also is turning against the merger . initially , many analysts lauded the merger as a move that would rescue enron and provide a major boost to houston - based dynegy . dynegy and enron officials have predicted that the merger , supposed to be completed late next year , would significantly and immediately increase dynegy ' s earnings .
now analysts are challenging that assumption . ron barone , managing director at ubs warburg llc , said he believes that because of enron ' s financial problems , a combined company would actually have lower earnings next year than dynegy would have by itself . mr . barone said he thinks a " likely scenario " is that the merger formula will be renegotiated sharply down to about 0 . 15 dynegy share for each enron share .
such a ratcheting down wouldn ' t be without precedent in the deal . according to one person familiar with the merger negotiations , dynegy reduced the exchange formula at least once prior to the nov . 9 announcement because of enron ' s rapidly sinking stock price , which at the beginning of this year was above $ 80 a share .
in perhaps the most significant sign of the turning tide on wall street , goldman sachs analyst david fleischer lowered his ratings on enron and dynegy . a longtime enron fan , mr . fleischer issued a report expressing doubts that the merger would help dynegy ' s earnings and whether enron could " recover the significant business that has been lost " in its giant energy - trading operations . " the enron machine continues to sputter , " mr . fleischer wrote .
some observers say that if dynegy walked away from the deal or tried to renegotiate the terms significantly , enron might be pushed into a bankruptcy - law filing . without the dynegy acquisition and continued support from its bankers and customers , an enron bankruptcy - court filing " is highly possible , " said ralph pellecchia , a senior director at fitch , a credit - ratings agency . on wednesday , fitch maintained its credit rating on enron at just one notch above noninvestment - grade , or " junk , " status . but fitch also said it believed enron ' s trading partners had made " significant cash collateral calls " in recent days that are " well in excess of previous expectations , " contributing to " liquidity pressures . "
among the advisers enron has hired during its current crisis is the law firm of weil , gotshal & manges , which specializes in bankruptcy and corporate - workout situations . asked about a possible bankruptcy filing , an enron spokeswoman said the company expects the dynegy deal to go through and therefore doesn ' t expect to have to look at alternatives to the merger . since the merger announcement , enron chairman kenneth lay has said his company had alternatives to the dynegy deal but he has declined to identify them . enron said it made some progress improving its financial position . the company said it reached a final agreement with units of j . p . morgan chase & co . and citigroup inc . on the remaining $ 450 million of a previously announced $ 1 billion in secured credit lines . enron said lenders had agreed to extend repayment of an existing $ 690 million note to mid - december from next week . the spokeswoman said a restructuring of that obligation is expected to be completed next month so that repayment wouldn ' t be required this year .
- - -
thaddeus herrick and robin sidel contributed to this article .
copyright ? 2000 dow jones & company , inc . all rights reserved .
enron faces suits by 401 ( k ) plan participants
by theo francis and ellen schultz
staff reporters of the wall street journal
11 / 23 / 2001
the wall street journal
cl
( copyright ( c ) 2001 , dow jones & company , inc . )
enron corp . , the embattled houston energy and trading company , has been sued by members of its employee - retirement plan , which has suffered losses because of enron ' s plummeting stock price .
two separate lawsuits , filed in federal court in houston , allege enron misled participants in its 401 ( k ) retirement plan about the risks of investing in the company ' s shares and note that the company forced the employees to remain invested in its stock even as the shares fell . amid growing disclosures of financial problems in recent weeks , the company " locked down " the retirement plan from oct . 17 to nov . 19 to make administrative changes , which prevented employees from selling enron shares as the share price collapsed .
enron , which recently agreed to be acquired by dynegy inc . , houston , because of mounting financial problems , has seen its stock price fall to $ 5 . 01 on wednesday from a peak of nearly $ 90 a share last year . the decline has been costly to participants in enron ' s retirement plan because more than 60 % of the 401 ( k ) assets were invested in enron shares at the end of last year , according to one of the suits .
the first suit was filed nov . 13 on behalf of plan participants by campbell harrison & wright llp , a houston law firm , and the second was filed tuesday by seattle - based hagens berman llp . both seek class - action certification .
enron said its corporate policy is not to comment on pending lawsuits . a spokeswoman also said the company ' s 401 ( k ) plan offers participants 18 investment choices , one of which is company stock .
the company ' s stock has fallen amid mounting losses and disclosures that it had extensive off - balance - sheet dealings with a web of partnerships headed by former company officials . the securities and exchange commission has launched a formal investigation into the company ' s accounting , and enron has said it will restate years of financial information .
the suits against enron are the latest of a series of suits filed against companies over losses in the company - stock portion of their 401 ( k ) plans . the suits allege the plan trustees breached their fiduciary duties by continuing to offer company stock , even after they became aware of serious business problems that would hurt the stock price . all the suits are pending .
as with most of these companies , enron matches employee contributions to the 401 ( k ) with shares of enron stock , and also offers enron stock as an investment choice , in addition to a variety of mutual funds . about $ 1 . 3 billion of the plan ' s $ 2 . 1 billion in assets was invested in enron shares at the end of 2000 , according to the suit filed by campbell harrison .
pamela tittle , a participant in the 401 ( k ) plan who worked in the finance department and a named plaintiff in the enron suit filed by campbell harrison & wright , had roughly 2 , 000 shares of enron stock in her retirement account and has suffered losses of about $ 140 , 000 as a result of the stock ' s decline . the suit alleges that the trustees of the enron 401 ( k ) plan violated their fiduciary duties by not informing plan participants that the company stock was in peril .
the suit filed by hagens berman , also alleges that the company failed to warn participants about risks of remaining invested in enron stock . in addition , it accuses enron of systematically misrepresenting its financial results since 1998 in connection with the partnerships under investigation by the sec .
roy e . rinard , a lineman for enron in oregon who is a named plaintiff in the suit filed by hagens berman , has seen the value of his retirement plan fall to $ 70 , 000 from $ 470 , 000 , largely as a result of the decline in enron ' s stock . " i feel like i have been betrayed , " mr . rinard said in press release issued by his lawyers . " i lost my savings , my plans for the future , everything . "
under federal pension law , companies are allowed to offer their own stock in retirement plans , and are allowed to force employees to hold onto the stock . enron doesn ' t let employees diversify out of shares they receive as matching contributions to the 401 ( k ) plan until age 50 .
however , plan trustees are supposed to operate the plan in the best interests of the participants , which includes choosing prudent investments . generally , to prove that the plan ' s administrators breached their fiduciary duties , employees must show that the trustees knew the stock was a bad investment . this presents a high hurdle , so it is not surprising that prior lawsuits over losses in company stock in 401 ( k ) plans have generally come in the wake of allegations of accounting irregularities .
lynn sarko , one of ms . tittle ' s attorneys with seattle ' s keller rohrback llp , is also co - lead counsel in a similar lawsuit against lucent technologies inc . , murray hill , n . j . another firm representing ms . tittle is dalton gotto samson & kilgard plc , which is lead counsel in a similar suit against ikon office solutions inc . , malvern , pa . the two law firms are representing ms . tittle with campbell harrison & wright .
the suits against lucent and ikon , like the suit against enron , allege that then - current plan trustees kept offering company stock in the plan despite knowing of serious business problems that would hurt the stock price . representatives for ikon and lucent say their companies didn ' t require employees to invest in the company stock , and educated employees about the need for diversification .
the suit in which mr . rinard is plaintiff notes that on oct . 17 , a day after enron announced the company was taking a nonrecurring charge totaling $ 1 . 01 billion in the third quarter , enron " locked down " the 401 ( k ) plan ' s assets , preventing participants from selling enron shares . ( a " lock - down " occurs when a retirement plan is transferred from one administrator to another , and generally lasts several weeks , during which time participants can ' t make changes in their investment choices ) .
the lock - down was lifted on nov . 19 . in the interim , on nov . 8 , enron announced it would be forced to restate downward its reported financial results from 1997 through 2000 . by the time the lock - down was lifted , as a result of all the negative news the shares had fallen to below $ 9 a share from $ 32 . 20 on oct . 17 , when the lockup started , hagens berman attorney karl barth said .
" they were locked into it right when enron knew it was going to be announcing some really bad news , " mr . barth said . " mr . rinard ' s looking at having no retirement savings now . it ' s a horrible thing to have to start over in your 50 s . "
copyright ? 2000 dow jones section c
from sunbeam to enron , andersen ' s reputation suffers
by floyd norris
11 / 23 / 2001
the new york times
page 1 , column 2
c . 2001 new york times company
this has been the worst year ever for arthur andersen , the accounting firm that once deserved the title of conscience of the industry . the securities and exchange commission filed civil fraud complaints against the andersen partner who audited sunbeam and against the firm itself in the waste management case .
now enron has repudiated the financial statements that were certified by arthur andersen , in the process shaving more than half a billion dollars from the company ' s reported profits in recent years .
all of which raises the question : has arthur andersen become the black sheep of the accounting industry ?
it is not an easy question to answer , and not everyone is willing to rush to judgment . ' ' if you want to attack andersen for enron , you need to know more than we know , ' ' arthur levitt , the former chairman of the securities and exchange commission , said this week .
but if there is a thread connecting what is known about the three cases , it is materiality . in all three cases , andersen auditors spotted bad accounting but were persuaded it was immaterial and therefore allowed it to go ahead .
materiality is one of those flexible concepts that can get accountants into trouble . the idea is that it doesn ' t much matter if a few little things were gotten wrong . but they can add up .
at enron , however , they did not add up to that much - - a total of $ 93 million over four years . the biggest restatement of enron profits concerns a related party that enron now says should have been consolidated . it is not clear if andersen had the facts needed to make that decision at the time .
to those who treasure the role of auditors , the humiliation of andersen is painful . back in the 1950 ' s , it was leonard spacek , andersen ' s managing partner , who warned that ' ' the profession ' s existence is in peril ' ' because it was not showing enough independence . his public prodding was crucial in making the industry do a better job . two decades ago , when the issue on the table was pension accounting , andersen was the only major accounting firm to break with clients and push for good rules .
now andersen ' s backbone is open to question . it was evidence that senior people at andersen repeatedly gave in to pressure from waste management that led the s . e . c . to bring that suit , which the firm chose to settle without admitting it had done anything wrong . the partner that the s . e . c . says looked the other way at sunbeam is fighting the accusations , and andersen says he acted properly .
lynn turner , who was chief accountant of the s . e . c . at the time and is now director of the center for quality financial reporting at colorado state university , says what is happening to andersen now is reminiscent of what happened to coopers & lybrand when he was a partner there and the firm had a series of highly publicized blown audits .
' ' we got bludgeoned to death in the press , ' ' he said . ' ' people did not even want to see us at their doorsteps . it was brutal , but we deserved it . we had gotten into this mentality in the firm of making business judgment calls . ' ' by that he meant that the firm paid too much attention to not offending clients and not enough to good accounting .
for andersen to avoid that fate , its relatively new chief executive , joseph berardino , who declined to be interviewed for this column , will need to set a tone inside the firm making clear that he expects auditors to show the backbone that mr . spacek epitomized . and then he will have to convince the public of that .
copyright ? 2000 dow jones section c
chase and j . p . morgan ' s paper anniversary
a year after the merger , rosy plans meet reality
by riva d . atlas
11 / 23 / 2001
the new york times
page 1 , column 5
c . 2001 new york times company
when william b . harrison jr . speaks of last year ' s $ 31 billion merger of j . p . morgan and the chase manhattan corporation , he speaks proudly of a deal that he considers to be a capstone to his 34 - year career of helping build a giant of the banking business .
' ' this is the first merger i ' ve been part of , ' ' said mr . harrison , the chief executive of the combined bank , ' ' where i feel our core business is complete . ' '
the chase - j . p . morgan combination helped advance the bank into the investment banking elite , just as mr . harrison intended . but with wall street and the economy in far different places today than they were when the deal was put together , the many mergers , stock sales and other money - making opportunities that were supposed to justify the high - priced acquisition have largely dried up for now .
consequently , deal makers and analysts who follow the bank are already speculating that mr . harrison , 58 , may ultimately be compelled to do yet another large deal , this time to diversify his business away from its heavy emphasis on wall street .
j . p . morgan chase has won some prominent assignments , like handling the revampings of troubled giants like lucent and , more recently , enron , the beleaguered energy trading company .
but while j . p . morgan chase is proud of serving alongside citigroup as both lead lender and adviser to enron on its acquisition by dynegy , the dual role it has worked to achieve sometimes proves complicated for the bank . with enron ' s shares in free fall as more information comes out about its hidden debts , j . p . morgan chase has been scrambling to maintain the support of other banks while simultaneously keeping the merger with dynegy on track .
thanks largely to the slump on wall street , j . p . morgan chase ' s profits fell by two - thirds in the third quarter , to $ 449 million from $ 1 . 4 billion in the period a year ago . its stock has dropped 15 percent this year , more than other banks ' shares . the bank ' s stock is ahead of investment banks like goldman sachs , with which j . p . morgan chase increasingly competes .
' ' the jury is still out in many respects on this merger , ' ' said judah kraushaar , an analyst at merrill lynch . nevertheless , he likes j . p . morgan chase ' s stock , he said , because ' ' expectations are very low . ' '
all j . p . morgan chase ' s competitors are suffering from the slowdown on wall street . but some , like citigroup , are better diversified and have greater involvement in old - fashioned consumer banking , which is proving to be a strong moneymaker this year .
nearly a third of j . p . morgan chase ' s revenues are consumer - oriented . by contrast , its chief new york rival , citigroup , gets half its revenues from consumer businesses .
' ' the timing of the merger was bad , ' ' said steven wharton , a banking analyst at loomis , sayles donald h . layton , one of two leaders of investment banking ; and james b . lee jr . , the bank ' s senior deal maker . the team also includes dina dublon , the bank ' s chief financial officer .
two other senior executives have also lived through big deals . geoffrey t . boisi , the other investment banking leader , was the one - time investment banking chief at goldman , sachs . david a . coulter , in charge of chase ' s retail bank , had been chief executive of bank of america before it was bought by nationsbank .
' ' there aren ' t many teams that have gone through as many mergers as bill harrison and his team , ' ' said mark g . solow , managing principal at garmark advisors , an investment firm , and a former senior executive at chemical .
still , ms . dublon acknowledged that the tough economy was making the j . p . morgan takeover more difficult than the earlier combinations .
' ' in general , mergers are very hard on morale , ' ' she said . ' ' there is no question that this one has a tougher emotional toll . ' '
the bank ' s executives are making the best of a bad situation . they have taken advantage of the slowdown to cut around 8 percent of the combined banks ' staff , or about 2 , 500 more employees than anticipated at the time the merger was announced .
many of these job cuts were aimed at high - cost investment bankers : j . p . morgan chase expects that 6 , 000 jobs in its investment banking division will have been eliminated by the end of the year .
' ' we have focused on the tougher jobs to cut , ' ' ms . dublon said .
in some ways the overall market turmoil has made it easier for j . p . morgan chase to overhaul its staff . with fewer jobs available on wall street , mr . shapiro said , the employees who are left behind are less apt to complain about changes in their jobs . ' ' people have fewer options , ' ' he said , ' ' so you have a little more control over the process . ' '
thanks partly to these cuts , the bank estimates the saving from cost cutting will be $ 3 . 6 billion annually , compared with an original projection of $ 2 billion at the time of the merger .
the cost cutting has helped compensate somewhat for a sharp drop in profits in the bank ' s core businesses . ' ' what we can control and are managing very aggressively is the expenses of the company , ' ' ms . dublon said in a conference call with reporters on oct . 17 , the day earnings were announced .
aside from cost cuts , the weakness on wall street makes it hard for the bank ' s executives to point to tangible gains in investment banking , where fees were down 24 percent in the third quarter . but mr . harrison points to market - share gains the bank has achieved at the expense of competitors on wall street . he hopes that when the investment banking business revives , j . p . morgan chase will hold on to these gains .
the bank is particularly proud of its standing in two areas : mergers and acquisitions , and the underwriting of large investment - grade bond deals .
the bank ranked 5 th worldwide in the highly profitable category of advising on mergers during the first nine months of 2001 , up from chase ' s 12 th - place finish and j . p . morgan ' s 10 th - place standing during the same period last year , according to thomson financial securities data .
the merger and acquisitions business , which chase had been slowly building for years , is stronger following the merger with j . p . morgan , said mr . lee , a vice chairman at the bank . as a result , the bank is able to win assignments providing advice to customers who dealt with the old chase only for loans .
mr . lee remains proud of the bank ' s work with enron , the energy company , despite its troubles . j . p . morgan chase , along with citigroup , raised $ 1 billion in bank financing for enron earlier this month . it was also hired to advise the company , which hopes to be saved from collapse by being taken over by dynegy .
the old chase , long a lending powerhouse , would have had a good shot at leading the bank financing , but an advisory role would have been less certain . mr . lee said the investment banker advising enron came from the old j . p . morgan . but with merger activity slow , there are few such deals to go around .
the bank is also proud of its strength in long - term investment - grade bonds , another area that business executives say has been enhanced by the merger . it moved up to second place in that area so far this year , compared with sixth place a year ago .
the bank has taken advantage of a boom in large corporate bond offerings , a surge driven by today ' s low interest rates . in may j . p . morgan chase raised $ 12 billion in bonds for worldcom , the telecommunications company , in the largest corporate debt deal in the united states on record .
unfortunately for j . p . morgan chase , the fees for underwriting investment - grade debt are small compared with the money to be earned coordinating offerings of stock , where j . p . morgan chase remains a second - tier competitor .
the bank actually lost market share in the rankings for underwriters of stock , falling to 9 th place this year , compared with the old j . p . morgan ' s 6 th - place finish a year ago . ( chase was 11 th . )
mr . harrison said the bank was taking advantage of the slowdown in stock offerings to build momentum slowly in that business . ' ' we think we have a chance in the second half of this year to be in the top five , ' ' he said .
given the slowdown , some bankers predict that mr . harrison will ultimately do another deal , either to expand his consumer banking business or to bolster weak areas in investment banking , like the equity division .
' ' the general view is that the combination with j . p . morgan didn ' t do enough , ' ' one investment banker said .
mr . harrison disagrees : ' ' i don ' t feel , ' ' he said , ' ' we need to do another large deal to be successful . ' '
photo : william b . harrison jr . , the chief executive , says he has no doubts about the wisdom of forming j . p . morgan chase , even though the the economy has slowed since then . ' ' i can ' t tell you how happy i am about having done this merger , ' ' he said . ( associated press ) chart : ' ' still looking for the right mix ' ' when j . p . morgan and chase announced their merger in september 2000 , the combination ' s strength in investment banking seemed sure to be successful . but the bank ' s stock has suffered with wall street ' s slump , and its more consumer - oriented and better - diversified rival , citigroup , has fared better . graph tracks the daily closing prices of citigroup and j . p . morgan chase shares from september 2000 through november 2001 . a different blend of banking based on revenue , before overhead expenses ( first nine months of 2001 ) . j . p . morgan chase * consumer and small business : 32 % investment management and private : 9 % corporate and investment : 58 % citigroup consumer and small business : 54 % investment management and private : 4 % corporate and investment : 42 % * does not add to 100 because of rounding . ( sources : bloomberg financial markets ; company reports )
copyright ? 2000 dow jones & company , inc . all rights reserved .
companies & finance the americas - enron ' awaiting ' capital injections , say officials .
by robert clow .
11 / 23 / 2001
financial times
( c ) 2001 financial times limited . all rights reserved
officials working to shore up enron ' s balance sheet yesterday said the struggling energy trader hoped to receive capital injections of more than $ 1 . 5 bn as early as next week .
enron is in talks about $ 250 m investments with jp morgan chase and citigroup and is also hoping to raise at least $ 1 bn from private equity investors .
people close to enron declined to comment on which buyout firms might wish to invest in enron . however , the blackstone group , which was reported to be talking to the company before dynegy made its $ 9 bn rescue bid , is understood no longer to be doing so .
members of the 20 - strong bank lending group , led by jp morgan chase and citigroup , are being asked to defer the maturities of their upcoming debt until after the completion of the merger .
the moves comes as reports from goldman sachs and fitch , the credit rating agency , raised questions about the company ' s cash flow and its medium - term viability .
david fleischer , a goldman sachs analyst , argued that cash balances were inadequate to meet $ 2 . 8 bn of debt obligations falling due before the end of the year .
people close to enron say that nearly $ 1 bn of that debt has already been restructured .
the fitch report said that if the dynegy deal was not completed , enron would struggle to meet $ 9 bn of obligations due before the end of next year .
people close to enron insisted that dynegy remained committed to the merger and played down talk of renegotiation .
dynegy would shortly issue a statement reasserting its commitment to the deal , they predicted .
( c ) copyright financial times ltd . all rights reserved .
http : / / www . ft . com .
copyright ? 2000 dow jones & company , inc . all rights reserved .
usa : update 2 - enron bleeds again as dynegy deal doubts grow .
11 / 23 / 2001
reuters english news service
( c ) reuters limited 2001 .
( dateline previous new york , changes byline , updates with bond prices , details throughout )
by c . bryson hull
houston , nov 23 ( reuters ) - a long weekend of work faced dynegy inc . and proposed acquisition enron corp . , , whose worsening stock woes on friday whipped up fear that the deal could be renegotiated or collapse entirely .
houston - based dynegy and its advisers were expected to spend the long holiday weekend reviewing larger cross - town rival enron ' s complex books , as both parties race against the decline in enron ' s stock to complete the thorough financial examinations a merger requires .
enron shares ended down more than 5 percent , or 27 cents , to $ 4 . 74 at the close of abbreviated friday trading on the new york stock exchange . dynegy shares closed up 64 cents , or 1 . 61 percent , to $ 40 . 40 .
dynegy on nov . 9 agreed to pay about $ 9 billion in stock for enron . but , after falling 45 percent by friday ' s close amid fears it could run out of cash before the deal closes , enron ' s market capitalization is only about $ 4 . 03 billion .
at dynegy ' s current stock price , its offer for enron is worth about $ 10 . 85 a share - more than twice enron ' s current share price .
executives and advisers from both companies are in the final stages of the review , known as due diligence , sources familiar with the matter told reuters . the sources said renegotiations had not been discussed as of friday afternoon , and that such discussions could not occur until the due diligence review is finished .
but should it turn up any more unpleasant surprises that qualify as a " material adverse change " in enron ' s business , the likelihood increases of dynegy invoking escape clauses or renegotiating , analysts and observers say .
" you ' ve got to believe there is that possibility . there is a 90 percent spread on the deal , " said one analyst . " there ' s unquestionably continued malaise in enron ' s core business and dynegy has left itself open to renegotiate with enron . "
ubs warburg analyst ron barone on wednesday wrote in a research report that the likelihood was " soaring " that dynegy might discover a material adverse change .
enron spokeswoman karen denne said that , to her knowledge , dynegy was not renegotiating the terms of the acquisition .
she repeated that enron was working on obtaining an additional $ 500 million to $ 1 billion in private equity funding to help shore up the balance sheet .
dynegy spokesman john sousa said due diligence was continuing and said the company remains optimistic about the merger .
traders fearing renegotiation
enron ' s recent admission that lower volumes at its trading business - the crown jewel of enron that dynegy most covets - could cause low fourth - quarter earnings raises the possibility that the trading business is losing its profitability . continued losses there would remove a key attraction for dynegy .
electricity traders said the latest developments are making it seem more likely that dynegy will renegotiate the deal or back out entirely , a move they said would leave enron vulnerable to creditors and a possible bankruptcy .
this week rating agency fitch investors said that if dynegy stepped away from the merger , enron ' s credit situation seemed untenable and a bankruptcy filing was highly possible .
traders , speaking on condition on anonymity , said they expected dynegy to scramble over the weekend to narrow the growing share price gap . enron ' s depleted market value and the shrinking volume in its enrononline trading system makes it more likely dynegy could pull out , traders said .
meanwhile , energy traders reiterated that they would shy away from long - term deals with enron unless they received substantial assurances the company ' s credit rating would soon improve .
enron ' s bonds on friday were again talked at junk - bond levels , but even lower than before .
enron ' s 6 . 4 percent notes maturing in 2006 and its 6 . 75 percent notes were bid friday at 57 cents on the dollar , down from a respective 62 and 60 cents on wednesday , according to a trader . the notes yield to maturity a respective 21 . 5 percent and 17 percent . its 20 - year zero - coupon convertible bonds fell about 1 cent on the dollar to just over 33 cents .
enron is hovering at the edge of investment - grade as the three main credit trading agencies consider whether to cut them again , and some observers wonder how enron has avoided it .
" a bond trading in the 50 s has nothing to do with an investment - grade security , " said scott smith , a principal at wells capital management in san francisco , where he invests $ 6 billion in debt and does not own enron .
( additional reporting by jim jelter in san francisco , andrew kelly in houston and carolyn koo , arindam nag , david howard sinkman and jonathan stempel in new york ) ) .
copyright ? 2000 dow jones & company , inc . all rights reserved .
usa : enron avoids junk status , but observers wonder how .
by jonathan stempel
11 / 23 / 2001
reuters english news service
( c ) reuters limited 2001 .
new york , nov 23 ( reuters ) - it is rare that holding onto investment - grade credit ratings means as much to a company as it does now to beleaguered energy trader enron corp . , and some observers are wondering why a cut to junk status is taking so long .
" the sum of all knowledge is in the valuation of the stock and the bonds , " said scott smith , a principal at wells capital management in san francisco , where he invests $ 6 billion in debt , and does not own enron . " a bond trading in the 50 s has nothing to do with an investment - grade security . "
enron ' s 6 . 4 percent notes maturing in 2006 and 6 . 75 percent notes were bid friday at 57 cents on the dollar , down from a respective 62 and 60 cents on wednesday , a trader said . the notes yield to maturity 21 . 5 percent and 17 percent .
meanwhile , enron ' s shares have sunk 94 percent this year . since october 16 , when it released third - quarter results , which it has since revised downward , its shares have fallen 86 percent , and its bonds by nearly half .
houston - based enron , which is trying to merge with smaller cross - town rival dynegy inc . , has been rocked this year by accounting problems , earnings restatements , a federal investigation and a top management shuffle .
its advisers were expected this weekend to pore over the company ' s books , which could lead to a renegotiation of the merger , sources familiar with the matter said .
moody ' s investors service and standard & poor ' s have cut its senior unsecured debt ratings twice in the last month to their current " baa 3 " and " bbb - minus , " their lowest investment grades . fitch has cut its equivalent rating to " bbb - minus , " and all three agencies have warned of more possible cuts .
the stakes could hardly be higher .
cash crunch
a downgrade to " junk " status could imperil enron ' s trading business , force it to pay off as much as $ 3 . 9 billion of debt issued mostly by two trusts , and possibly force it to seek bankruptcy protection , analysts said .
enron said in a securities filing it recently had less than $ 2 billion of available cash and credit lines .
s & p said on tuesday that enron faces " liquidity issues , " but enjoys an " alignment of interests " with its banks and a near - term financial position that " is expected to be sufficient " to allow the dynegy merger .
fitch , meanwhile , said on wednesday that " our present ' bbb - minus ' rating rests on the merger possibility and continued support of the lending banks . "
if dynegy walks away , it said , " enron ' s credit situation seems untenable with a bankruptcy filing highly possible . "
enron said on monday it had $ 9 . 15 billion of obligations due through next year , and a $ 690 million note that could come due next tuesday . it later said it got a three - week reprieve .
investment banks
sean egan , managing director of egan - jones ratings co . in philadelphia , likened enron ' s ratings situation to those of california ' s two largest utilities , pacific gas & electric co . and southern california edison .
despite investor unease , those utilities kept their investment - grade ratings only until they defaulted on debt in january , as california ' s power crisis worsened .
on november 8 , a day before the dynegy merger was announced , senior officials from enron ' s lead banks - william harrison , chief executive of j . p . morgan chase & co . , and michael carpenter , who runs citigroup inc . ' s investment banking arm - met with moody ' s to help allay that agency ' s concerns , a person familiar with the meeting said .
a day later , moody ' s , which issued no statement on enron this week , downgraded the company ' s senior unsecured debt rating , but only to its current " baa 3 . "
" pressure is coming from the investment banks , which have a vested interest in seeing the dynegy deal go through , " said egan , whose agency rates enron ' s debt " bb , " its second - highest junk grade . " investment banking fees will be substantial . "
companies pay for moody ' s and s & p ratings , which they need to obtain financing . egan said his agency receives no such payments .
citigroup and j . p . morgan declined to comment . moody ' s and s & p did not immediately return phone calls . fitch was not immediately available for comment . dynegy and enron on wednesday , however , reaffirmed their commitment to the merger .
wells capital ' s smith isn ' t sure what to expect .
" enron will remain definitively investment grade if the merger as billed goes through , . . . but there are half a dozen things that could go wrong , " he said . " obviously , the equity markets are telling you it ' s very skeptical the merger will go through , and the bond market is following its lead . "
( additional reporting by carolyn koo and arindam nag . ) .
copyright ? 2000 dow jones & company , inc . all rights reserved .
usa : us corp bonds - enron slips again in quiet market .
by jonathan stempel
11 / 23 / 2001
reuters english news service
( c ) reuters limited 2001 .
new york , nov 23 ( reuters ) - the u . s . corporate bond market saw very little activity on friday , with many traders leaving even in advance of the early close , though enron corp . ' s bonds weakened for a third straight session amid concern over the energy trader ' s liquidity , and whether its merger with dynegy inc . can go through .
" deadly " was how one trader described activity . spreads , the yield difference between investment - grade bonds and comparable maturity u . s . treasuries , finished unchanged on balance , as did junk bond prices , traders said .
enron ' s 6 . 4 percent notes maturing in 2006 and its 6 . 75 percent notes were bid at 57 cents on the dollar , down from a respective 62 and 60 cents on wednesday , according to a trader . the notes yield to maturity a respective 21 . 5 percent and 17 percent . its 20 - year zero - coupon convertible bonds fell about 1 cent on the dollar to just over 33 cents .
meanwhile , enron ' s shares fell 5 . 4 percent , as its advisers prepared this weekend to pore over the company ' s books , sources familiar with the matter said . analysts said there could be a renegotiation of the dynegy merger .
" the sum of all knowledge is in the valuation of the stock and the bonds , " said scott smith , a principal at wells capital management in san francisco , where he invests $ 6 billion of debt , none from enron . " a bond trading in the 50 s has nothing to do with an investment - grade security . "
ten - year treasuries closed down 12 / 32 , as their yields rose to 5 . 011 percent .
junk bond funds enjoy inflows
separately , investors poured cash into u . s . junk bond mutual funds for a second straight week amid a newfound tolerance for riskier assets .
investors added a net $ 628 . 5 million of cash to the funds in the week ending tuesday , on top of $ 816 . 3 million in the prior week , according to amg data services .
the two - week inflow is the largest since the second and third week of january . the bonds rose more than 6 percent that month , according to merrill lynch & co .
" financial markets have rallied on hopes that the economy will get better in the not - too - distant future , " said jan hatzius , senior economist at goldman sachs & co . " a lot of the optimism right now is hope rather than reality , but we should see signs of improvement in a month or two . "
through thursday , junk bonds have returned 2 . 93 percent in november alone , beating all other bonds , and are up 4 . 71 percent this year , merrill lynch data show . the bonds still yield 7 . 98 percentage points more than treasuries , but that ' s down from 9 . 29 percentage points at the start of the month .
companies this week sold about $ 3 . 83 billion of investment - grade , $ 533 million of junk , and $ 3 . 3 billion of convertible debt . investors expect about three more weeks of overall active issuance before the usual year - end slowdown .
copyright ? 2000 dow jones & company , inc . all rights reserved .
usa : enron shares seesaw on concerns over dynegy deal .
11 / 23 / 2001
reuters english news service
( c ) reuters limited 2001 .
new york , nov 23 ( reuters ) - shares of enron corp . fluctuated wildly on friday morning , as concerns grew over rival dynegy inc . ' s $ 9 billion acquisition of the beleaguered energy trader .
enron shares were down 8 cents , or 1 . 6 percent , to $ 4 . 93 in friday morning trading on the new york stock exchange , after diving more than 8 percent earlier .
the shares are down because of talk that the terms of dynegy ' s deal with enron could be changed or that the deal could collapse .
dynegy originally agreed to pay about $ 9 billion in stock for enron . but , after falling 42 percent since then by wednesday ' s close , enron now sports a market capitalization of only about $ 4 . 26 billion .
in a report on wednesday , ronald barone , an analyst at ubs warburg , suggested that the deal ' s current exchange ratio of 0 . 2685 share of dynegy for each share of enron could well be readjusted .
he suggested that a much lower exchange ratio of 0 . 15 was more realistic .
" you ' ve got to believe there is that possibility . there is a 90 percent spread on the deal , " said one analyst , referring to a potential renegotiation .
" there ' s unquestionably continued malaise in enron ' s core business and dynegy has left itself open to renegotiate with enron , " he continued .
some of enron ' s trading partners have scaled back their activity , causing that " malaise . " lower volumes at its trading business , which is the largest and most coveted portion of its operation , could cause fourth - quarter earnings to come in below expectations , enron has said .
copyright ? 2000 dow jones & company , inc . all rights reserved .
tales of the tape : energy traders ' perfect storm stalls
by christina cheddar
of dow jones newswires
11 / 23 / 2001
dow jones news service
( copyright ( c ) 2001 , dow jones 201 - 938 - 5166 ; christina . cheddar @ dowjones . com
copyright ? 2000 dow jones & company , inc . all rights reserved .
u . s . energy exhange may scrap online platform plans
by stephen parker
of dow jones newswires
11 / 23 / 2001
dow jones energy service
( copyright ( c ) 2001 , dow jones 201 - 938 - 4426 ; stephen . parker @ dowjones . com
copyright ? 2000 dow jones & company , inc . all rights reserved .
enron woes may endanger plans for mozambique steel proj
11 / 23 / 2001
dow jones international news
( copyright ( c ) 2001 , dow jones & company , inc . )
maputo , mozambique ( ap ) - - the recent downturn in fortunes for u . s . energy company enron corp . ( ene ) may quash hopes for the construction of a natural gas - fueled factory to produce steel slabs for export in mozambique , officials said friday .
one of the largest companies in the u . s . , enron is struggling amid potentially new cash - flow and earnings problems . the houston - based company was to invest $ 1 . 1 billion in the maputo iron and steel project , a factory that once built , was expected to produce two million tons of steel slabs a year .
but mozambican prime minister pacoal mocumbi said that the government hoped that , " enron ' s current difficulties will not lead to the cancellation of the project . "
" my government wants to know from enron what is going on so that we are not held hostage to a lack of information , " mocumbi said .
no immediate comment was available from enron officials in mozambique .
the planned project is part of long - standing efforts to exploit vast natural gas reserves in mozambique and transport and sell the product into the industrial heartland of south africa .
mozambique has two massive gas fields : temane is operated by the u . s . ' s atlantic richfield co . , sasol of south africa , and zarara petroleum of dubai , while pande is operated by enron .
copyright ? 2000 dow jones & company , inc . all rights reserved .
stockwatch enron down , dynegy up on lingering merger uncertainty
11 / 23 / 2001
afx news
( c ) 2001 by afp - extel news ltd
new york ( afx ) - enron corp shares were lower , while dynegy inc was slightly higher in late morning trade on lingering uncertainty about their proposed merger following a news report that enron ' s sec filing last monday contained details that were not known to acquirer dynegy , dealers said .
at 11 . 15 am , enron shares were trading down 17 cents at 4 . 84 , a decline of 3 . 3 pct . dynegy was up 44 cents at 40 . 20 .
the djia was up 57 . 70 points at 9 , 892 . 86 . the s & p 500 was up 6 . 24 points at 1 , 143 . 27 . the nasdaq composite was up 11 . 94 points at 1 , 886 . 99
earlier , the wall street journal quoted an unnamed source as saying monday ' s sec filing contained information on the company which was unknown to proposed buyer dynegy .
dynegy representatives are planning to work through the weekend evaluating the significance of this information as part of their due diligence on enron , the paper said . it did not specify the nature of the information .
in the filing , enron revealed a number of new financial problems including a possible obligation to repay a 690 mln usd note due nov 27 .
on wednesday , the company said it had received an extension on the repayment until mid - december , which it said was enough time to restructure the debt .
the company also said it was in active talks with its creditors and expected to be able to restructure other debt and remain solvent long enough for the merger with dynegy to be completed .
dynegy welcomed the news and said it will push ahead in seeking regulatory approval for the merger . but investors are concerned that the constant surprises in restated earnings and revelations of liquidity problems at enron may cause dynegy to walk away from the deal .
ubs warburg analyst ronald barone lowered enron ' s fourth - quarter earnings per share estimate to a loss of 25 cents from earnings of 25 cents , arguing that its business will suffer until its liquidity problems are resolved .
the analyst cut his full year estimate to 1 . 10 usd from 1 . 60 usd and 2002 estimate to 75 cents from 1 . 65 cents .
if his figures prove to be correct , they would make dynegy ' s current merger exchange terms - - of 0 . 2685 dynegy shares for each enron share owned - - moderately dilutive .
" we reiterate that if the merger with dynegy were to run into obstacles ( or fall through entirely ) enron shares could come under severe pressure as investors may question its ability to sustain liquidity ( and normal business activities ) for an extended period of time , " barone said in a note . " under such a scenario , bankruptcy would not be out of the question . "
credit suisse first boston analyst curt launer was more upbeat , and said the share ' s decline in recent sessions has been overdone .
" our industry contacts and discussions with traders indicate that while trading with enron has slowed , it certainly has not stopped , " said launer .
for dynegy , the merger with enron still " represents a dramatic plus , " he said .
cl / gc for more information and to contact afx : www . afxnews . com and www . afxpress . com
copyright ? 2000 dow jones & company , inc . all rights reserved .
usa : houston economy seen weathering major layoffs .
by ellen chang
11 / 23 / 2001
reuters english news service
( c ) reuters limited 2001 .
houston , nov 23 ( reuters ) - houston ' s economy , buffered by a broad and diverse tax base , should be able to weather thousands of layoffs from some of the city ' s major corporations , including energy powerhouse enron corp . , economists and analysts said .
financially ailing enron corp . , which has 21 , 000 employees worldwide and is in talks to be bought by houston - based rival dynegy inc . , is the third major employer in the city to announce severe financial problems in recent months . analysts expect layoffs if the merger occurs .
continental announced a layoff of 3 , 000 employees after the sept . 11 attacks and hewlett - packard co . ' s plan to buy compaq computer corp . will , if finalized , result in 15 , 000 layoffs at the two companies . compaq also announced 8 , 000 layoffs worldwide in july .
" it ' s fair to say that the potential layoffs at enron and the layoffs at continental , taken alone , are negative factors , although probably small in the grand scope of the houston economy , " said phil scheps , director of houston ' s finance and administration department .
since last month when enron became a target of a securities and exchange commission investigation into financial dealings with partnerships , the energy giant ' s market share has steadily eroded .
while neither enron nor dynegy have given any indication of the number of layoffs that could hit houston , barton smith , director of the institute for regional forecasting at the university of houston , said the layoffs " will be spread out over a long period of time and will not be excessive . "
robin kapiloff , an analyst at moody ' s investors service , said the city ' s efforts to diversify its economy over the past decade will protect its revenue collections , even as some of the city ' s biggest employers suffer . " we ' re watching to see where things go now , " she said .
alex fraser , a director at standard & poor ' s , said the ratings agency isn ' t concerned about houston ' s credit position at this point . " while enron is certainly a large player and prominent corporation , we ' re unclear on what the impact would be . "
while the fourth largest city in the country experienced a bit of a slowdown since the sept . 11 attacks , houston has outperformed the rest of the nation .
with a tax base of $ 87 . 3 billion in 2001 , houston is also buffered by the texas medical center , the city ' s largest employer . next year the city ' s tax base is estimated to grow to $ 95 billion .
still , the national recession , energy price weakness in general , and the initial loss of consumer confidence related to the attacks has caused the city to reduce its estimate of sales tax growth to 1 . 5 percent from 5 percent . that revised estimate equals a $ 13 million reduction in the city ' s $ 1 . 4 billion budget .
but the city ' s property tax revenue has not been affected . only a small change in property tax collections is expected in 2002 because valuations are based on jan . 1 data and for most of 2001 , real estate growth was very large , scheps said .
while recent economic indicators appear positive , and consumer confidence has quickly rebounded , a better read on the strength of houston ' s tax revenue collections will be available in february when the city receives data for the december holiday season , scheps said .
copyright ? 2000 dow jones & company , inc . all rights reserved .
dabhol pwr confirms arbitrator panel mtg in singapore sat
11 / 23 / 2001
dow jones international news
( copyright ( c ) 2001 , dow jones dow jones newswires ; 91 - 11 - 461 - 9426 ; himendra . kumar @ dowjones . com
copyright ? 2000 dow jones & company , inc . all rights reserved .
enron sec filing contained information dynegy was unaware of - report
11 / 23 / 2001
afx news
( c ) 2001 by afp - extel news ltd
new york ( afx ) - monday ' s sec filing by enron ' s corp contained information that proposed buyer dynegy inc had not known about , the wall street journal quoted a person familiar with the merger plans as saying .
dynegy representatives plan to work through the weekend evaluating the importance of this new information as part of the company ' s due diligence on enron , the source said , without specifying what the new information was .
in the filing , enron disclosed hundreds of millions of dollars of potential additional write - offs as well as the possibility that its weakening financial condition could force it to repay more than 2 bln usd in loans by the end of the year .
dynegy announced wednesday that it is working to accelerate regulatory approvals required to complete the acquisition in accordance with the previously announced agreement .
the journal quoted analysts as saying dynegy is coming under increasing pressure to renegotiate or walk away from the deal .
it also cited fitch director ralph pellecchia as saying that , without the dynegy acquisition and continued support from its bankers and customers , an enron bankruptcy - court filing " is highly possible " .
jms for more information and to contact afx : www . afxnews . com and www . afxpress . com
copyright ? 2000 dow jones & company , inc . all rights reserved .
dynegy ' s decision to buy enron hits crossroads amid rising financial woes
11 / 23 / 2001
dow jones business news
( copyright ( c ) 2001 , dow jones & company , inc . )
even as it reiterated its intention to purchase enron corp . , dynegy inc . is coming under increasing pressure to renegotiate or walk away from the multibillion - dollar deal , friday ' s wall street journal reported .
the pressure is stemming from the continuing slide in the price of enron ( ene ) shares and the mounting financial problems at the houston energy - trading company , the nation ' s biggest marketer of electricity and natural gas . during the past month , enron has taken a $ 1 billion write - off of assets , revised downward the earnings of the past several years and taken a $ 1 . 2 billion reduction in shareholder equity .
the problems have been due largely to dealings enron had with private partnerships , run by some of its own executives , under investigation by the securities and exchange commission . in an sec filing monday , enron disclosed hundreds of millions of potential additional write - offs as well as the possibility that its weakening financial condition could force it to repay more than $ 2 billion in loans by the end of the year .
as of 4 p . m . wednesday in new york stock exchange composite trading , enron shares fell $ 1 . 98 , or 28 % , to $ 5 . 01 each after having dropped 23 % tuesday . in excess of 115 million shares traded wednesday , more than four times the volume of any other big board stock . enron ' s bonds also again traded sharply lower , market observers said .
the turmoil spilled over to dynegy ' s stock , which also was among the most actively traded on the new york stock exchange . as of 4 p . m . wednesday , dynegy ( dyn ) shares fell $ 1 . 94 to $ 39 . 76 each .
on wednesday , dynegy issued a statement in which chairman and chief executive chuck watson said his company was working " to accelerate the regulatory approvals required to complete the merger in accordance with the previously announced agreement " though it continued to perform " due diligence " on enron .
under the merger agreement , dynegy has opportunities to renegotiate or walk away from the deal if enron ' s financial and legal problems become severe enough . however , some observers said it can be difficult to invoke these so - called material adverse change clauses . they point to a decision earlier this year by a delaware chancery court judge who forced tyson foods inc . to complete a planned purchase of ibp inc . even though tyson , a springdale , ark . , food - products company , had wanted to cancel the transaction because of a drop in ibp ' s earnings and accounting problems at an ibp unit .
dynegy officials didn ' t return calls seeking comment . to complete the deal , two - thirds of dynegy shareholders and a majority of enron shareholders would have to give their approval . no dates for those votes have been set .
one person familiar with the merger plans said the sec filing monday by enron contained information dynegy hadn ' t known about . dynegy representatives planned to work through the weekend evaluating the importance of this new information as part of the company ' s due diligence , this person said . it couldn ' t be determined what the new information was .
the merger agreement , announced nov . 9 , calls for dynegy to exchange 0 . 2685 share for each of enron ' s roughly 850 million fully diluted shares , giving the purchase a value of about $ 9 billion at dynegy ' s current stock price . however , from a price standpoint , the deal is appearing less attractive to dynegy .
on the day of the merger announcement , enron shares were trading at about $ 8 . 63 each , or about 83 % of the purchase price under the exchange ratio . as of wednesday , enron ' s market price was only about 47 % of the merger - formula price . such a sharp deterioration is unusual following a merger announcement , when the stock price of the company being acquired generally begins trading relatively close to the offering price .
sentiment among wall street analysts also is turning against the merger . initially , many analysts lauded the merger as a move that would rescue enron and provide a major boost to houston - based dynegy . dynegy and enron officials have predicted that the merger , supposed to be completed late next year , would significantly and immediately increase dynegy ' s earnings .
now analysts are challenging that assumption . ron barone , managing director at ubs warburg llc , said he believes that because of enron ' s financial problems , a combined company would actually have lower earnings next year than dynegy would have by itself . mr . barone said he thinks a " likely scenario " is that the merger formula will be renegotiated sharply down to about 0 . 15 dynegy share for each enron share .
copyright ( c ) 2001 dow jones & company , inc .
all rights reserved .
copyright ? 2000 dow jones financial desk
employees ' lawuit says enron hurt retirement funds courts : the suit claims the energy firm urged workers to invest in company stock just before it plunged .
from associated press
11 / 23 / 2001
los angeles times
home edition
c - 2
copyright 2001 / the times mirror company
houston - - two enron corp . workers are suing the company , claiming it endangered their retirement funds .
the lawsuit , filed in federal court in houston under the employee retirement income security act , asserts that enron encouraged the employees to invest more heavily in company stock just before the stock tanked . the lawsuit was filed by portland , ore . , utility lineman roy rinard and co - worker steve lacey .
enron shares have plunged more than 90 % over the last several months since the departure of the company ' s chief executive and an accounting controversy that prompted the firm to restate its earnings since 1997 , eliminating more than $ 580 million of reported income .
steve berman , managing partner for the law firm of hagens berman in seattle , said enron touted the value of its shares and encouraged employees to put their entire portfolio into enron stock .
enron officials didn ' t emphasize the risk and instead painted the situation as positive , especially when the company ' s stock began to slide , said berman , who is hoping to get the suit certified as a class action .
berman wants to prove that the company ' s 401 ( k ) plan executives failed to act responsibly when they knew about serious business problems . he ' s also hoping to break new legal ground with his case .
the lawsuit is patterned after a case against lucent technologies in which lucent employees sued their employer this summer for matching their 401 ( k ) contributions with company stock that tanked . that case is still in litigation .
earlier this year , rinard , 54 , had $ 472 , 000 in his enron 401 ( k ) plan , which had been growing for 21 years .
today , his plan is worth about $ 40 , 000 . enron gives its employees their 401 ( k ) match in company stock .
in january , enron was trading for $ 84 . 87 . wednesday it closed at $ 5 . 01 a share on the new york stock exchange .
the problem was compounded when many employees , including rinard , saw enron ' s stock doing so well that they decided to put their entire account into enron stock .
enron executives had talked about how the stock price was poised to climb above $ 100 a share , rinard told the houston chronicle .
in addition , enron employees were not allowed to make trades in the 401 ( k ) plan for about a month , starting oct . 17 . that was the day after enron surprised the market with the news it was taking a $ 1 . 01 - billion after - tax third - quarter charge to get out of bad investments .
enron officials , who could not be reached , have said they had planned the lockdown for several months because the company was changing plan administrators .
copyright ? 2000 dow jones & company , inc . all rights reserved .
business
portland utility ' s fate tied to enron ' s future
nigel hunt
reuters
11 / 23 / 2001
the seattle times
fourth
c 2
( copyright 2001 )
los angeles - - oregon ' s largest utility , portland general electric , faces an uncertain future as its parent enron fights for its life amid a deepening financial crisis , industry experts said wednesday .
another oregon utility , northwest natural gas , is due to file next week with state regulators for approval to take over portland general . those same regulators could soon be faced with a similar application from dynegy as part of a still - pending deal to acquire cash - strapped enron .
if enron were to file for bankruptcy before portland general has been sold , its future could be thrown into the hands of a texas bankruptcy court , experts said .
northwest natural gas agreed oct . 8 to acquire portland general for around $ 1 . 8 billion , plus about $ 1 . 1 billion in assumed debt and preferred stock . a month later , enron announced it had agreed to be acquired by houston - based dynegy .
" we ' ve been watching this from afar to see how it could impact that sale ( portland general ' s acquisition by northwest natural gas ) , " said roy hemmingway , chairman of the oregon public utility commission .
" we have authority if that sale doesn ' t go through to rule on whether dynegy can take over enron , " he said .
ratings agency fitch last week cut portland general ' s debt ratings due to " uncertainty at its parent enron . " wednesday , the same agency said a bankruptcy filing by enron was " highly possible " if the proposed rescue by dynegy collapses .
" we haven ' t seen any credit problems so far , and portland general isn ' t in the market ( buying power for its customers ) right now in a big way , " hemmingway said .
however , he noted that , " if they really were unable to conduct their business because they were not creditworthy we would have to use whatever instruments are available " to make sure service to customers is maintained . earlier this year , california was forced to take over buying power for the pg & e unit of pacific gas & electric and edison international subsidiary southern california edison after the two utilities saw their credit ratings cut to junk status .
federal regulators have insisted the sellers of wholesale power have the right to sell to a creditworthy buyer .
california ' s largest utility , pacific gas & electric , chose to file for bankruptcy because of its mounting debt . in a parallel , consumer advocates fear the fate of the biggest utility in neighboring oregon could end up in the hands of a bankruptcy judge .
hemmingway said the oregon public utility commission recently had granted portland general a rate increase and the utility has " plenty of cash flow currently to handle its obligations . "
" this is nothing like california where that was not the case , " he said .
northwest natural gas , which is also based in portland , has set a target of filing next wednesday with the oregon commission to take over the utility , spokesman steve sechrist said .
" we have no concerns whatsoever at this point . the deal is moving forward and there is no reason we can see why it should not " he said , noting the delay to the filing was the result of the complexities of the acquisition .
jason eisdorfer , a lawyer for the citizens ' utility board of oregon , said major questions would be raised if enron went under before the deal were completed .
" would the ( bankruptcy ) judge let the terms of the agreement go forward . i don ' t know . there is a risk that portland general will become an asset to be disposed of under bankruptcy , " eisdorfer said .
copyright [ copyright ] seattle times company , all rights reserved . you must get permission before you reproduce any part of this material .
copyright ? 2000 dow jones & company , inc . all rights reserved .
enron shares and bonds fall on concern about takeover ( update 5 )
2001 - 11 - 23 15 : 55 ( new york )
enron shares and bonds fall on concern about takeover ( update 5 )
( updates with dynegy comment in fifth paragraph . )
houston , nov . 23 ( bloomberg ) - - enron corp . shares and bonds
fell for a third day on concern the company ' s weakened financial
condition and plunging stock price may lead dynegy inc . to try to
cancel or rework a takeover of the biggest energy trader .
shares of enron , the most - active u . s . stock , dropped
30 cents , or 6 percent , to $ 4 . 71 . they fell 45 percent tuesday and
wednesday after enron said it may have to pay more than $ 9 billion
in debt due by 2003 . enron 6 . 4 percent bonds due in july 2006 were
bid at 55 cents on the dollar , down from 62 cents on wednesday ,
traders said .
enron shares are trading at less than half the value of
dynegy ' s offer , which shows investors are questioning whether the
buyout will be completed on the terms agreed to two weeks ago .
enron ' s financial woes may prove to be a drag on dynegy ' s earnings
next year if the transaction is completed , analysts said .
` ` there are continued doubts about the deal , ' ' said ubs
warburg analyst ronald barone , who rates dynegy a ` ` strong buy ' '
and doesn ' t own shares in either company . ` ` enron ' s earnings
aren ' t what they used to be because they ' ve lost trading business .
given that , dynegy has an opportunity to renegotiate the price . ' '
dynegy spokesman john sousa said the company ` ` remains
optimistic for the potential of the merger . ' ' enron agreed nov . 9
to the takeover , now valued at about $ 23 billion in stock and
assumed debt , after a financial crisis threatened it with
bankruptcy .
on wednesday , enron got a three - week reprieve from lenders on
a $ 690 million note due next week , giving the company more time to
restructure its finances . dynegy chief executive officer chuck
watson said he was ` ` encouraged ' ' by the commitment to extend the
note payment , as well as the closing of a $ 450 million credit
facility , and that dynegy remained committed to the purchase .
more than 40 million enron shares changed hands today , almost
twice their three - month daily average , in a session shortened
because of the thanksgiving holiday . enron was the most - active
u . s . stock on wednesday , with 116 million shares traded . dynegy
shares rose 64 cents to $ 40 . 40 today .
less than $ 2 billion
in a securities & exchange commission filing monday , enron
said it has less than $ 2 billion in cash and credit lines left . if
the company ' s cash reserves run too low , enron is in danger of
seeing its credit rating cut below investment grade . that would
trigger $ 3 . 9 billion in debt repayments for two affiliated
partnerships .
enron ' s bankers have met with unidentified investors ,
including leveraged buyout firms and two industrial companies , in
a bid to shore up the energy trader ' s finances with an injection
of as much as $ 2 billion , the new york times reported yesterday ,
citing unidentified executives close to the companies .
enron spokeswoman karen denne said the company is seeking
$ 500 million to $ 1 billion . enron needs to raise $ 1 billion to
$ 1 . 5 billion in cash within the next 45 days , said sean egan ,
managing director of egan - jones rating co .
` ` their trading operation has burned through cash faster than
the market had expected , ' ' egan said .
trading business
traders including mirant corp . and aquila inc . have said they
shifted transactions away from enron after its plunging stock
price prompted concerns about creditworthiness . enron has said
fourth - quarter earnings would be reduced partly by a drop in its
energy - trading business .
watson said after the enron buyout was announced he expected
it to increase 2002 earnings by 35 percent . analysts said that
can ' t happen unless enron recovers lost trading business . several
have cut their 2002 estimates for enron . the average estimate of
analysts polled by thomson financial / first call for next year is
now $ 1 . 68 a share , down from $ 2 . 14 a month ago .
dynegy can cancel or renegotiate if enron can ' t meet debt
payments , its trading market collapses , banks demand more
collateral or raise the interest rate for loans , enron ' s credit
rating is cut to junk , the sec cites enron for securities fraud ,
or if enron ' s legal liabilities including shareholder suits exceed
$ 3 . 5 billion , egan said .
will dynegy renegotiate ?
dynegy officials were considering whether to try and
renegotiate terms of its agreement with enron , according to the
new york times report . dynegy and enron are both based in houston .
` ` dynegy investors would like to see the company negotiate a
lower price for enron , ' ' said credit lyonnais securities analyst
gordon howald , who rates dynegy ` ` buy ' ' and owns no shares .
under the nov . 9 terms , enron investors would receive 0 . 2685
dynegy share for each share held . at today ' s closing price , that
values enron stock at $ 10 . 85 . a year ago , enron traded at almost
$ 80 .
investors worry that a cancellation of the merger would push
enron into bankruptcy .
` ` the market is saying there seems to be no obvious plan b
for enron and that is what has investors concerned , ' ' said eric
bergson , who helps manage $ 9 billion of fixed - income assets at
northern trust co . in chicago . ` ` the lower bond prices go , what
the market is saying is that there ' s less chance of this deal
going through . ' '
- - jim polson in princeton , ( 609 ) 750 - 4658 or jpolson @ bloomberg . net
kkr , blackstone are among likely enron investors , analyst says
2001 - 11 - 23 16 : 20 ( new york )
kkr , blackstone are among likely enron investors , analyst says
houston , nov . 23 ( bloomberg ) - - kohlberg , kravis roberts &
co . , the blackstone group and the carlyle group are among the
likely candidates to be approached by enron corp . for a private
equity investment to shore up the company ' s balance sheet , said
industry analyst david snow of . net .
the firms have cash on hand and have invested in energy
companies in the past . an investment in enron may look attractive
now that its shares have plunged by 94 percent this year .
` ` many of the larger , more traditional buyout firms would
find this deal attractive , ' ' said snow . ` ` this is a company that
has real assets that is down in the dumps and has need of capital
when capital is scarce . ' '
enron ' s bankers met recently with leveraged buyout firms and
two industrial companies to seek an investment , the new york times
reported , citing executives close to the companies . enron ' s stock
fell for a fifth day in six on concern the company ' s weakened
financial condition may lead dynegy inc . to try to cancel or
rework its planned purchase of the rival houston company .
investors may inject as much as $ 2 billion under arrangements
that would protect them from further declines in enron ' s stock ,
the times said . the new investments would be in enron ' s
transwestern pipeline , which connects natural - gas fields in texas
to the california market , the newspaper said .
j . p . morgan chase & co . and citigroup inc . agreed to terms
that give each of them a $ 250 million equity stake as part of a
transaction to be completed monday , officials told the newspaper .
buyout firms sometimes make collective bids , pooling their
money and distributing the risk . the firms also like to invest in
industries that are out of favor with public investors and to do
so in partnership with corporate investors , like dynegy , said
snow .
` ` you need to know enough about the ( energy ) business to know
whether it ' s a good deal , and then you need to be confident in the
dynegy team , ' ' he said .
kkr
kkr , the second - biggest private equity firm with $ 24 billion
in assets , declined comment on enron through spokeswoman molly
morse of kekst & co .
the new york - based firm invested more than $ 1 . 3 billion in
dpl inc . , a utility in dayton , ohio , and will receive $ 550 million
of that back from the company after dpl sold $ 700 million of bonds
in august .
` ` kkr very much gets involved in deals where there ' s a
corporate partner and they don ' t have a majority stake , ' ' snow
said . ` ` they would possibly hold it for years , because they like
slow exits . ' ' kkr is also a possible candidate because it recently
raised a new $ 5 billion buyout fund .
any lbo firm would need assurance about how it will get its
money back on an enron investment , said snow .
` ` the thing they have to be cautious about is the exit , ' ' he
said . ` ` if there ' s a chance dynegy would agree to buy out ( the lbo
firms ' ) stake over time , that would give some confidence . but if
the only exit is the public market , that ' s a little bit dicier . ' '
any private investment also must be large enough to make a
meaningful difference : enron ' s market value is $ 3 . 7 billion and
dynegy has proposed paying $ 23 billion in stock and assumption of
debt . that means the private equity portion would have to approach
$ 1 billion or more .
the 20 largest private equity firms have assets of more than
$ 5 billion under management each , according to asset alternatives ,
a wellesley , massachusetts industry research firm . still , many of
those firms don ' t have enough free capital to undertake an
investment of $ 500 million or more .
an announcement of an investment may come soon , analysts say .
energy trading firms such as mirant corp . and aquila inc . are
doing fewer trades with enron because of concern that the company
won ' t be able to finance its business . enron shares have fallen by
almost half in the past three sessions .
` ` they ' re going to need this investment within 30 to 45
days , ' ' said sean egan of egan - jones ratings co . ` ` they ' re
spiraling downward and they ' re going to need some more beyond the
$ 1 . 5 billion contributed by ' ' chevrontexaco corp . , which owns 26
percent of dynegy .
other lbos
here ' s a rundown of the other most likely private equity
partners for enron :
- - the carlyle group could invest through a $ 1 billion energy
fund it ' s raising , as well as its general u . s . buyout fund , said
snow . carlyle ' s vice president for corporate communications , chris
ullman , declined to comment .
- - blackstone , which has a history of investing alongside
other corporate partners , recently closed on a $ 4 billion buyout
fund . blackstone spokesman john ford declined to comment on
whether enron had approached the firm .
- - hicks , muse , tate & furst , which is based in texas like
dynegy and enron . hicks muse counts triton energy ltd . , an energy
exploration company , among its best investments . the firm recently
raised about $ 1 . 5 billion for new investments , about one - third of
what it had hoped to raise , and has said it will focus on ` ` back -
to - basics ' ' investments in food , manufacturing and media . mark
semer , a spokesman for hicks muse who also works for kekst ,
declined comment on enron .
spokesmen for two other firms , warburg pincus & co . and
credit suisse first boston ' s private equity arm , didn ' t return
calls seeking comment .
- - randy whitestone in the new york newsroom ( 212 ) 940 - 1805
microsoft msn fast web access expansion slowed by enron suit
2001 - 11 - 23 11 : 59 ( new york )
microsoft msn fast web access expansion slowed by enron suit
redmond , washington nov . 23 ( bloomberg ) - - microsoft corp . ' s
plans to expand its msn high - speed internet service have been
delayed by a lawsuit from enron corp . , which could cost the
company customers during the holiday season , analysts said .
msn had planned to have fast internet access over telephone
lines available , with help from energy trader enron , in 45 markets
starting oct . 25 . instead , the service is now on sale in about 30
markets , said msn product manager lisa gurry .
the latest delay follows a string of apparent bad luck that
has delayed the rollout of microsoft ' s fast internet access
service over the last year . the holidays are typically a popular
time for customers to buy so - called broadband access , often along
with new personal computers purchased or received as gifts .
` ` they have a track record of picking broadband partners that
don ' t quite work out , ' ' said joe laszlo , senior analyst at market
researcher jupiter media metrix inc . ` ` it definitely hurts them
with customers who want broadband right now . ' '
subscribers to fast internet access services are expected to
grow fourfold by 2006 , according to estimates by jupiter media
metrix , while sales of slower internet access plans decline . fast
internet service over phone lines uses digital subscriber line , or
dsl , technology .
on track
gurry said redmond , washington - based microsoft is still on
track to have fast access for sale by the end of march to 90
percent of the 45 million to 50 million households that have dsl
available in their neighborhoods .
` ` there is very little growth left in the dial - up access
space for microsoft or anybody , which leaves them with broadband
as the only potential growth area for the msn access business , ' '
said youssef squali , an analyst at fac / equities , who rates
microsoft internet competitor aol time warner inc . a ` ` buy . ' '
microsoft also wants to deliver consumer services like music
and video and software updates , which require fast internet access
for smooth downloads .
the company originally began a service with northpoint
communications group inc . , a now - bankrupt provider of fast web
access . microsoft has also had difficulty finding partners among
cable companies who use their networks for high - speed service .
now houston - based enron , which agreed in june to provide the
backbone for a nationwide expansion of msn ' s service , is suing .
enron claimed in its lawsuit that it isn ' t required to deliver
broadband services if microsoft hasn ' t first provided a billing
and ordering system that the biggest software company agreed to
build .
enron , which is being acquired by rival dynegy inc . , recently
disclosed debts of $ 9 . 15 billion due by 2003 and restated earnings
for four years .
slower expansion
msn has been selling high - speed access in 14 states under
partnership with qwest communications international inc . for the
last few months . msn has begun the planned service expansion
outside of those states by working with enron competitors that msn
marketing director bob visse declined to name . the company is also
talking to enron , he said . enron didn ' t return calls for comment .
because of the enron suit the expansion is moving slower than
expected , visse said . since oct . 25 , msn has added service in los
angeles , san francisco , san diego and sacramento , california , and
houston , dallas , san antonio and austin , texas , giving microsoft a
total of about 30 markets rather than 45 . plans to expand
marketing are also on hold , visse said .
` ` it is very unfortunate that we are in the position we are
in , ' ' said microsoft chief executive steve ballmer .
top u . s . internet service provider america online , owned by
aol time warner inc . , has also been slow to get into the high -
speed market , analysts said .
that doesn ' t mean microsoft is in the clear . laszlo said both
msn and aol might pay for their sluggishness with tougher
competition from third - place earthlink inc . and from cable and
telephone companies that have more experience selling high - speed
internet access .
america online has more than 31 million subscribers to msn ' s
7 million . earthlink inc . has 4 . 77 million subscribers . laszlo
doesn ' t think msn or america online can build the kind of lead in
the high - speed market that america online has in the slower dial -
up access market .
` not a permanent blow '
not that anyone need worry about microsoft . msn will be able
to expand its fast internet access business even with the delays ,
laszlo said .
` ` they are already late in the broadband market so this means
they get a little later , ' ' he said . ` ` but broadband will continue
to grow over the next few years and this is definitely not a
permanent blow . ' '
analysts also say microsoft still needs to find a cable
partner that will let msn use its network to sell fast access over
cable lines . cable is more popular than dsl with customers looking
for fast web service . the five largest cable providers control 51
percent of the u . s . high - speed internet market . the five largest
sellers of access via phone lines and dsl technology account for
about 33 percent , according to market researcher ars inc .
microsoft msn vice president yusuf mehdi said last month the
company may be interested in an investment in at & t corp . ' s cable -
television unit , which at section a
corrections
11 / 22 / 2001
the new york times
page 2 , column 4
c . 2001 new york times company
because of an editing error , an article in world business yesterday about the enron corporation ' s prospects for selling its interest in the dabhol power project in india misstated the size of its stake . it is 65 percent , not 70 .
copyright ? 2000 dow jones & company , inc . all rights reserved . | scam | en |
Trust me. Even if isn't there, its there. | scam | en |
Important notice
The actions that you have taken on List of Tetris variants are enough cause to press charges and that is exactly what our lawyer is doing right now. Your actions violate approximately 6 international laws, and carry fines of as much as $250,000. Our lawyer will contact you shortly, to announce the date/time of the scheduled court meeting. You will be summoned to this meeting, and if you do not show up, you will be arrested and will waive your right to a jury trial. This is a very serious issue, and I advise you that any statement you make can and will be used against you in a court of law. | toxic | en |
"
Does the massive difference in the Google count mean nothing to you? That was kinda the main point...... Film Fan " | toxic | en |
"
I just did it, as this page was very little. It should have been redirected a long time ago, History of Firefox more information. talk, " | toxic | en |
3RR
Are unfamiliar with Wiki's 3-revert rule? Your blatant disregard for it is astonishing and might warrant a report.- | toxic | en |
"
==Regarding edits made during May 8 2007==
Please do not add nonsense to Wikipedia. It is considered vandalism. If you would like to experiment, use the sandbox. Thank you. If this is an IP address, and it is shared by multiple users, ignore this warning if you did not make any unconstructive edits. (Review Me!) • " | toxic | en |
"
Inherent Understanding and Adaptability
In this interview with Bryan Fuller (Already cited on Sylar's page), he says that Sylar's power is an ""inherent understing and adaptability"", and he was able to use his powers in the cell to kill Eden because he was ""playing possum"". (The Sylar part of the interview starts at about the 42 minute mark). Given that description, I think that his original ability is comprised of two seperate comic-book superpowers:
Superhuman Intelligence - Sylar has inherent understanding of how things work.
Reactive adaption/Evolution - Sylar can adapt his own body to various conditions. It's on a much more subtle scale then in comic books, granted, but it's pretty close.
Thoughts?
" | toxic | en |
Edit request from 174.3.185.61, 28 June 2010
Man umad now?
174.3.185.61 | toxic | en |
Person A: Hi, how have you been lately? Person B: I've been great, thanks. Just attended a theater performance and it was a captivating and entertaining experience. How about you? Person A: I'm doing fine. I've been reading mystery novels in my free time. Person B: That sounds intriguing! What kind of mysteries have you been reading? Person A: I've been exploring classic detective stories, it's been quite engrossing. Person B: That's really wonderful. I'd love to discuss mystery books with you sometime. Person A: Definitely! I'll share my favorite books with you. So, any plans for the upcoming weekend? Person B: I'm thinking of going for a beach day for some sun and relaxation. Person A: That sounds delightful! I might join you for that. Person B: Absolutely, it'll be a great seaside experience. Looking forward to it. Well, I should get back to work. Person A: Sounds good. Have a productive day, talk to you later. Person B: You too, take care and have a great day! Person A: Thanks, bye! | scam | en |
Like that do you mean? Fatuorum | toxic | en |
She tried but they yelled at her for cheating with a vehicle. | adult_sexism | en |
Repeated vandalism by anon users
Just thought I'd let you know that there are anonymous users using their IP's vandalising the page Battle of Hubbardton, deleting my source as a British / German victory and citing it as an American tactical victory. ( ) | toxic | en |
"::I already wrote my comment about the article in the above section without making any changes. What I added to the article is a new input. This article contains plenty of insulting and disparaging remarks about Ali Sina made by Muslims who called him “Islamophobe”, “a rabid anti-Islamic zealot”, ""mischievous liar"", a man running a “well organized campaign of hate and deceit”, who is “re-hashing polemic orientalist material”. All this is okay because they vilify Sina. But no one is allowed to posts a single comment made by someone who is on his side. Is this article created to bash the man or tell both sides of the story without taking side? With this much disparaging comments about Sina, where is the positive comment about him? Now I am going to put back the comment and please do not remove it until others have their say too. We already know where you stand and how much you hate Sina. Let others speak too please. OceanSplash 11 Dec. 2005 19:51
" | toxic | en |
Spam
A tag has been placed on Blue Mountain Tunnel, requesting that it be speedily deleted from Wikipedia. This has been done under the criteria for speedy deletion, because the article seems to be blatant advertising which only promotes a company, product, group, service or person and would need to be fundamentally rewritten in order to become an encyclopedia article. Please read the general criteria for speedy deletion, particularly item 11, as well as the guidelines on spam.
If you can indicate why the subject of this article is not blatant advertising, you may contest the tagging. To do this, please add on the top of the article and leave a note on the article's talk page explaining your position. Please do not remove the speedy deletion tag yourself, but don't hesitate to add information to the article that would help make it encyclopedic, as well as adding any citations from reliable sources to ensure that the article will be verifiable. Feel free to leave a note on my talk page if you have any questions about this. 134.226.1.194 | toxic | en |
What Happens in Hell, Stays in Hell | toxic | en |
also
yo being a vandal means im a better, holyer person than you @$$e$ | toxic | en |
Additionally it could be set up like
surnames beginning with [A][B][C][D] and maybe even [1st congress][2nd Congress][3rd Congress][4th Congress] or both | toxic | en |
correctness of Wikipedia. talk | toxic | en |
Why won't you abide by them instead of posting references to them all over the place?
Repeating Myself #1. Further to the idea of who wants to battle, you'll notice that I asked Nick to comment, not you. | toxic | en |
::I don't know what prompted this anon user to add this comment here, more than four months after this issue was resolved. If this refers to anything I've done, I would welcome comments directed to my . (Sorry to clutter your talk page with this, Jebur!) / | toxic | en |
re : big cow breakout
d
attached per your request is the big cowboy production for october 2000 . i
also have the gas volume statements from coral energy that shows the actual
daily volumes for all of the meters , receipt and delivery , if you need that
level of detail .
if there is anything else let me know either today or tomorrow because i will
be on vacation next week .
fred
daren j farmer
11 / 15 / 2000 03 : 26 pm
to : fred boas / hou / ect @ ect
cc :
subject : big cow breakout
fred ,
please look at the attached file below . can you give me the october volumes
for these meters ?
d
- - - - - - - - - - - - - - - - - - - - - - forwarded by daren j farmer / hou / ect on 11 / 15 / 2000
03 : 26 pm - - - - - - - - - - - - - - - - - - - - - - - - - - -
mary poorman @ enron
11 / 15 / 2000 03 : 16 pm
to : daren j farmer / hou / ect @ ect
cc :
subject : big cow breakout | scam | en |
"
:Thanks man! " | toxic | en |
"
I agree that to warrant an article, a collected sequence of games between a particular set of teams has to amount to more than just - I don't know, two teams that have been in the same conference a long time. None of these seem particularly noteworthy, though I can't claim any deep knowledge of these schools. Do you have a particular definition of ""rivalry"" in mind, or is it just the sense (which I share) that whatever it is, these aren't that? I would weigh in on any AfD you might file, as I just did above, but they'd go more smoothly if there were something more objective to point to! " | toxic | en |
"
Categorisation
Hi Hugo. I see you've been doing a lot of recategorising recently. I do wonder what the point of categories like Category:1963 elections in Austria are, when they only contain one article. Personally I find categories like Category:1963 elections in Europe useful, as you can see several elections at once, and taking articles out of them makes it more difficult to see what's there. I've started a discussion at Wikipedia talk:Categorization#Creating categories for one article. Cheers, 57 " | toxic | en |
But the official site of NZCC shows Uttarakhand as a component state of North Central Zonal Cultural Centre see: | toxic | en |
Its a school and some of the d students got carried away, sorry | toxic | en |
"
Pretty Funny
For Russia I was surprised to find tea amidst kvas and vodka. I think the maker/editor/s of the page forget to add ""tea- but with a little vodka added""!!!." | toxic | en |
re : on a plane
louise :
fyi . one would hope that , statistically speaking , i ' m in the clear for a while .
best regards - max
- - - - - forwarded by max yzaguirre / na / enron on 03 / 28 / 2001 06 : 15 pm - - - - -
andy zipper / enron @ enronxgate 03 / 28 / 2001 05 : 42 pm to : max yzaguirre / na / enron @ enron cc : subject : re : on a plane
max ,
i would find it doubtful that that the flight crew would test the aircraft in such a fashion , during a scheduled flight with pax aboard . anytime there is a problem with flight control that is very serious . i ' m glad they seemed to have handled the situation . it probably was not a vor problem but more likely a flight control problem i . e . control surfaces , rudder , ailerons . the vor fail message could have been due to a power down of the avionics consistent with a post emergency - landing procedure .
i have a commercial pilot certificate and have done some charter work . in addition i ' ve flown a 757 in the simulator at united and know how many back ups those things have . they are very redundant .
i ' m really glad everything turned out okay .
all the best ,
andy
- - - - - original message - - - - -
from : yzaguirre , max
sent : wednesday , march 28 , 2001 5 : 20 pm
to : zipper , andy
subject : re : on a plane
andy :
i was actually the person to whom this happened . i was on an aeromexico flight yesterday from mexico city to monterrey . within minutes after leaving mexico city the plane started to hump up and down and then started fishtailing . it is unclear whether this was something the pilot was doing to test the plane or not . we quickly circled back to mexico city , but came in very , very low on our approach ( and seemed to be losing speed ) .
in any event , as i was exiting the plane , i looked into the cockpit and saw the message " vor 2 fail " on the center display . being an admitted greenhorn at these things , i didn ' t know what else to look for or where to look for it , so there may have been something i overlooked .
the crew was very short on details , but they appeared very rattled by all of this . one of the flight attendants told a fellow passenger who was complaining about being late that he should simply be thankful he was still alive . [ probably not what they teach in flight attendant school as the optimal response , but . . . . . . ]
in any event , i appreciate the info below and would appreciate any additional info this message may lead you to . i ' d love to know whether or not the adrenaline surge was warranted .
best regards - max
louise kitchen @ ect 03 / 28 / 2001 10 : 30 am to : max yzaguirre cc : subject : re : on a plane
- - - - - - - - - - - - - - - - - - - - - - forwarded by louise kitchen / hou / ect on 03 / 28 / 2001 10 : 29 am - - - - - - - - - - - - - - - - - - - - - - - - - - -
from : andy zipper / enron @ enronxgate on 03 / 28 / 2001 10 : 10 am
to : louise kitchen / hou / ect @ ect
cc : david forster / corp / enron @ enron
subject : re : on a plane
a vor is the standard instrument for navigating an aircraft under an ifr flight plan . it is the receiver that allows the plane to be flown on bearings from ground stations . if it were to fail there would be loads of backups , although if you are on a scheduled flight their operations manual would dictate that the flight be terminated as soon as practicable in the event any primary component , such as this were to fail . where were you that you were able to monitor the performance of this instrument ? the flight deck ?
az
- - - - - original message - - - - -
from : kitchen , louise
sent : wednesday , march 28 , 2001 9 : 15 am
to : zipper , andy ; forster , david
subject : on a plane
if it shows vor 2 failure - any idea what that is ? it was a 737 . | scam | en |
Raji..pls do me a favour. Pls convey my Birthday wishes to Nimya. Pls. Today is her birthday. | scam | en |
Discussion at Wikipedia:Articles for deletion/Jorge Ferreira (Portuguese singer)
Hi! You might be interested in the discussion at . Thank you. | toxic | en |
Iâm pretty certain her parents paid for that $35K car and taught her zero responsibility. They may also have the bulk of her student loans and hence only a $20K tuition bill. | adult_sexism | en |
"
Please do not vandalize pages, as you did with this edit to App Store. If you continue to do so, you will be blocked from editing. // // " | toxic | en |
Girl roasts men for their physical, girl gets roasted for her physical. You're delusional | adult_sexism | en |
and after months when I came back I saw his edit and link which I removed. He then repeatdly put that link and I kept repeatedly removing it. And now I am banned for removing his link but he is not banned for putting link to a Page that was locked by you which I respected fully. How is this justified? | toxic | en |
This fact can also be easily VERIFIED. | toxic | en |
Sorry! I made an error. And, I will not delete your comments in their entirety. | toxic | en |
Don't play games. You deleted a page that I created. By what rule? Why can you just go around and delete a page that a user did create? It is mean to do that. You acted in a mean way. Arrogant. | toxic | en |
:Vidi, da me ne shvatis lose, ako je Eli Babalju pravo ime Ilija stavicemo to u clanak, naravno, jer to je bitno jer se radi o pravom imenu coveka, ali za to nam je obavezno potreban barem jedan pouzdan izvor. Za sada sve sto znamo je da ljudi spominju kako je obicaj u Australiji da se nasem coveku zvanom Ilija da nadimak Eli, ali to nije dovoljno da bi mi to ubacili u enciklopedijski clanak, to su pusta nagadjanja, a za Wikipediju kao enciklopediju je vazno imati pouzdane informacije, nikako nagadjanja.
:A sto se Pisculichija tice, nemas izvor, a i da nadjes, pitanje koliko je to bitno uopste, jer bi to u tom slucaju bilo samo poreklo njeogovg prezimena, sto i nije puno bitno za clanak o fudbaleru. Da je on tokom njegovog zivota promenio prezime, pa ajde, ali nije, on se rodio kao Pisculichi, argentinac je i nije puno ni bitno dalje odakle je poreklom. Pa u Australiji svaki gradjanin ima neko poreklo, zamisli kad bi svima to ubacivali? Nebitno... U slucaju Cvitanicha je samo bilo bitno jer ga je NS Hrvatske kontaktirao da igra za njih na osnovu njeogov hrvatskog porekla, pa zato postoji razlog toj prici o poreklu, a Pisculichi je druga potpuno prica. | toxic | en |
The movement successfully fought to keep raping men legal for women... | adult_sexism | en |
The article Disappointed people has been speedily deleted from Wikipedia. This was done because the article seemed to be about a person, group of people, band, club, company, or web content, but it did not indicate how or why the subject is notable, that is, why an article about that subject should be included in Wikipedia. Under the criteria for speedy deletion, articles that do not assert notability may be deleted at any time. If you can indicate why the subject is really notable, you are free to re-create the article, making sure to cite any verifiable sources.
Please see the guidelines for what is generally accepted as notable, and for specific types of articles, you may want to check out our criteria for biographies, for web sites, for bands, or for companies. Feel free to leave a note on my talk page if you have any questions about this. | toxic | en |
"
This IP address has been blocked because it is believed to be an open proxy or zombie computer. To prevent abuse, editing from these proxies is currently prohibited. For more information about open proxies and what you can do, please see the WikiProject on open proxies. See also: [ block list] | [ block log] | [ related IP addresses]059.023.232.103 — user:catapult " | toxic | en |
Stop that!
I am not vandalising. Who vandalise a page like that? I add an entire piece of writing to that page. | toxic | en |
H.S
Will you please put out the pictures..it looks like where not going to be able to go tomorrow will have to meet at the libray or something..
later
jg | toxic | en |
"
Stolen Earth
Hi, just dropping a note: I believe that the article is now eligible under the ""five-fold expansion"" DYK rule. Thanks! '''''' " | toxic | en |
Vandalism
I have not been registered long enough to fix this, but the previous poster has vandalised both Brendon Urie and Ryan Ross's page, in the personal life section. Can someone who is able fix this? | toxic | en |
"
I've re-added a removed section that Viktor removed, obviously in favor of his own POV. That aside, feel free to rv me if I've done something wrong.— dαlus Contribs " | toxic | en |
And a biographical page is intended to contain biographical information, that is, information about one's life. | toxic | en |
If the guy gets laid like tile by decent women, he *is* a a "different kind of alpha". It's just that an omega is pretty far away from that. | adult_sexism | en |
|listas=Don Momoh, Kefee Obareki | toxic | en |
Thatnks Sworngjtj Ajdktl amadmdn | toxic | en |
Can you even begin to imagine what I think about Rodhullandemu's dishonest nonsense? Fatuorum | toxic | en |
I do not have any ax to grind. Their museum website depicts some of the most amazing fossil and geological specimens I have ever seen. I did not understand why I and my colleagues had never heard of these discoveries, and why the Chinese government was not promoting such a historic museum. Inconsistencies started immediately popping up. You cannot fool geologists. You should not be able to fool Wikipedia editors either, unless they ignore WP:RS and WP:Notability requirements. | toxic | en |
ability to cross an Old English Bulldog to a | toxic | en |
It won't be spun this way by the grovelling lickspittles in the media but of course her argument provides quite strong evidence that the Russians DIDN'T do it. | adult_sexism | en |
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