The Enron Scandal - Unmoderated Message Board

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Non-Tech : The Enron Scandal - Unmoderated

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To: Jorj X Mckie who started this subject	2/22/2002 8:45:00 AM
From: D.Austin	of 3602

innercitypress.org Update of January 7, 2002: The unfolding Enron scandal now includes Morgan Chase's attempts to collect on insurance policies without disclosing information that the insurers are requesting before paying Chase's claim. Morgan Chase has filed suit against nine insurance companies to stop a request for information about more than $2 billion in surety bonds held by the insurance companies. When asked to honor the surety bonds, the nine insurance companies requested information from Morgan Chase about forward sales contracts relating to the surety bonds. St. Paul Fire & Marine Insurance Co.'s court filings state that it is requesting information on surety bonds issued to Mahonia Ltd. and Mahonia Natural Gas Ltd., both Enron subsidiaries, for forward sales agreements with Enron for the delivery of crude oil and natural gas. St. Paul claims "material misrepresentation" by Mahonia., and is asking the court to void the surety bonds. Morgan Chase, which had originally estimated exposure to Enron at just under $1 billion, increased its estimate in late December to a total of $2.6 billion. Morgan Chase has called the insurers' request for information nothing but "a fishing expedition." Developing...

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