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Gold/Mining/Energy : Gold Price Monitor

GDXJ 117.34

+3.7%

Jan 5 4:00 PM EST

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To: maceng2 who wrote (83035)	3/8/2002 8:09:58 AM
From: long-gone	of 116842

Just have to love this one, when those that insured the derivatives transactions won't pay, can they be expceted to pay tomorrow when the gold derivatives collapse? J.P. Morgan Loses Bid for Quick Ruling in Enron Bond Dispute Tue Mar 5, 1:12 PM ET By: Colleen DeBaise Dow Jones Newswires NEW YORK -- A federal judge denied J.P. Morgan (NYSE: JPM - news) & Co .'s request for an immediate ruling in its dispute with insurers over nearly $1 billion in bonds on Enron Corp. oil and gas contracts. In an 11-page opinion Tuesday, U.S. District Judge Jed S. Rakoff in Manhattan said 11 insurers that J.P. Morgan (JPM) sued in December over payment on the surety bonds have "provided a reasonable justification" for further gathering of evidence in the case. The judge said the parties must submit a plan for discovery (news - web sites), or fact-finding, to the court by Friday and set a Dec. 2 trial date if the suit is "not otherwise disposed of." The insurers recently claimed in court filings that J.P. Morgan may have deliberately camouflaged bank loans to Enron (ENRNQ) as commodity transactions. The bank's actions would have helped Enron disguise debts, the insurers claim. J.P. Morgan has refuted the claims and said at a hearing last week that the insurers have no evidence that the transactions were "riddled with fraud." The insurers made commitments in the form of surety bonds of about $1.1 billion, of which J.P. Morgan Chase's share is about $965 million. The bonds guaranteed that Enron would deliver natural gas and oil to the bank's Mahonia Ltd. energy-trading affiliate. In rejecting J.P. Morgan 's request for summary judgment, Judge Rakoff cited evidence that appears to show that Enron agreed to purchase $394 million in gas from an entity called Stoneville Aegean Ltd. on the same day it agreed to sell the same quantities of gas to Mahonia. The judge said Mahonia and Stoneville seem to be offshore corporations controlled by the same director, Ian James, and the same shareholders. The fact (cont) story.news.yahoo.com

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