Enron - Natural Gas Industry Message Board

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Gold/Mining/Energy : Enron - Natural Gas Industry

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To: Logain Ablar who wrote (945)	11/29/2001 5:19:34 PM
From: buffaloha	Read Replies (3) of 1433

Evidence is often different from assumptions... You may be right, or it could be the other story... ...one thing is sure, unwinding the issues in court will take a ton of money and many years. Does DYN have that staying power? ENE will have to do it either outside BR to keep its assets (with cooperation from major lenders/creditors)or if in BR, then through the receiver or trustee who has a fiduciary duty to inquire into those issues. DYN is loopy if it thinks it will simply get to run off into the wild blue yonder with the pipeline collateral after bailing on this situation. The whole setup for DYN's pullout smells bad. At the least, DYN's claim may be equitably subordinated in bankruptcy based on its actions. If you have ever experienced such wide discretion as with that concept, then you will know that absolutely nothing is certain now for DYN. And if it is in fact based on subjective opinions from Watson about what was or was not disclosed previously so as to argue for a "material" change, then don't expect any resolution soon. That will be one hotly contested issue of fact. I understand ENE says they gave Watson the stuff, but he may have used it on a delayed basis claiming could not understand to drag out the process. Delay issues will certainly be key to how this unfolded, especially under the temperature gauge of the market's every reaction. I think DYN is gonna suffer for this. I just wonder if there is any room left to shed the egos and bring this deal together in some meaningful manner or any other way to save these companies. Clearly, they need time, but ENE may emerge from bankruptcy. There is a lot at stake and a lot of unknowns floating around in cyberspace. That much is certain. Good luck.

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