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Gold/Mining/Energy : Enron - Natural Gas Industry
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To: buffaloha who wrote (946)11/29/2001 5:34:31 PM
From: Logain Ablar  Read Replies (1) of 1433
 
Agree 100% its going to be mired in court for years. Your also right where it is just conjecture on my part as to what DYN knew and when it knew it. Material is one of those quasi terms in accounting so it will go down to the courts but the SEC and AICPA have some guidelines (a white paper was done in the last two years since this was a contencious subject) I think Ernst led the committee on the white paper and I don't know where it stands in the AICPA.

I actually have seen this type of accounting game in the past. Smaller scale of course but surprised AA didn't pick up on it. Basic forensic accouting has cases to read the there were tell tale signs. Admitt I didn't pick up on it till Shilling left (a red flag coincidence when he left on the 10Q filing). Arthur should have picked up on it with the partnerships in the audit and the board minutes. They really blew this. I say this since the workpapers should have sections where the senior and manager signed off on the accounting.

As for DYN getting the pipeline assets I read there was $3 billion of debt, some secured, with the sub it committed its $$ to. So the assets are secured and the sub stock may be worthless if the assets get sold.

ENE may very well emerge from bankruptcy but it will change its name and the bondholders will be the owners. Current shareholders won't get a dime. The trading arm is dead. It won't come back to life in ENE.

In one of my posts on the other thread I commented these guys were as bad as those involved in the S&L mess. Bet they get away with it though.
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