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Gold/Mining/Energy : Enron - Natural Gas Industry
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To: ms.smartest.person who wrote (988)12/1/2001 1:24:52 AM
From: Smart_Money  Read Replies (2) of 1433
 
This is the way I see it. DYN structures the deal by buying the shares of the independent pipeline in effect preventing Enron from submitting it into BK. By keeping the pipeline deal out of BK the courts can not apply the 90 day look back rule to bust the deal. The only action Enron can do is sue DYN in civil court. Checkmate DYN? Not so fast! DYN is doing everything it can to complete the transaction as quickly as possible. WHY? ENE may be prevent from including the pipeline in BK but creditors of the pipeline are not barred. ENE may not be paying them and they will march to the Federal Courts for involuntary action. DYN is very smart but their lien is not perfected as well as they may think, but wait a minute. I am sure DYN is going to every creditor of the pipeline and assuring them of full payment within weeks. If I was holding any pipeline debt I would be asking myself.... do I want to wait years to receive payment or weeks. I will take the weeks. End Game DYN wins the pipeline or worst case return of the money. DYN wants the pipeline and not the money since it's not their money to begin with but if ENE were to scrap the money together, the pipeline would become an asset of ENE and under control of possilbe BK court, no lien holder wants to be in that position, so I think this is remote. Now ENE can assign their rights of reclaim to a new buyer for the pipeline and the buyer may just wait for a clear ruling of the courts to disclose any offers. This will be very interesting to see if Enron creditors can break the ring fencing. The beauty is DYN is using Enrons' talented 200 lawyer that structured the ring fencing of the pipelines as his way of tying ENE hands. Bravo, Mr. Watson you just swept in the mist of the fall of ENE and cherry picked the assets all the while perfecting your lien.
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