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Gold/Mining/Energy : Enron - Natural Gas Industry
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To: buffaloha who wrote (1000)12/2/2001 5:13:31 PM
From: Mark Adams  Read Replies (1) of 1433
 
I've been thinking about the ring-fence. Not much material on the original google search, one article in CFO.

What I don't understand is who collected the 1.5B?

If DYN gave ENE 1.5B in exchange for an ENE asset, then the sale should be reviewed. If DYN gave the subsidary 1.5B, and then subsidary gave it to ENE- perhaps redeeming a note or preferred shares ENE held in the subsid- it would still seem to require review.

The only scenario I can see where it would isolated would be if DYN gave the money to the subsid, and the subsid payed off it's own debts- keeping the 1.5B within the ring-fence.

Not an attorney, not an accountant, and no knowledge of how the deal was structured, so all of the preceeding is pure theory....
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