Enron - Natural Gas Industry Message Board

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Gold/Mining/Energy : Enron - Natural Gas Industry

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To: buffaloha who wrote (1061)	12/3/2001 9:37:15 PM
From: Smart_Money	of 1433

Don't get too fired up buffaloha! The DIP basically wiped out any and all equity that may have been available to the shareholders. JPM and C took a lien subordinate to DYN on the pipelines. Frankly, I'am surprised ENE had the authority to enter into additional debt for the pipeline. So, if anything DYN lien position is becoming stronger giving the timetable of positions. JPM and C did learn one thing from the DYN deal is not to give it all to ENE at one time. I can just see DYN and CVX face when they gave 1.5 billion cash to ENE and found out days later they did not pay their basic bills. That in itself could be a material adverse effect, at least if it was my money it would be, LOL. Basically ENE is a BB stock that happens to trade on the NYSE. I am surprised NYSE is tolerating trading ENE in its present condition.

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