Enron - Natural Gas Industry Message Board

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Gold/Mining/Energy : Enron - Natural Gas Industry

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To: Softechie who wrote (1223)	12/18/2001 11:44:33 PM
From: LiPolymer	Read Replies (1) of 1433

It was the OBS partnership deals that sunk Enron, not just contraction of the trading business. When things get too leveraged, the loss of cash flow can be a killer. Get a few small leaks, can't bail fast enough, downgraded debt becomes too heavy and you are sunk. Once the unraveling became publicly visible, it was too late. The Street takes no prisoners when it comes to liars and crooks. Granted the slowing economy is bringing the remaining high-flying energy traders back to earth, but the ones with hard assets and no skeletons in the closet should survive 'til the next up cycle. The survivors are wise to shore up the BS while they can, as DYN is doing. But the DYN chart looks real bad right now, no definite bottom in sight. The fight over the pipeline will exaggerate the negative sentiment, with ENE and DYN showing up together in many a PR. Anyway, I think DYN is already in the dump. It seems the question is whether they can climb back out. If their debt gets junked, short many and often. JMO.

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