Enron - Natural Gas Industry Message Board

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Gold/Mining/Energy : Enron - Natural Gas Industry

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To: SargeK who wrote (1320)	2/20/2002 11:25:24 AM
From: SargeK	Read Replies (2) of 1433

Current Value of Enron stock is what the market says it is! Enron's Board of Directors says 'common' stock has no value! “The (ENRON) Board also announced that the company is moving forward with its reorganization efforts and intends to present restructuring alternatives to the Unsecured Creditors’ Committee during the second quarter of 2002. In connection with any such restructuring, Enron believes that the total amount of the liquidated, undisputed claims against Enron and its subsidiaries exceeds and will exceed the current fair market value of the consolidated operations and assets of Enron and its subsidiaries. Consequently, Enron believes that its existing equity does not and will not have value and that any Chapter 11 plan of reorganization confirmed by the Bankruptcy Court will not provide Enron’s existing equity with any interest in the reorganized debtor. Any and all Chapter 11 plans of reorganization will be subject to creditor votes and judicial determinations of confirmability.” enron.com Comment: What part of the above statement is difficult to comprehend? That statement is tantamount to a nuclear tipped torpedo in Enron's broad side. Unless there is a substantiated repudiation of the Board's statement, ENRNQ is headed for ZERO. The only thing supporting the price are some die-hards who refuse to accept the inevitable. Even if I thought 'common' would survive Chap 11, I would sell now and buy back at perhaps ONE CENT, or BETTER! FWIW Good luck SargeK

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