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Technology Stocks : John, Mike & Tom's Wild World of Stocks -- Ignore unavailable to you. Want to Upgrade?

To: globestocks who wrote (2568)	11/12/2001 5:55:31 PM
From: John Pitera	Respond to of 2850

Thanks for that, here's a pretty cool ENE timeline....A Timeline of Events Related to Enron: Oct. 16: Enron takes $1.01 billion charge related to write-downs of investments. Of this, $35 million is attributed to partnerships until recently run by CFO Andrew Fastow. Enron also discloses it shrank shareholder equity by $1.2 billion, as a result of several transactions including ones undertaken with Fastow's investment vehicle. Oct. 17: SEC sends letter to Enron saying it was beginning an "informal inquiry." Oct. 19: The Wall Street Journal discloses that general partners of Fastow partnership realized more than $7 million last year in management fees and about $4 million in capital increases on an investment of nearly $3 million in the partnership, set up principally to do business with Enron, according to internal partnership document. Enron's board meets to discuss SEC inquiry. Oct. 22: Enron announces SEC will begin a probe of company's "related party transactions," including those with Fastow partnerships. Enron says it will fully cooperate. Oct. 23: Enron's treasurer acknowledges the company may have to issue additional shares to cover potential shortfalls in investment vehicles it created, although he says the company believes it can repay about $3.3 billion in notes that were sold by those investment vehicles without having to resort to issuing more stock. Oct. 24: Enron replaces Fastow as CFO with Jeffrey McMahon, the 40-year-old head of the company's industrial-markets division. Enron shares fall 17% on heavy volume ahead of the announcement. Oct. 25: The company draws down about $3 billion, the bulk of its available bank credit lines, in a bid to restore confidence in its financial strength and liquidity. The Fitch rating agency puts Enron on review for a possible downgrade, while another, Standard & Poor's, changes Enron's credit outlook to negative from stable. A noninvestment-grade rating would throw the company into default on obligations involving billions of dollars of borrowings. Oct. 29: Moody's lowers its ratings by one notch on the Enron's senior unsecured debt and kept the company under review for a possible further downgrade. Shares fall below $14 on the NYSE. Oct. 31: The SEC elevates to a formal investigation its inquiry into Enron's financial dealings with partnerships headed by Andrew Fastow. Enron shares rise $2.74 to $13.90, after plunging for 10 straight days. Nov. 1: Enron says it has secured commitments for $1 billion in financing from units of J.P. Morgan and Citigroup, as the company moves to strengthen its balance sheet and maintain its investment-grade credit rating. Nov. 4: An Enron deal is raising new questions about financial dealings with management. A $35 million purchase from an entity run by a company officer appears to be just one transaction that let Enron keep millions in debt off its balance sheet for three years. Nov. 5: Enron has held talks with private-equity firms and power-trading companies for a capital infusion of at least $2 billion as it faces an escalating fiscal crisis. Nov. 7: Dynegy holds talks to buy Enron for $7 billion to $8 billion in stock. Nov. 8: Enron reduces its previously reported net income dating back to 1997 by $586 million, or 20%, mostly due to improperly accounting for its dealings with the partnerships run by some company officers. Nov. 8: Dynegy announces a deal to buy Enron for about $7 billion in stock. Chevron Texaco will inject $1.5 billion into the deal immediately, and an additional $1 billion upon closing.