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Gold/Mining/Energy : Enron - Natural Gas Industry -- Ignore unavailable to you. Want to Upgrade?

To: Softechie who wrote (650)	11/26/2001 12:41:47 PM
From: Softechie	Read Replies (1) \| Respond to of 1433

Another day, another Enron drop -------------------------------------------------------------------------------- Enron is sliding 53 cents, or 11 percent, to $4.18 on volume of 18.4 million shares. The energy merchant's stock is both the most-active and biggest percentage loser on the NYSE. Enron is now trading 60 percent below the original buyout offer of $10.40 a share -- based on Nov. 9 closing prices -- made by Dynegy . Meanwhile, Dynegy is down $1.20 at $39.20, but is still 1.1 percent above its Nov. 9 closing price of $38.76. Based on Dynegy's offer of exchange 0.27 shares of its stock for each Enron share, the offer would currently value Enron stock at $10.58 each.

To: Softechie who wrote (650)	11/26/2001 1:15:43 PM
From: Marty Rubin	Read Replies (1) \| Respond to of 1433

Re FT article (pg 20/www.ft.com/enron), it doesn't matter if ENE is "optimistic"; Exodus was too, with new CEO posting a positive letter to s/h maybe a week before it filed. At anyrate, I think the ratio will be revised (#reply-16689576), last thing I heard it was .15 (@$40 DYN shares, it comes to $6 ENE). I'm looking to gamble (too big of an ego), as I think BK is very unlikely. In between talks, there could be rumors of others getting on the play, either energy concerns or leverage funds --that's if anyone can get ahold of these books. Who knows what kind of business ENE was playing on the side. As of 13:15 ET, DYN @ 38.95 volume so far of 2.7M shares;ENE @ $4.05 35M.

To: Softechie who wrote (650)	11/26/2001 9:08:09 PM
From: hlpinout	Read Replies (1) \| Respond to of 1433

Dynegy reviews terms of $9bn Enron rescue By Sheila McNulty in Houston and Andrew Hill in New York Published: November 26 2001 20:11 \| Last Updated: November 26 2001 20:16 Dynegy, the US energy trading group, has begun reviewing the terms of its $9bn rescue bid for Enron, its troubled Houston rival. "The situation is fluid and Dynegy is talking to all parties involved," said a person close to the negotiations. Asked whether Enron was talking to Dynegy about changing the terms of the all-stock takeover, an Enron spokeswoman said: "I'm not going to comment on that." Dynegy's commitment to the Enron deal is one of the main reasons why credit rating agencies and lenders have maintained their support for Enron, in spite of a stream of disconcerting news over the past three weeks. Dynegy came to Enron's rescue earlier this month after a surprise $1.2bn balance sheet adjustment raised questions about Enron's transparency, provoking a crisis of confidence that has brought the company to the brink of bankruptcy. Its fate is being closely watched by the market because until October it was the country's biggest energy trader, although it is unclear how much business it has lost since then. Dynegy refused to comment on speculation that it might renegotiate the terms of the bid. Dynegy said its due diligence review was "ongoing". Enron shares have fallen 55 per cent since a regulatory filing on November 19 that detailed the extent of its debt burden. Renegotiation of the deal terms would not worsen Enron's financial position and might restore confidence by indicating that Dynegy was still committed to the takeover. Credit and equity analysts believe if Dynegy pulled out, Enron might be forced to file for bankruptcy. That could trigger a chain reaction of defaults in the energy market that could spill over into the financial system. To renegotiate or withdraw, Dynegy would have to cite material adverse change clauses in the merger agreement with Enron. It is not clear whether those clauses have been fulfilled. Enron continued to work with its lenders on a restructuring of its debt on Monday.