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To: Sully- who wrote (46156)	1/10/2002 5:46:32 PM
From: stockman_scott	Respond to of 65232

CHRONOLOGY-Rise and fall of energy giant Enron Thursday January 10, 5:22 pm Eastern Time NEW YORK, Jan 10 (Reuters) - Following are key dates in the history of energy trading giant Enron Corp. (NYSE:ENE - news): 1986 - Ken Lay is appointed chairman and chief executive after Enron is formed from the merger of natural gas pipeline companies Houston Natural Gas and InterNorth. 1990 - Jeff Skilling joins Enron after leading McKinsey & Co.'s energy consulting business. 1996 - Skilling becomes Enron's president and chief operating officer. 1997 - Enron acquires electric utility holding company Portland General Corp. in a $2.1 billion stock swap. 1998 - Enron buys Britain's Wessex Water for $2.2 billion. Wessex becomes the core of Enron's new water unit, Azurix. May 1999 - Financing closes for second phase of the $3 billion Dabhol power plant project in India in which Enron holds a 65 percent stake. June 1999 - Azurix goes public with $700 million initial public offering at $19 per share. August 1999 - Enron withdraws from oil and natural gas production by divesting its stake in subsidiary Enron Oil & Gas Co. which is renamed EOG Resources. October 1999 - Enron announces launch of EnronOnline, its Internet-based system for wholesale energy trading. January 2000 - Enron outlines plans to build a high-speed broadband telecommunications network and trade network capacity, or bandwidth, as it trades electricity or gas. July 2000 - Enron and Blockbuster announce 20-year deal to provide video-on-demand service to consumers over high-speed Internet lines. August 2000 - Enron's stock hits an all-time high of $90.56 December 2000 - Azurix board agrees to a buyout by Enron at $8.375 per share after Azurix fails to meet performance targets and its stock price plummets. Feb. 12, 2001 - Skilling becomes president and chief executive officer of Enron. March 9, 2001 - Enron and Blockbuster cancel video-on-demand deal. May 29, 2001 - Maharashtra State Electricity Board, Dabhol power plant's sole customer, stops buying power in a dispute with Enron over pricing. June 21, 2001 - During a public appearance in California, Skilling is hit in the face with a cream pie as Enron comes under fire for ``profiteering'' from the electricity crisis. Aug. 14, 2001 - Skilling resigns as Enron president and chief executive officer, citing personal reasons. Ken Lay returns to position of chief executive officer. Oct. 8, 2001 - Enron agrees to sell Portland General to Northwest Natural Gas Co. for $1.8 billion. Oct. 16, 2001 - Enron reports its first quarterly loss in over four years after taking charges of $1 billion on poorly performing businesses. It also discloses a $1.2 billion charge against shareholders' equity relating to dealings with partnerships run by chief financial officer Andrew Fastow. Oct. 22, 2001 - Enron says U.S. Securities and Exchange Commission is looking into transactions between Enron and the Fastow partnerships. Oct. 24, 2001 - Fastow is replaced as chief financial officer by Jeff McMahon, head of Enron's industrial markets unit. Nov. 1, 2001 - J.P. Morgan and Salomon Smit Ge??? Nov. 8, 2001 - Enron says it overstated earnings dating back to 1997 by almost $600 million. Nov. 9, 2001 - Enron agrees to a deal in which smaller rival Dynegy Inc.(NYSE:DYN - news) will buy Enron for some $9 billion in stock. As part of the deal Chevron Texaco agrees to inject $1.5 billion in fresh capital immediately. Nov. 20, 2001 - In a filing with regulators, Enron discloses that a deterioration in its credit ratings could accelerate repayment of a $690 million loan. The company subsequently negotiates an extension of the loan. Nov. 26, 2001 - Enron's stock hits a new low of $3.76 as Enron and Dynegy negotiate to keep their deal on track. Nov. 28, 2001 - Major credit rating agencies downgrade Enron's bonds to ``junk'' status. Dynegy terminates its agreement to buy Enron. Enron temporarily suspends all payments, other than those necessary to maintain core operations. Enron stock hits a new low of 70 cents. Dec. 2, 2001 - Enron files for Chapter 11 bankruptcy and hits Dynegy with a $10 billion breach of contract lawsuit. Dec. 3, 2001 - Enron fires 4,000 employees the day after filing for bankruptcy. Dynegy countersues for control of Enron's Northern Natural Gas Pipeline. Dec. 4, 2001 - Enron secures $1.5 billion in emergency financing, provided by major creditors J.P. Morgan Chase and Citigroup, so it can run a skeleton operation. Dec. 12, 2001 - Congressional hearings begin on Enron's collapse, while the company announces plans to raise up to $6 billion by selling assets. Dec. 13, 2001 - Executives from accounting firm Andersen tell Congress they warned Enron about ``possible illegal acts'' after the energy trading giant failed to provide crucial data about it finances to Andersen. Dec. 18, 2001 - Tearful Enron employees and investors tell a congressional committee how they lost their life savings in the collapse. Enron Chief Executive Kenneth Lay scheduled to appear before the Senate Commerce Committee on Feb. 4. Jan. 9, 2002 - The Justice Department opens a criminal investigation of Enron. Jan. 10, 2002 - Enron's auditor Andersen admits its employees disposed of or deleted a number of documents relating to Enron's audit. President George W. Bush, who received major campaign contributions from Enron, orders government reviews of U.S. pension rules and corporate disclosure rules.