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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: Softechie who wrote (71435)	5/24/2002 10:11:45 PM
From: Softechie	Read Replies (1) \| Respond to of 99280

DYN UH-oh...FACK! Dynegy Gets Subpoena From U.S. Attorney's Office HOUSTON -- Dynegy Inc. received a subpoena late Friday from the U.S. Attorney's office in Houston requesting documents relating to the company's transactions, including its buy and sell trades with CMS Energy (NYSE: CMS - News) Corp. and its long-term natural-gas supply transaction referred to as "Project Alpha." ADVERTISEMENT - Make -AcuraAM GeneralAston MartinAudiBentleyBMWBuickCadillacChevroletChevrolet TruckChryslerDaewooDodgeDodge TruckFerrariFordFord TruckGMCGMC TruckHondaHyundaiInfinitiIsuzuJaguarJeepKiaLamborghiniLand RoverLexusLincolnLotusMazdaMazda TruckMercedes-BenzMercuryMitsubishiNissanNissan TruckOldsmobilePlymouthPontiacPorscheRolls-RoyceSaabSaturnSubaruSuzukiToyotaToyota TruckVolkswagenVolvo - Model -- Please Select a Make - The company said in a statement the documents requested by the U.S. Attorney's Office are similar to those Dynegy has already provided or is in the process of providing to the SEC, FERC and other governmental agencies. Dynegy said it intends to cooperate fully with the U.S. Attorney's Office, as it has with other similar requests, in its investigation of the matters. Dynegy said last week it would revise downward last year's earnings by 12% after canceling a $79 million tax benefit it had claimed from a natural-gas transaction called Project Alpha. Project Alpha is a five-year natural-gas transaction Dynegy entered into with two special-purpose entities in April 2001 . The company said the transaction provided a secure source of natural gas, but critics say it served primarily to burnish Dynegy's books by reducing taxes and increasing cash flow from operations, a key measure of energy-company health. Already, Dynegy has altered the way that it initially accounted for the cash flow associated with the deal. A few weeks ago, it said it would account for $ 300 million in financing from Citigroup Inc. (NYSE: C - News) that was involved in the deal as cash flow from financing, rather than cash flow from operations. As it prepared to launch Project Alpha last year, Dynegy received opinions from its then-accountant, Arthur Andersen LLP, blessing the proposed accounting for the transaction. But recently, the company said in a quarterly SEC filing that Andersen told Dynegy it could "no longer support its tax opinion," in part because of the change in the accounting for the Citigroup financing. Earlier this month, CMS Corp. said $4.4 billion worth of its electricity trading -- most of its volume for all of 2000 and 2001 -- resulted from so- called round-trip trading with no economic value. Those trades were conducted with the trading and marketing units of Dynegy and Reliant Resources Inc. (RRI).

To: Softechie who wrote (71435)	5/25/2002 1:23:11 AM
From: limtex	Read Replies (1) \| Respond to of 99280

Ah well I guess Intel just closes up shop and calls it a day. Someone ought to tell them they are just wasting their time as its all over for PCs. The US consumers are bust, the Government has unending expenditure on fighting religious maniacs all over the World, Inida and China are about to obliterate eachother ( and possibly Iran in the process), the Chinese are going to out manufacture everyone on the planet and nothing would be complete without the Jews having a mention as well as they object to being shredded by religous maniacs and are unobligingly fighting back. What a scenario. did someone do something unpleasant to this guy in his younger years? What on earth gives him an outlook like this? L