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To: Connor26 who wrote (22575)	8/16/2002 7:33:44 AM
From: Connor26	Respond to of 26752

MIR news this morning ... nothing new ...same stuff rehashed Yet they had not made clear they would not certify results, leaving open the possibility of a negative reaction by investors today. Friday August 16, 5:20 am Eastern Time FT.com Energy traders delay filing results as auditors work on By Sheila McNulty in Houston Dynegy, the troubled US energy trader, failed to certify its financial results yesterday. Mirant, a competitor, delayed a key filing with regulators on its second-quarter results, forestalling certification for that period. And Nicor, an Illinois-based energy holding company, said its chief executive officer and chief financial officer could not certify the company's 2002 results, given uncertainties in its gas distribution business. The announcements from the three energy companies underlined the troubles in a sector that has been under pressure since Enron, the biggest US energy trader, filed for bankruptcy in December. Dynegy, the Texas trader that brought in new management this year, said its executive officers could not certify its results, as mandated by the US Securities and Exchange Commission, because of a previously announced earnings restatement. Dan Dienstbier, Dynegy's interim chief executive officer, and Louis Dorey, the chief financial officer, pointed to the pending restatement of Dynegy's 2001 financial statements and three-year reaudit of Dynegy's financial statements. Both executives were recently brought into the company to restore investor confidence. Mirant, the Georgia-based trader, said it could not file Form 10-Q with the SEC, as it required a company's auditor to perform a limited review of its financial statement. KPMG replaced Mirant's previous auditor in May and has told Mirant it has not completed its limited review of its second-quarter financial statements. Mirant said the review might require up to 60 days or more to complete, at which time the company would be in a position to certify its results and file the required Form 10-Q. Nicor used the deadline yesterday to restate its first-and second-quarter earnings amid an investigation by the SEC. Yet even those new results were interim, it said, adding that they might well change as outstanding issues were resolved. That kept its new accountant from completing a review of the results, which meant they could not be certified by Nicor executives. The announcements are not entirely unexpected, as Wall Street knew the energy traders were in the process of reviewing their books. Yet they had not made clear they would not certify results, leaving open the possibility of a negative reaction by investors today.