Enron!!

Is Enron one of the electric power companies in the DR? Their stock took a dive today, is worth about 60 cents and it probably hasn't seen bottom yet. Chapter 11.

With a drop of more than $3 per share and the merger with Dynegy terminated, Chapter 11 is not realy in the Enron future. Watch out for Dynegy or subsiduary companies buying up the Enron stocks at a low market price, a lot cheaper than the merger was going to cost, there was a $350 million dollar added fee to the merger proposal that will not have to be paid. What a savings!

Smith Enron, which supplies most of the electricity for the northern half of the country, is obviously in deep schitt now. I wonder if we are going to fact another round of 14 hour blackouts??
If the government does not pay Smith-Enron they will most certainly cut the power.

Sadly,
HB

Just seen a report on British TV (BBC) about the European arm of Enron. Evidently they are already in the hands of administrators over here in London.

Looks like they're definitely going under.

There is a comprehensive article regarding the Enron failure in the New York Times business section. You can access that article at www.newyorktimes.com and then log into the business section of today's paper. Apparently this business failure is going to have wide spread ramifications before it is resolved.

Enron has operated somewhat shady the past two years. I know someone who worked for Enron who said the company would not allow even its own employees to have access to managers, barring them from certain floors in their building. He termed Enron as a secretive company that somehow did not seem to be on the level. Guess he knew what he was talking about. Hope they don't screw the D.R.

OUT OF ENERGY
The planned takeover of ENRON by DYNEGY collapsed after Dynegy pulled
out, accusing its rival Texan oil-trading giant of misleading it.
Earlier Standard & Poor's, a credit-rating agency, had downgraded
Enron's debt to junk status. American regulators remain fretful about
the impact of a probable collapse of Enron on financial markets.