Word: enronize
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...news sent Dynegy's stock tumbling Monday, along with dozens of banks whose cash injections into Enron have exposed them to losses mounting to at least $6.5 billion - at the very least - and put Dynegy's Chairman and CEO Chuck Watson back on the defensive again about bailing out of his bailout. In a conference call Monday, Watson called his rival's lawsuit "frivolous" and "one more example of Enron's failure to take responsibility for its demise...
...TIME?s Cathy Booth Thomas, after talking with Watson last week, tells the story of the fall of the house of Enron from the point of view of a white knight who ultimately decided that saving Enron was going to be far more trouble than it was worth...
...record, is the kind of guy you think of when you imagine someone in the energy business of old. He went to Oklahoma State University, not Harvard, and he's more interested in running pipelines than trading commodities. Dynegy is located in downtown Houston, just a block away from Enron (which, by the way, has plenty of Harvard grads eager to trade in commodities). But the two companies regularly do business together, and their families play together. So while others watched like voyeurs as Enron's value slid, the 51-year-old Watson had a different thought: he would...
...News of the merger leaked out Nov. 9, when Enron was valued around $9 billion. By Nov. 28th, when the S&P downgraded Enron to junk status, it was worth $2 to $3 billion at most, says Watson, but none of Enron's bankers were willing to put up enough money to soothe his fears about $18 billion in debt coming due in the next few years. In an attempt to keep the deal going, Watson had pulled three all-nighters in the last week of negotiations -something he hadn't done since his college days...
...debt, triggered by Enron's troublesome partnerships, had not been in the original merger documents and Watson thinks it was a rude surprise for Enron head Ken Lay and the Enron team as well as Dynegy and its 30-percent owner, Chevron. Enron, he says, had not envisioned all of the possibilities that could trip them up. Operating in "panic mode," Watson's team began trying to sort out the details of the100-page SEC filing the next day, on Nov. 20th, but with a sinking feeling. A week later, on Nov. 27th, after renegotiating the deal almost daily, Watson...