Word: enronize
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...befitting a company that forsook the plodding world of energy production for a high-flying life of the spread, trading, retailing and - it turns out - creative-accounting its way to Wall Street glory, the decline and fall of Enron has been a clatter of dominoes. The $1.2 billion hit from a shady partnership venture gone bad. The SEC investigation into how Enron hid massive amounts of debt off its books where Wall Street couldn't see it. The frantic talks with banks, creditors, and a suitor/savior, fellow Houston giant and erstwhile competitor Dynegy...
...framed by a spectacular slide in Enron's stock price from over $80 in January to $30 in October to less than $4 at Wednesday?s opening bell - and punctuated only hours later with the one-two punch that looks to have finished Enron off. That would be the downgrade Wednesday morning of Enron?s corporate debt to "junk" status - a bit of paperwork that instantly adds something like $10 billion in debt to Enron?s towering stack of bills - and the abrupt termination by Dynegy of the planned rescue...
...debt downgrade was whispering that the deal - after some very heavy renegotiations, of course - was as good as done, and Dynegy CEO Chuck Watson wouldn't get specific with reporters afterwards about why he killed it. Some reports indicate a fear - or a discovery - of more skeletons lurking in Enron's apparently spacious creative-accounting closet. But it seems more likely that Enron had simply ceased to be worth the trouble. Why buy a corpse when you?ve already pulled the boots off - and it?s starting...
Skilling, who resigned this summer, testified before the SEC on Tuesday. Enron announced yesterday that it will hand over documents pertaining to the $1 billion write-off from the LJM partnership, as well as other materials concerning the relationship between Enron...
...Enron officials referred all questions to the press releases on their website...