Enron taps credit line; stock slides 10/27/2001 Associated Press Newswires Copyright 2001. The Associated Press. All Rights Reserved. HOUSTON (AP) - After Enron Corp. tapped into more than $3 billion in credit in an effort to boost confidence of investors and customers, stock prices dropped. Enron Corp.'s stock price hit its lowest point in more than five years Friday. Shares fell 95 cents on Friday to $15.40, a level not seen since 1995, as analysts continued to muddle through a complicated series of bookkeeping issues revealed after the company's earnings announcement earlier this month. The stock is down more than 50 percent in two weeks, and the company lost almost $14 billion in market value. Late this week the company decided to convert $3 billion in revolving credit it has through various banks into cash. The company put about $1.1 billion in the bank in an effort to reassure business partners and investors of its liquidity and is using the $2.2 billion balance to begin an orderly repurchase of a certain kind of short-term corporate IOU known as commercial paper. "Nothing spells confidence quite like cash, which is what we want investors to understand," said Enron spokesman Mark Palmer of the $1.1 billion banked this week. Palmer could neither confirm nor deny that the company is negotiating further lines of credit with banks but described such actions as "good management decisions." On Oct. 16 Enron's third-quarter earnings release drew renewed attention to an issue investors and analysts had previously been unhappy about: Then-Chief Financial Officer Andrew Fastow, with the Enron board's approval, had formed and run two investment partnerships that could have created a conflict of interest. The partnerships, LJM Cayman and LJM2 Co-Investment, did complex financing and hedging deals with Enron. Fastow had resigned from his roles in the partnerships months ago when Wall Street began to question whether he could watch out for the interests of Enron's shareholders and the investment partnership simultaneously. But last week when the company reported a $35 million loss related to ending its LJM ties as well as a $1.2 billion reduction in shareholder equity, new questions began to arise. The Securities and Exchange Commission's Division of Enforcement launched an informal inquiry into the partnerships, and earlier this week Fastow was put on a leave of absence. Reducing the company's debt exposure through commercial paper and putting it back into more traditional financial tools, like a revolving line of credit, could give great peace of mind to Enron's investors, said Anatol Feygin, an analyst with J.P. Morgan. "It helps them shore up their support behind their energy trading business, which is really the core of their operations," Feygin told the Houston Chronicle for Saturday's editions. Carol Coale, an analyst with Prudential Securities, still sees the move as somewhat confusing. "Just last week they were touting their unused lines of credit as a plus, but the fact that they tapped those now sends a strange, mixed message," she said. "Do they need the cash to keep the rating agencies off their back? Is it a gesture for customers? It first struck me as another one of these strangely timed actions on the part of management." ..................................................................................................................................... BARRON'S: REVIEW & PREVIEW 10/27/2001 Capital Markets Report (Copyright (c) 2001, Dow Jones & Company, Inc.) Turning Up the Heat: Energy trader Enron ousted its chief financial officer days after it said the SEC was conducting an inquiry into billions of dollars of transactions it made with entities tied to the CFO, Andrew S. Fastow. Enron said Fastow took a leave of absence to restore investor confidence. Enron shares have plunged 50% recently, after it announced the probe and reported a $618 million loss. BARRON'S: The Trader 10/27/2001 Dow Jones Commodities Service (Copyright (c) 2001, Dow Jones & Company, Inc.) Bulls Look To Recovery, As Techs Lead The Surge By Andrew Barry
Answer: Saturday Articles
The following items were discussed in this week's ETS and Corporate Change Control Item... Oct. 21 From 10:00 a.m. - 2:00 p.m., the Unix team will perform maintenance and reboot app server emerald. The following applications will be affected: CAS, ERP/TRV, IZZIE, SIEBEL, WEBMODAL, Commodity Logic. No impact to ETS users is expected. Oct. 27 From 4:00 - 8:00 p.m., Trizechan Properties has scheduled a shutdown of all electrical service at 3 Allen Center. Enron Network Services will power down the 3AC network infrastructure between 3:30-4:00. There will be no network access during the electrical maintenance and the outage will continue until ENS is able to power up all of the networking devices. If you need access to 3AC anytime that Saturday, you will need to contact Trizechan Properties beforehand with your security information. Anyone to attempts to enter the building on Saturday that is not on the list will be denied access.
Answer: The following items were discussed in this week's ETS and Corporate Change Control Item
The following are flight schedules for travel on January 16th leaving Houston/ IAH at 3:50pm arriving New Orleans at 4:50pm returning on January 18th departing New Orleans at 1:35pm arriving Houston/IAH at 2:35pm. Marion your flight would departs from Hobby January 16th at 3:55pm arriving New Orleans at 4:55pm. Returning on January 18th your flight departs at 1:50pm arriving Hobby at 3:00pm. If for some reason the flights times need to be changed please let me know as soon as possible. Thanks,
Answer: SGA New Orleans Conference
Anne, I just got another phone call from Palo Alto. They still have not received three of their confirms from deals done around the 20th of July. They have ceased to do additional business with us until they receive these confirms. thanks,
Answer:
Palo Alto Confirms