It appears the Federal Energy Regulatory Commission isn’t the only federal agency raising questions about the propriety of emergency loans that were secured by two Enron Corp. pipeline subsidiaries at the time — Northern Natural Gas Co. and Transwestern Pipeline — to help bail out the financially troubled parent company just before it plunged into bankruptcy. The Justice Department and Securities and Exchange Commission (SEC) also have taken an interest, according to The Wall Street Journal (WSJ).
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Enron: Bankruptcy May Delay Asset Sales; Investors Mull Trading Unit Buy
Adding insult to injury, Enron Corp.’s bankruptcy may complicate its anticipated sale of $800 million in assets that were already on the books because of due diligence issues, the company disclosed Monday. The asset sales, slated to be completed by the end of this month, include oil and natural gas fields in India, Brazilian gas utilities and its stake in a Puerto Rican power plant and liquefied natural gas terminal. Enron remains optimistic, however, that the sales will close, according to a spokesman.
December 11, 2001
CA GOP Seeks Global Settlement with Generator Discounts
Although this week’s presidential meeting is likely to complicate California’s embroiled political landscape, Republican state legislators are convinced that a bipartisan, wide-ranging deal is still possible without state transmission grid ownership or another utility bankruptcy. It would involve discounts by generators of past-due billings, amounting to billions of dollars. Ultimately, a key adviser to the Republicans said Tuesday, all civil suits against the merchant generators would have to be dropped, something Gov. Gray Davis has adamantly resisted publicly.
May 31, 2001
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