Dubious

Dynegy Inc. on Friday reached a comprehensive settlement agreement related to two shareholder lawsuits over “Project Alpha,” a dubious structured natural gas transaction that ultimately helped force the resignation of founder and CEO Chuck Watson and was a factor in the company’s massive restructuring.

Dynegy Inc. on Friday reached a comprehensive settlement agreement related to two shareholder lawsuits over “Project Alpha,” a dubious structured natural gas transaction that ultimately helped force the resignation of founder and CEO Chuck Watson and was a factor in the company’s massive restructuring.

Members of Enron Corp.’s board of directors were briefed as far back as four years ago about the nature and structure of the controversial off-balance-sheet partnerships whose losses led to the downfall and bankruptcy of the once-powerful energy trader, according to a report in The Washington Post last Thursday.

Members of Enron Corp.’s board of directors were briefed as far back as four years ago about the nature and structure of the controversial off-balance-sheet partnerships whose losses led to the downfall and bankruptcy of the once-powerful energy trader, according to a report in The Washington Post Thursday.

Andrew Fastow, the 39-year-old former CFO for Enron Corp. who has become a central figure in the company’s dubious off-balance sheet transactions and earnings discrepancies that precipitated a stunning bankruptcy in six weeks time, held a telecast press conference from his attorney’s office in New York City, to quell rumors that he was “missing in action.” However, Fastow was there in body only, with his high-powered attorney, David Boies, doing most of the talking.

After flirting with key support at $5.00 throughout much of thesession, natural gas futures broke lower late yesterday after aprice-constructive storage withdrawal report failed to attract therequisite buying activity. The prompt April contract finished 9.5cents lower at $4.911. However, the real story was the out-months,many of which suffered double-digit setbacks. The 12-month stripclosed 10.3 cents lower at $5.091.

GasKey, a marketer to more than 20,000 residential and smallcommercial customers in Georgia, won the dubious award of being themost complained-about gas supplier in the state last month, theGeorgia Public Service Commission said in a new online report cardpublished earlier this week. GasKey, which recently sold its customersto Georgia Natural Gas Services (GNGS), compiled 45.14 complaints per10,000 customers last month. Second on the list is the now bankruptPeachtree Natural Gas, which received 26.43 complaints per 10,000customers. Shell Energy Services bought Peachtree’s 170,000 customerslast month. The two largest suppliers in the market, GNGS and Scanareceived relatively few complaints, ranking No. 11 and No. 13respectively out of a total of 17 utilities. For more information onthe ranking see the PSC’s web site.