Enron Corp.’s interim CEO Stephen Cooper presented a formal draft to move the company’s core energy assets out from under the Chapter 11 reorganization and instead spin-off a business unit with three segments: transportation services, power distribution, and generation and production in North, Central and South America. The proposal, which would separate the core asset portfolio from the bankruptcy estate, could be completed this year, Cooper said, if the unsecured creditors’ committee and the judge overseeing the case approve.
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KeySpan Discloses Insider Trade Investigation by SEC
KeySpan Corp. disclosed Friday in a proxy statement that the Securities and Exchange Commission (SEC) issued a formal order of investigation on March 5 for alleged insider trading by individual officers of the company that may have occurred before it announced a special charge last July. The individual officers being investigated were not named.
Kansas Gas Service Files 400-Page Complaint Against Enbridge’s Kansas Pipeline
Kansas Gas Service, a division of Oneok, has filed a formal complaint with the Federal Energy Regulatory Commission against Enbridge Pipelines, owner of KPC, an interstate pipeline successor to a Kansas general partnership including Kansas Pipeline Partnership, Riverside Pipeline Partnership LP. and KansOk Partnership, charging a continued violation of service agreements dating back to 1995.
SEC Subpoenas Arthur Andersen for Enron’s Records
Chicago-based Arthur Andersen LLP confirmed Friday that the Securities and Exchange Commission (SEC), as part of its continuing formal investigation into Enron Corp., has subpoenaed the financial records and documents of the failed energy marketer.
Enron Layoffs Begin; Bankruptcy Filing Expected Soon
Anxious Houston-based employees Friday were waiting for formal news that their employer, Enron Corp., had filed for bankruptcy, expected to be the largest in U.S. history, and waited to learn whether layoffs will begin in the United States as they have in Europe. Across the country, others kept an eye on whether Enron would file a lawsuit against its short-term merger partner Dynegy Corp. for backing out of the transaction last week. Meanwhile, companies that had once dealt with the former trend-setting energy trader began tallying their own expected losses should Enron go under, and in Washington, DC, legislators announced they would begin investigating exactly who knew what when.
SEC Subpoenas Arthur Andersen for Enron’s Records
Chicago-based Arthur Andersen LLP confirmed Friday that the Securities and Exchange Commission (SEC), as part of its continuing formal investigation into Enron Corp., has subpoenaed the financial records and documents of the failed energy marketer.
Aboriginal Support Grows for Producers Group Pipe in NW Territories
Although there still have been no formal announcements from any companies to proceed, support for a Mackenzie River Valley pipeline in the Northwest Territories is slowly growing, with aboriginal interests — considered key to any plan — steadily moving toward approval. One of the last communities uncommitted, the Acho Dene Koe, has joined a memorandum of understanding (MOU) to back the C$3 billion pipe.
FERC Price Probe Eliminated from Barton CA Bill
A proposal calling on FERC to conduct a formal investigation into wholesale power rates in western markets has been stripped out of the emergency legislation that was introduced Friday by Chairman Joe Barton (R-TX) of the House Energy and Air Quality Subcommittee.
FERC Price Probe Eliminated from Barton CA Bill
A proposal calling on FERC to conduct a formal investigation into wholesale power rates in western markets has been stripped out of the latest discussion draft of emergency legislation that was released Tuesday by Chairman Joe Barton (R-TX) of the House Energy and Air Quality Subcommittee.
Barton Emergency Bill May Seek Price Probe
All power suppliers in the West could become the target of a formal FERC investigation into their wholesale rates under a draft emergency bill that is being considered by Chairman Joe Barton (R-TX) and members of the House Energy and Air Quality Subcommittee.