Insolvent

The founder of now-insolvent Canadian Superior Energy Inc. said he and the company’s CEO were asked to resign by the board of directors following a meeting about a natural gas project offshore Trinidad and Tobago.

The first independent audit of one of California’s twonear-insolvent investor-owned utilities, Southern California EdisonCo., confirmed Monday that the multi-billion-dollar company wouldhave been forced into bankruptcy Thursday (Feb. 1) without acombination of cost-containment and stopping payments of its debts.It can now hold out at least through March, and itsunder-collections are overstated by about $2 billion when revenuesfrom its own generation over the past eight months are counted.