Settles

Enron Corp. last week reached a settlement over some of the disputes related to Marlin Water Trust, one of the special purpose vehicles it established in 1998. The trust, set up by former CFO Andrew Fastow, was used to refinance a portion of the purchase price of Wessex Water, a cornerstone asset in the company’s water subsidiary, Azurix Corp.

Enron Corp. said Monday it has reached a settlement over some of the disputes related to Marlin Water Trust, one of the special purpose vehicles it established in 1998. The trust, set up by former CFO Andrew Fastow, was used to refinance a portion of the purchase price of Wessex Water, a cornerstone asset in the company’s former water subsidiary, Azurix Corp.

A FERC Administrative Law Judge last Tuesday recommended that Enron Corp. be fined $32.5 million for violating federal laws during the western power crisis in 2000-2001. Judge Carmen Cintron also reiterated in her initial decision that Enron’s wholesale electricity trading license be revoked after reviewing testimony that indicated Enron had violated Section 205(c) of the Federal Power Act (FPA).

Mirant last Wednesday unveiled an agreement between the company’s New York business unit, the New York attorney general and the New York Department of Environmental Conservation resolving allegations of non-compliance with federal and state Clean Air Act new source review (NSR) regulations at Mirant’s 348 MW Lovett power plant.

NRG Energy Inc. last week said that it has reached a settlement with all seven former executives who filed an involuntary Chapter 11 petition against NRG late in 2002. The Xcel Energy subsidiary will ask the U.S. Bankruptcy Court for the District of Minnesota to approve the settlement and dismiss the petition.

Equitable Resources said it reached a settlement with a Kentucky man who was awarded $270 million in punitive damages as a result of injuries received during a 2000 explosion.

Equitable Resources said it reached a settlement with a Kentucky man who was awarded $270 million in damages as a result of injuries received during a 2000 explosion.

Two former Coastal Corp. futures traders agreed to pay fines totaling $70,000 and have been permanently banned from trading commodity futures on the New York Mercantile Exchange, according to settlement agreements reached with the Commodity Futures Trading Commission (CFTC). Clay Krhovjak of Belleville, TX, and Paul Cochran of Houston were charged in October 2001 with engaging in a fraudulent scheme to misappropriate and trade ahead of Coastal Corp. futures trades. The respondents neither admitted nor denied the underlying facts in the case.

Two former Coastal Corp. futures traders agreed to pay fines totaling $70,000 and have been permanently banned from trading commodity futures on the New York Mercantile Exchange, according to settlement agreements reached with the Commodity Futures Trading Commission (CFTC). Clay Krhovjak of Belleville, TX, and Paul Cochran of Houston were charged in October 2001 with engaging in a fraudulent scheme to misappropriate and trade ahead of Coastal Corp. futures trades. The respondents neither admitted nor denied the underlying facts in the case.