Shareholder

A New York-based law firm is suing Merrill Lynch, alleging that its clients — current and former Enron Corp. stockholders — purchased shares in Enron “as a result of misleading research and advice from Merrill Lynch analysts and brokers.”

A New York-based law firm is suing Merrill Lynch, alleging that its clients — current and former Enron Corp. stockholders — purchased shares in Enron “as a result of misleading research and advice from Merrill Lynch analysts and brokers.”

A shareholder lawsuit originally filed last year against Dynegy Inc. was amended on Friday to include more plaintiffs in a complaint that alleges the company hid an $850 million loan from Citicorp through an off-balance sheet transaction in 2000 to preserve its credit rating. The lawsuit is led by the University of California, which has lost millions on its Dynegy investments.

On the eve of its annual shareholder meeting Tuesday in Newport Beach, CA, Sempra Energy’s General Counsel John Light announced he is retiring effective June 30 as the executive vice president/general counsel for the San Diego-based utility holding company. Light, 62, was a long-time partner in the Los Angeles office of Latham & Watkins for 31 years before accepting the general counsel’s position at the newly formed Sempra Energy in mid-1998. He plans to return to Latham & Watkins’s LA office. Light directed the legal affairs of the newly merged holding companies, Pacific Enterprises and Enova for Southern California Gas Co. and San Diego Gas and Electric Co., respectively, and helped Sempra’s current diversified strategy that includes various merchant operations, in addition to two the state’s major private-sector utilities. Sempra CEO Stephen Baum said Light’s role was “integral in Sempra’s growth and success.”

Phillips Petroleum Co. and Conoco Inc. reported Tuesday that shareholders of both companies have separately voted to approve the proposed merger of equals. The companies said that the merger is expected to be completed in the second half of 2002, pending expiration of the waiting period under the U.S. Hart-Scott-Rodino Act and other customary closing conditions.

The war of words continues between El Paso Corp. Chairman William Wise and major shareholder Oscar S. Wyatt Jr., the former chairman of The Coastal Corp., whose company merged with El Paso last year. A three-page letter sent last Tuesday by Wyatt, which took to task the senior management, mark-to-market accounting and off-balance sheet transactions, evolved into an 8-K filing with the Securities and Exchange Commission (SEC) Wednesday, where Wise defended his company’s businesses transactions, and assured regulators that all of the charges could be refuted.

FirstEnergy Corp. and GPU Inc. took a giant step forward intheir merger plans last week, submitting applications for approvalto the Federal Energy Regulatory Commission, the New Jersey Boardof Public Utilities and the Pennsylvania Public Utility Commission.Still to come will be approval by each company’s shareholders inspecial meetings set for Nov. 21.

Acknowledging its significant improvement in company performanceand shareholder value in the past year, Equitable Resourcespromoted Murry S. Gerber to chairman of the board of directors lastweek. Gerber has served as president and CEO since joiningEquitable in 1998.

Acknowledging its significant improvement in company performanceand shareholder value in the past year, Equitable Resources haspromoted Murry S. Gerber to chairman of the board of directors.Gerber has served as president and CEO since joining Equitable in1998.