Subordination

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 also 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 continued tallying their own expected losses should Enron go under, and analysts began looking at the pieces, attempting to comprehend and explain a situation gone terribly wrong.