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About The Battalion. (College Station, Tex.) 1893-current | View Entire Issue (Nov. 30, 2001)
ews THE BATTALION Friday, November 30, 2001 Enron collapse could affect energy markets night ut together emotion.'’ >' ot working i; York City. ind the reason It] (hot while uort ^Vlc>Town.ttieR truly believeir ■i e and represea be in an indt “^e music indi HOUSTON (AP) — As inkruptcy loomed, a humbled iron Corp. limped into limited ration Thursday to let skittish iders cut ties with the once- iwerful company. A smaller detailed how Enron’s finan- il ‘'decay” scared it away from escue merger. In Washington, Congress gan scrutinizing Enron’s col- se and some lawmakers pressed concern over its pos- le long-term impact on ener- markets. So far, there has en little, if any, ripple effect be promote!P nces ; 1 y believe in lido said. "IV; — I love thorps ■ c—so it caters the musicians _^ option, bail iany ways, fuse k <e band’s as k;, i Tig creative & rim Smith sac ► Tie listenstonti self in the Rep. Billy Tauzin, R-La., airman of the House Energy d Commerce Committee, on mrsday announced hearings ;o Enron’s accounting practices d into what impact the compa- ’sproblems might have on elec- :ity and natural gas markets. “We’re very interested in w the company handled its emal books,” said Kenneth |hnson, a spokesman for the mgressman, adding that the immittee’s general counsel been directed to investigate [cumstances leading up to the llapse. Stunned employees tried to id hope in the fact that Enron just months ago a towering esence in the energy markets did not make a bankruptcy ng Thursday. Analysts, however, saw little any chance the company succeed in its effort to find akvay to extricate itself from a pgled mess of junk credit and ssive debt. [EnronOnline, the company’s Internet-based trading system, was up and running Thursday on a limited basis for traders to fin ish transactions and offset credit risk with the company. The site, which was the first of its kind, was shut down for several hours Wednesday after Dynegy Inc. called off the merger. “Everyone should have at least some skepticism that it could ever emerge from Chapter 11,” A.G. Edwards & Sons ana lyst Mike Heim said Thursday. “The energy trading business has probably taken such a hit to its reputation that it would be diffi cult to retrench and go forward.” Enron officials did not return repeated calls for comment A haggard Chuck Watson, chairman and chief executive of Dynegy Inc., said a steady stream of revelations of weak finances and decline in Enron’s core ener gy trading business left his com pany no choice but to walk away. “This was a very difficult, complex, unprecedented decay of a company over many months,” he said at a news conference. “That’s a shame, because (a merger) could have worked.” Dynegy announced the res cue plan Nov. 9, knowing that Enron posted a $618 million loss in third-quarter earnings and had ousted its chief finan cial officer for running partner ships that allowed the company to keep half a billion dollars in debt off its books. Some executives profited from those partnerships, which prompted an investigation by the Securities and Exchange Commission. But subsequent revelations that Enron’s financial condition was worse than Dynegy once thought generated more and more concern, Watson said Thursday. Ten days after the merger announcement, Enron filed paperwork with the SEC that restated its earnings back to 1997, eliminating more than $580 million in reported income in that time span. The filing also disclosed that Enron would have to pay a $690 million debt with in a week. Enron received an extension on that debt to mid-December, but its stock resumed a free-fall that had halted temporarily with the merger announcement and Dynegy started renegotiating Enron’s sale price. After falling 85 percent Wednesday, shares of Enron were off another 25 cents, or 41 percent, to finish at 36 cents in extremely heavy trading on the New York Stock Exchange. In comparison, Enron’s 52-week high was reached last December, at $84.88. Watson said he thought the merger announcement stopped the erosion of investor confi dence, but surprises in the SEC filing caused irreparable damage, even as Dynegy continued to hammer away at an agreement. When two agencies cut Enron’s credit rating to junk sta tus Wednesday — triggering an obligation to pay debts of $3.9 billion, or nearly twice the cash the company is believed to have — Watson said he had to stop trying to save another company and protect his own. COME AND GET IT! P ICKING UP your 2001 Aggieland is easy. If you ordered a book, go to the basement of the Reed McDonald Building, and show your Student ID. If you did not order last year's Texas AStM yearbook (the 2000- 2001 school year), you may purchase one for $35 plus tax in 015 Reed McDonald. Hours: 8:30 a.m. to 4:30 p.m. Monday through Friday. Cash, checks, VISA, MasterCard, Discover and American Express accepted. orshti ftssemSCy of go cC Bethel Temple Assembly of God 2608 Villa Maria, Bryan 776-4835 Sunday Worship 10:15, 6:00 pm Sunday School 9:00 www.startel.net/bethel (Baptist Fellowship Free Will Baptist Church College & Career Class You are invited to a Bible study especially for students. Sunday mornings at 9:45 1228 W. Villa Maria 779-2297 For more information contact Marcus Brewer: 731-1890 m-brewer@tamu.edu http://www.fellawshiDfwb.ora CatfioCic St. Mary’s Catholic Center 603 Church Avenue in Northgate (979)846-5717 www.aaaiecatholic.ora Pastoral Team Rev. Michael J. Sis, Pastor Rev. Keith Koehl, Associate Pastor Campus Ministers - Deacon Bill Scott, Deacon David Reed, Martha Tonn, Maureen Murray, Dawn Rouen Daily Masses Mon.-Fri.: 5:30 p.m. in the Church Tues. & Thurs.: 12:05 noon in the All Faiths’ Chapel Sat.: 10:30 a.m. (Korean) Weekend Masses Sat.: 5:30 p.m. (English), 7:00 p.m. (Spanish) Sun.: 9:00, 11:00 am., 5:30 p.m., and 7:00 p.m. Confessions Wed. 8:30-9:30 p.m., Sat. 4:00-5:15 p.m. or by appointment. Cfvarcfi of Christ A&M Church of Christ 1901 Harvey Mitchell Pkwy. (979)693-0400 Sunday Assemblies: 8 a.m., 10:30 a.m., Sunday Night: 6 p.m. College Bible Class 9:30 a.m. Mid-Week “Oasis” 7:30 p.m. Aggies for Christ Call for on-campus pick-up info (EpiscopaC St. Thomas Episcopal 906 George Bush Dr. • College Station, TX 696-1726 Services - 8:00 (Rite I), 9:00 (Family Service-Rite II) and 11:15 am. (Rite ll-for late sleeping Ags) 7:30 p.m. Evensong Next door to Canterbury House, the Episopal Student Center Cutheran Beautiful Savior Ev. Lutheran Church 1007 Krenek Tap Rd. • College Station 693-4514 Bible Study, Sunday School & Conversational English 9:00 a.m. Worship 10:15 a.m. (Sfan-tDenominationaC Community Church vS‘ Sundays r. 10:00am f @The Hilton I | Small Groups ^ meet weekly A 260-1163 WWWXOMCHURCH.COM (PentecostaC Cornerstone Church Mid Week Small Group Meetings • Sunday Service at 4:30pm on George Bush, just across from campus at the College Station Conference Center. 485-8744 (PresByterian Covenant Presbyterian Church “A welcoming community of faith who reaches out, cares for one another & proclaims the love of Jesus Christ to all" 220 Rock Prarie Road (979) 694-7700 G. Thomas Huser - Minister Sunday Service: 8:30 & 11 a.m. Sunday School: 9:45 a.m. Aggie Classes: 9:45 Prayer & Praise on Tuesdays: 7:30 fax: (979) 696-4334 www.covenantpresbyterian.org FIRST PRESBYTERIAN CHURCH Helping Aggies grow in faith New Fall Hours: Worship 8:30,11:00 a.m. Church School 9:30 Fellowship on the Patio 10:30 1100 Carter Creek Parkway www.fpcbryan.org ‘United (Methodist A&M United Methodist 417 University Dr. (on Northgate) • 846-8731 Church at 8:30, 9:45, 10:50 College Sunday School 9:30 & 10:45 Sr. Pastor Dr. Jerry Neff am-umc.org To advertise on this page call The Battalion today! 845-2696 ■ lillllil WE'VE GOT YOUR NUMBER 2001-2002 Texas A&M University Campus Directory Listings of departments, administrators, faculty, staff, students, and other information about A&M, plus yellow pages. S TUDENTS: If you ordered a 2001- 2002 Campus Directory, stop by the basement of the Reed McDonald Build ing to pick up your copy. (Look for the distribution table.) Please bring Stu dent ID. If you did not order a Campus Directory as a fee option when you registered for Fall '01 classes, you may purchase a copy for $3 plus tax in room 015 Reed McDonald Building (by cash, check or credit card). D EPARTMENTS: If you ordered Campus Directories and requested delivery, deliveries will be made within the next few days. If you did not order Campus Directories, you may charge and pick them up at 015 Reed McDon ald. Cost is $3 per copy. Please bring a Student Media Work Request. Hours: 8:30 a.m. to 4:30 p.m. Mon- day-Friday