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THE BATTALION
Friday, November 30, 2001
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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
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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