Word: harkens
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...Harvard became more heavily invested in Harken, it took on an even larger role as an investor when it helped to create Harvard Anadarko Partnership (HAP) in December 1990—a move which helped Harken to remain solvent and which HarvardWatch has compared to the off-the-book shadow companies and partnerships used at Enron...
...same time, unlike the fake companies set up by Enron executives, the formation of the partnership made HMC liable for the debt associated with Harken properties, Meyer says...
HarvardWatch claims in its October report that “following the transfer of Harken’s debts into HAP, Harken experienced the largest increase in its stock price for the six-year period between...
...There’s no doubt the debt removal was a good thing for Harken, but we didn’t set up HAP to inflate the stock price,” he says...
Despite its efforts to strengthen the company, HMC decided to sell most of its Harken shares in 1993 to Cabot Oil and Gas Corporation after the stock prices began to increase...