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...months stopped, people began to go back to Enron for deals. "We were high-fiving ourselves," Watson recalls. "The one thing that could hurt us was another surprise. The infamous one more shoe. Well, the closet hit us on Monday, when they filed the Q-10 [with the SEC] and it contained surprises. They weren't enough to kill the deal, but the fact was they were a surprise. On Tuesday and Wednesday, the stock lost over 50 percent. On Tuesday we were in panic mode. We were scrambling to get the answers to help Enron help themselves. Problem...
...keep the deal going, Watson had pulled three all-nighters in the last week of negotiations -something he hadn't done since his college days - but it had to be revalued almost daily. The "death blow", he says, was the Nov. 19th surprise filing by Enron with the SEC detailing $690 million in new debt that had to be paid almost immediately on the same troublesome partnerships that have gotten Enron in trouble with the SEC...
...head Ken Lay and the Enron team as well as Dynegy and its 30-percent owner, Chevron. Enron, he says, had not envisioned all of the possibilities that could trip them up. Operating in "panic mode," Watson's team began trying to sort out the details of the100-page SEC filing the next day, on Nov. 20th, but with a sinking feeling. A week later, on Nov. 27th, after renegotiating the deal almost daily, Watson told his board that he thought the chances of succeeding with the merger were down...
Visitors to the exhibition hear a deep booming sound, followed by shouting. It emanates from one large room where a cinema-size screen is showing continuously a 1-min., 45-sec. clip of the Bamiyan explosions - the great clouds of smoke and dust when, despite pleas to the Taliban from around the world, the giant Buddhas were blasted on March 11. Monreal says the muffled shouting is mainly Allah Akbar , Allah is Great...
...energy production for a high-flying life of the spread, trading, retailing and - it turns out - creative-accounting its way to Wall Street glory, the decline and fall of Enron has been a clatter of dominoes. The $1.2 billion hit from a shady partnership venture gone bad. The SEC investigation into how Enron hid massive amounts of debt off its books where Wall Street couldn't see it. The frantic talks with banks, creditors, and a suitor/savior, fellow Houston giant and erstwhile competitor Dynegy...