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With a great help from Mr. Carson, we discussed at lenght the article "The Electricity Without Price Controls Architecture Framework," which readers will enjoy by reading it at the hyperlink http://bit.ly/8XJlra
Global Energy Retailers need to compete in a complete and fully functional Electricity Without Price Control Architecture Framework, that keeps the delivery of electricity regulated.
Equity Transactions Litigation
As part of its mission to liquidate remaining operations and distribute assets to its creditors, ECRC filed suit against Lehman Brothers Holdings, Inc., UBS AG, Credit Suisse and Bear Stearns in what is known as the Equity Transactions litigation.
This litigation stemmed from a series of payments made to the four banks on transactions involving Enron's stock in the months leading up to Enron's bankruptcy. These payments concerned a series of equity transactions known as swaps, forwards and derivatives.
The purpose of the lawsuit was to ensure that institutions did not retain fraudulent transfers, received pursuant to transactions that ECRC believed were entered into to help Enron present a misleading picture of the Company's financial health. Under the U.S. Bankruptcy Code, a Company may be required to return a payment made by an entity (here Enron) that subsequently goes bankrupt if the company making the payment was insolvent or inadequately capitalized at the time the payment was made, or if it made the payment with the intent to hinder, delay or defraud its creditors.
All four of these claims have been settled favorably, without any of the parties admitting any wrongdoing. These settlements resulted in the return of more than $248 million to ECRC for distribution to Enron's innocent creditors. The settlements have been as follows:
•April 2007: Lehman Brothers Holdings, Inc. settles for $69.9 million
•June 2007: UBS AG settles for $115 million
•June 2007: Credit Suisse settles for $61.5 million
•October 2007: Bear Stearns settles for $1 million plus waiver of other claims
I knew Enron´s online energy and derivatives trading unit was at the center of controlling the logistics of the MTBE market while also central to managing the payments on the trillion dollar loan that was supposed to have been used to build MTBE refineries. So the principle on that loan had to be paid through Enron with money made from MTBE sales, or pretended sales, or the whole scheme would collapse. I knew there was no way that the head lawyer for this branch of Enron, which after it collapsed became UBSWenergy.com after a federal judge gave it, the only remaining profitable vestige of the Enron empire away for free to the United Bank of Switzerland at Warburg (UBSW), who just happened to have facilitated the trillion dollar loan to build MTBE refineries from money stolen by the KGB from the Soviets Union´s treasury at the end of the cold war, who then became the Russian Mafia in the US. But I knew that the head lawyer for UBSWenergy didn´t know the truth about the whole MTBE story.
According to Ken Peasnell, Professor of Accounting and Finance at LUMS and an expert on Corporate Governance, "From 1985 to 1999 Enron's net income rose from $125m to $893m; its market value grew from £2bn to $50.5bn." So Enron was well established and respected before EnronOnline made its first transactions in 1999. So, Enron and EnronOnline growth were the result of a virtuous circle that was trigger by Enron's credibility.
In addition, according to the Computerworld article "UBS snags Enron's online assets - But faces challenge of winning back customers," by Michael Meehan, published on January 21, 2002, "many experts considered the trading operations to be the keystone in Enron's one-time position as the seventh-largest company in the U.S."