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Transferor Obligor TransfereeEnron Enron Deutsche BankAG, New YorkEnron or ENAEnron or ENAEnron or ENAEnron or ECTInvestingPartners, L.P.Enron or ECTInvestingPartners, L.P.Enron or ECTInvestingPartners, L.P.TransferDate Transaction6/29/01 Teresa(fees)BT Green, Inc. 7/3/01 Steele(dividend)Bankers Trust(Delaware)Bankers TrustCompanyEnron Enron Deutsche BankAG, New YorkEnron Enron Deutsche BankAG, New YorkEnron Enron Deutsche BankAG, New YorkEnron or ENAEnron or ENAEnron or ECTInvestingPartners, L.P.Enron or ECTInvestingPartners, L.P.7/3/01 Steele(dividend)7/31/01 Steele(fees)8/2/01 Valhalla(interest)9/4/01 Cochise(fees)9/28/01 Teresa(fees)BT Green, Inc. 10/1/01 Steele(dividend)Bankers Trust(Delaware)Enron Enron Deutsche BankAG, New YorkEnron or ENAEnron or ECTInvestingPartners, L.P.Bankers TrustCompany10/1/01 Steele(dividend)11/2/01 Valhalla(interest)11/6/01 Steele(fees)TransferAmount$65,087.00$24,332.21$35,749.66$450,000.00$478,687.50$750,000.00$65,088.00$17,165.05$25,219.44$393,555.56$450,000.00992. The transfers identified in the foregoing table, together with any interest, fees, andother payments to the transferees related to the foregoing transfers, are referred to herein as the“BT/Deutsche Bank 548 Transfers.”993. To the extent that any of the BT/Deutsche Bank 548 Transfers are also included inCount 32 as avoidable preferential transfers, those transfers are pled alternatively as fraudulenttransfers.994. Enron and/or ENA received less than a reasonably equivalent value from thetransferees in exchange for the BT/Deutsche Bank 548 Transfers.995. The BT/Deutsche Bank 548 Transfers constitute transfers of interests in property ofEnron and/or ENA.604041v1/007457-360-
996. Each of the BT/Deutsche Bank 548 Transfers was made to or for the benefit of theentities listed in the third column of the foregoing table as initial transferees or beneficiaries.Petition Date.997. The BT/Deutsche Bank 548 Transfers were made on or within one year before the998. Upon information and belief, when the BT/Deutsche Bank 548 Transfers were made,Enron and/or ENA were insolvent, or became insolvent as a result of the transfers; were engagedin business or a transaction, or were about to engage in business or a transaction, for which theirremaining property was unreasonably small capital; and/or intended to incur or believed that theywould incur debts that would be beyond their ability to pay as such debts matured.999. The BT/Deutsche Bank 548 Transfers are avoidable as fraudulent transfers undersection 548(a)(1)(B) of the Bankruptcy Code.by reference.COUNT 34(Avoidance of the BT/Deutsche Bank 544 Transfers UnderSection 544 of the Bankruptcy Code and Applicable StateFraudulent Conveyance or Fraudulent Transfer Law)1000. The allegations in paragraphs 1 through 999 of this Complaint are incorporated herein1001. Pursuant to Bankruptcy Code section 544(b), Plaintiff has the rights of an existingunsecured creditor of Plaintiff. Section 544(b) permits Plaintiff to assert claims and causes of actionthat such a creditor could assert under applicable state law.1002. Enron and/or ENA, directly or through a conduit, made the transfers identified in thefollowing table, or caused them to be made, to or for the benefit of the transferees on or about thedates specified below:604041v1/007457-361-
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ENRON CORP., et al.Reorganized Debt
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DEUTSCHE BANK TRUST COMPANYDELAWARE
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TABLE OF CONTENTSPageI. NATURE OF T
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d. The Insiders engaged in a scheme
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(d) Barclays’ improper appropriat
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(a) LJM1 and the Rhythms Hedging tr
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COUNT 17COUNT 18(Avoidance of the C
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F. COUNTS 42 - 44 (Against Merrill
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COUNT 67(Recovery of the Challenged
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Steele ............................
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REORGANIZED DEBTORS’ FOURTH AMEND
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3. A second large group of transact
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these partnerships secret from Enro
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approved the employment of Stephen
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managed by a new board of directors
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17. Plaintiff and the affiliated en
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headquarters at 270 Park Avenue, 35
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Germany. Deutsche Bank AG does busi
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55. Defendant Deutsche Bank, S.A. i
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67. Defendant Merrill Lynch Capital
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successor, agent, co-conspirator, c
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10. The RBC Defendants92. Defendant
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107. Not Used.108. Defendant Sphinx
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118. Defendant Enron Sterling Credi
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126A. Each of FleetBoston Financial
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eports. In these reports and their
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Fastow was fired in late 2001 and E
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c. Fastow and Kopper orchestrated (
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immediately. As part of his plea ag
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3. How The Scheme Workeda. Enron em
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could not trade with others in the
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• Funds flow from operations, def
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d. The Insiders engaged in a scheme
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178. Self-interested partnerships -
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specifically, when the relevant tra
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eported the repayment obligation as
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nature of these transactions and/or
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2governs the securitization of fina
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unless independent third parties ma
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211. An actual example: On December
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transactions. The Insiders took the
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LJM2. In doing so, the Insiders rec
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LJM2 (technically, LJM Co-Investmen
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235. From the beginning, Fastow kne
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244. The Southampton transaction ul
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249. By the end of December 1999, f
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threats of no future business or pr
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Fastow’s participation in the LJM
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262. Citigroup’s participation in
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Id. at B-1 (emphasis added).266. Wi
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period, Citigroup completed over 60
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one another and to cause one anothe
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Yosemite IV USD 5/24/01 $775.1 mill
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linked promissory notes to institut
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of which also involved Enron) and o
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and Andersen may have worked togeth
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monetizations became less attractiv
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(3) The minority interest transacti
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CITI-B00393281 (quoted in Exam. III
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issued Irrevocable Letter of Credit
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Citigroup’s own internal descript
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alance sheet. Through Sundance Indu
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[T]he Bacchus transaction was steep
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327. Before the Bacchus transaction
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tier 1 banks.” CITI-SPSI 0036296.
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prepays, two FAS 140s, and one tax
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(1) Chase’s relationship with Enr
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using a proprietary technology. It
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discussion on this about 6 weeks ag
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357. In its complaint against Chase
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it was “purchasing the Natural Ga
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his July 28, 2003 letter to Manhatt
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commodity to JP Morgan Chase) under
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378D. In late November 2001, JPMC d
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Garden State Paper Company, (ii)
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ankruptcy. By the late 1990s, Barcl
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398. The Insiders used Nikita to mo
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agreement but an instrument that wo
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408J. On or about December 7, 2000,
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For example, Colonnade had not been
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420. Upon information and belief, t
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429. On or about October 30, 2001,
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(c)Three million Four Hundred Fifty
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447. Each of the various individual
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that effectively provided Barclays
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464. The Nixon prepay allowed Enron
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All three (Deutsche Bank AG, Banker
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financial statements improperly rep
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customer to report the transaction
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Insiders intended to accomplish the
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497. As part of the transaction, BT
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(3) BT/Deutsche Bank limited its En
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disclosed, “Enron could not have
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511. CIBC knew that in every FAS 14
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understanding of the Insiders’ go
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523. Again, however, before CIBC ag
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able to manipulate and misstate Enr
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achieve accounting objectives, incl
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Complaint in SEC v. Merrill Lynch,
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539. From 1997 through 2001, Merril
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transaction. He also wondered where
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550. Merrill Lynch knew that the 19
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Insiders’ schemes, including its
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(2) LJM1 and LJM2.561. As discussed
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566. CSFB therefore knew the hedge
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proceeds resulting from those share
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(3) The Prepaid Oil Swaps.577. In D
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(4) FAS 140 transactions.(a)Nile583
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or some of the equity investment. C
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equity investment was not at risk.
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App. L. at 22-23 n.81). In his resp
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CSFB colleague two days before givi
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Dominion’s return on Enron-relate
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IV, App. G at 7 & n.23. In addition
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Payments went in a complete circle
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Dominion prepays - as cash flow fro
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619. Toronto Dominion also knew it
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that, as a limited partner in LJM1,
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etween 1997 and 2001, and, as of No
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at 45. In addition to the direct an
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these restrictions, a 39% discount
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een held in LJM1, and RBS’s total
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substantially assisted the Insiders
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RBS compromised by letting the Insi
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easons.” RBS 3141116 (quoted in E
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manipulation” in Enron’s financ
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saw their experiences with Enron-re
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Exam. at 102-03. RBC knew the Insid
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thing. However, we cannot in the do
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earn higher fees, then selling the
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investment that was not at risk and
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transactions in which Merrill Lynch
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TransferorObligorInitialTransferee
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716. On or within one year before t
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717. The transfers identified in th
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TransferorObligorInitial Transferee
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TransferorEnron orENAEnronEnronEnro
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TransferorEnron orENAEnron orENAEnr
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742. By reason of the foregoing fac
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TransferorEnron or ENAor ENGMEnron
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765. Upon information and belief, w
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789. Each of the Chase Preferential
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796. Although certain of the Chase
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transfers; were engaged in business
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823. The payments characterized as
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Page 329 and 330: TransferorEnron or ENAor ENGMEnron
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1250. The Intentional Fraudulent Co
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Plaintiff’s creditors and conferr
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1265. Plaintiff cannot at this time
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Transferor Defendant continued to h
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communications with investors the I
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1273. As a direct and proximate res
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information about the company’s c
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1287. Insider Causey did not disclo
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1299. Insider Fastow did not disclo
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1310. Insiders Fastow and McMahon d
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June 20011322. The Insiders did not
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Committee meeting on December 13, 1
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Chase IX Prepay1356. The Insiders d
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Chase XI Prepay1367. The Insiders d
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meetings in and around the time of
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transaction (including a meeting on
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despite the fact that the transacti
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the time of the transaction (includ
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1478. The Insiders did not disclose
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time of the transaction (including
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Committee meeting, at the August 1,
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1520. Insider McMahon did not discl
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1999, or the verbal insurances they
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(3) employing transactions with the
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(b)On or about September 17, 1999,
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(a)On or about November 24, 2000, S
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JP Morgan Chase1546. In connection
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1549. In connection with the Chase
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(a)On or about September 13, 2001,
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(a)On or about September 20, 2001,
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(e)In order to fraudulently meet Ar
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(b)On or about March 27, 1997, Thom
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(c)On or about December 29, 1998, R
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(a)On or about December 15, 1998, S
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1578. In connection with the Specte
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(o)On or about March 2, 2001, Rober
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(c)On or about December 8, 2000, Ja
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(a)On or about December 12, 1998, V
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(c)On or about December 13, 1999, D
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(f)On or about November 12, 1999, D
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(i)On or about March 1, 2001, Goss
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1596. Enron’s injuries as describ
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that were financially involved with
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(b) that CSFB, Pyramid I and/or Sph
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ENRON CORP., et al.,Reorganized Deb
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