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TransferorObligorInitialTransfereeorBeneficiarySubsequentTransfereeInitialTransferDateTransactionEnron or ENA Enron CIBC 6/7/99 ProjectPilgrim/Sarlux(term loaninterest)Enron or ENAor ACFIEnron andACFICIBC 6/25/99 ProjectPilgrim/Trakya(term loaninterest)Enron or ENA Enron CIBC 6/25/99 ProjectPilgrim/Sarlux(term loaninterest)Enron or ENAor EnronInternationalEnron or ENAor ECTMIEnron or ENAEnron or ENAor EnronInternationalEnron or ENAor ACFIEnron or ENAEnron or ENAor EnronInternationalEnron orEnronBroadbandEnron or ENAor EESO orECTMIEnron or ENAor ECTMIEnron andEnronInternationalCIBC 6/25/99 Project Leftover(arrangementand upfrontfees)Enron CIBC 6/28/99 ProjectPilgrim/Sarlux(term loanprincipal)Enron andENAEnron andENAEnron andACFIEnron andENAENA andEnronInternationalEnron andEnronBroadbandEnron andEESOENA andEnronCIBC 6/29/99 Project Nimitz(upfront fee)CIBC 7/20/99 Project Nimitz(fees)CIBC 9/30/99 ProjectPilgrim/Trakya(repayment ofterm loan andinterest)Whitewing* CIBC 9/30/99 Project Nimitz(term loanprincipal)Whitewing* CIBC 10/25/99 Project Leftover(term loanprincipal)CIBC 12/23/99 Project Ghost(structure andcommitmentfees)CIBC 12/29/99 Project Alchemy(arrangementfee)CIBC 12/31/99 ProjectDiscovery(arrangementfee)TransferAmount$1,508,761.11$245,968.74$853,656.25$336,300.00$295,000,000.00$1,600,000.00$229,013.16$86,331,865.24$350,385,854.93$100,499,731.28$1,137,500.00$225,000.00$1,075,972.00604041v1/007457-370-
TransferorObligorInitialTransfereeorBeneficiarySubsequentTransfereeInitialTransferDateTransactionTransferAmountEnron or ENAor ECTMIENA andEnronCIBC 12/31/99 ProjectDiscovery(structure fee)$82,000.00Enron or ENAor ECTMIENA andEnronCIBC 12/31/99 ProjectDiscovery(underwritingfee)$189,600.00Enron orEnronBroadbandEnron andEnronBroadbandCIBC 1/24/00 Project Ghost(term loaninterest)$1,643,333.33Enron or ENAor ECTMIENA andEnronSanta MariaLLC*CIBC 1/31/00 ProjectDiscovery (yieldpayment)$782,592.63Enron or ENAor ECTMIENA andEnronSanta MariaLLC*CIBC 2/29/00 ProjectDiscovery(equitypurchase)$4,202,500.00Enron or ENAor ECTMIENA andEnronSanta MariaLLC*CIBC 2/29/00 ProjectDiscovery(repayment ofterm loan andinterest)$127,064,899.11Enron orEnronBroadbandEnron andEnronBroadbandCIBC 3/21/00 Project Ghost(term loanprincipal andinterest)$257,741,462.50Enron orEnronBroadbandEnron andEnronBroadbandCIBC 3/22/00 Project Ghost(breakage feesand $100 equity)$11,136.81Enron orEnronBroadbandEnron andEnronBroadbandCIBC 4/10/00 Project Specter(principal,interest, yieldand equitypayment)$125,289,137.50Enron or ENAor EESOEnron andEESOLLC InterestHoldings 1*CIBC 6/15/00 Project Alchemy(term loaninterest)$354,942.601038. 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“CIBC 544 Transfers.”604041v1/007457-371-
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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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840. The Chase 548 Purported Margin
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Page 339 and 340: TransferorEnron or ENAor ENGMEnron
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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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