Enron Corp. - University of California | Office of The President

stated:
The route will add 2,300 route miles to Enron Communications' existing
3,400-mile backbone network and will connect through Denver, Dallas/Fort Worth
and San Antonio....
... "Through a combination of construction and fiber sales and exchanges,
we will be able to move quickly and economically to complete our national
network."
123. On 10/22/98, CitiGroup issued a report on Enron, which rated Enron a "Buy" and
Wholesale energy operations ... continued to be the largest contributor to earnings.
IBIT was $277 million versus $173 million in last year's third quarter. The strength
of the wholesale energy commodity and asset portfolios resulted in excellent
earnings.
* * *
... The third quarter was an excellent period for ... [a] new [Enron Energy Services
(EES)] business. EES contracts for customers ... of $850 million in the third quarter,
including several large contracts ....
124. On 11/24/98, Enron sold $250 million of 6.95% Notes due 7/15/28, with CS First
Boston acting as underwriter. Enron used the proceeds to pay down its short-term debt –
commercial paper and/or bank debt to JP Morgan and CitiGroup.
stating:
125. On 12/9/98, Lehman Brothers issued a report on Enron, rating Enron a "Buy" and
We are raising our full year 1999 estimate to $[1.15] ... mainly as a function of
continued strong growth in Wholesale ... as well as the expectation that Enron
Energy Services will swing to EBIT positive by the fourth quarter. In addition, we
are initiating a year 2000 estimate of $[1.30].
126. On 1/12/99, Enron filed a Registration Statement written by Enron, its insiders and
Vinson & Elkins with the SEC for $1 billion in Enron securities. It incorporated Enron's 97 10-K.
As described elsewhere, Enron's 97 and interim 98 financial results were false and misleading. The
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