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Dynegy Inc

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BUSINESS
August 17, 2002 | Bloomberg News
Dynegy Inc., a cash-strapped energy trader, said it completed the $928-million sale of a U.S. natural-gas pipeline to Mid- American Energy Holdings. MidAmerican, part of Warren Buffett's Berkshire Hathaway Inc., also will assume $950 million in debt.
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BUSINESS
October 9, 2007 | From Times Wire Services
A former Dynegy Inc. accountant serving six years for helping foster a multimillion-dollar fraud scheme has asked a federal court to set aside his convictions and free him from jail. According to the 106-page petition, prosecutors won Jamie Olis' conviction in part by violating his constitutional rights to present the defense of his choice.
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BUSINESS
January 8, 2003 | From Bloomberg News
Dynegy Inc., which had more than $2 billion in losses during the first nine months of 2002, expects a profit this year after the company shed assets, fired workers and quit energy trading. Profit will be 8 cents to 15 cents a share, Dynegy said. Dynegy shares rose 64 cents to $2.06 on the NYSE.
BUSINESS
October 2, 2007 | From Times Wire Services
The U.S. Securities and Exchange Commission on Monday said that three former Dynegy Inc. executives settled charges for their role in a $300-million accounting fraud that involved disguising a loan as operating cash flow. Former Chief Financial Officer Robert Doty will pay more than $375,000 to settle the SEC charge, the agency said in a statement.
BUSINESS
July 23, 2002 | Bloomberg News
Dynegy Inc., owner of 21 power plants and a natural gas pipeline from Texas to Michigan, had its credit ratings cut to "junk" by Standard & Poor's Corp. because of lower profit from selling electricity to other utilities. S&P cut the long-term rating for Dynegy and its subsidiaries two levels to BB from BBB-minus, the lowest investment grade, S&P said. Senior unsecured bonds of Dynegy Holdings Inc., Dynegy's debt-issuing arm, were cut to B-plus from BBB-minus.
BUSINESS
January 21, 2004
Dynegy Inc. and West Coast Power, a joint venture in California between Dynegy and NRG Energy Inc., agreed to pay $3 million to settle Federal Energy Regulatory Commission charges related to trading in Western energy markets in 2000 and 2001. The companies agreed to pay into a fund established at the U.S. Treasury for the benefit of California and Western electricity consumers, Dynegy said.
BUSINESS
June 26, 2002 | Bloomberg News
Dynegy Inc.'s credit rating was cut by Standard & Poor's Corp. to one notch above junk, a day after the energy company disclosed plans to cut its dividend in half and sell assets to raise cash. Standard & Poor's lowered its rating to BBB-minus from BBB and said the outlook on Dynegy's debt remained negative. Shares of Houston-based Dynegy fell 73 cents to $6.67 on the NYSE.
BUSINESS
August 5, 2004 | From Bloomberg News
Dynegy Inc., owner of power plants in 12 U.S. states, has agreed to pay $22 million to former Chief Executive Charles L. Watson to resolve a dispute over his severance package. Watson's contract was terminated in May 2002 after a 62% drop in the company's stock price that year amid federal investigations of the energy company's trading and accounting.
BUSINESS
October 23, 2002 | Bloomberg News
A federal judge revived a suit by Enron Corp. shareholders against energy company Dynegy Inc. for abandoning a $23-billion merger. Dynegy pulled out of a proposed acquisition of Enron on Nov. 28, 2001, prompting suits by Enron and its shareholders. A federal bankruptcy judge in April blocked the shareholder suit from going forward. U.S. District Judge Alvin Hellerstein in New York reversed the bankruptcy judge's ruling and reinstated the shareholder suit.
BUSINESS
July 9, 2005 | From Bloomberg News
A federal judge approved Dynegy Inc.'s $468-million settlement, announced April 15, of a shareholder lawsuit accusing the company of accounting misdeeds. The agreement with plaintiffs led by the University of California was the ninth-largest settlement of a class-action securities fraud case in the U.S. The settlement will be paid with $150 million from its directors' and officers' insurance policies, $250 million in cash and $68 million from the issuance of stock, Dynegy said in April.
BUSINESS
February 27, 2007 | From Bloomberg News
AES Corp. and Dynegy Inc. can't be sued in California state court over claims that they manipulated power prices during the state's energy crisis in 2000 and 2001, an appeals court said. The California Court of Appeals in San Diego upheld a lower court's dismissal of a group of lawsuits brought by California municipalities and consumers.
BUSINESS
November 9, 2006 | From Reuters
Independent power producer Dynegy Inc. posted a third-quarter net loss as charges related to a write-down of a Kentucky power plant cut into gains in its Midwest operations. The company, which will spend more than $2 billion to buy power plants from private equity fund LS Power Group, said the net loss was $69 million, or 14 cents a share, compared with a year-earlier profit of $23 million, or 6 cents.
BUSINESS
September 23, 2006 | From Reuters
A federal judge Friday cut by 75% one of the longest sentences in recent U.S. business fraud prosecutions, giving a former Dynegy Inc. accountant six years instead of the 24 initially handed down. Jamie Olis, 40, was resentenced by U.S. District Judge Sim Lake after the Supreme Court changed the effect of federal sentencing guidelines and the 5th U.S. Circuit Court of Appeals overturned Lake's original sentence.
BUSINESS
September 16, 2006 | From Bloomberg News
German-American automaker DaimlerChrysler unexpectedly cut its full-year profit forecast Friday because of a projected $1.5-billion third-quarter loss at its U.S.-based Chrysler Group. Its shares suffered their biggest loss in more than three years. For the full year, DaimlerChrysler expects to post an operating profit of about 5 billion euros ($6.3 billion), compared with an earlier forecast of more than 6 billion euros.
BUSINESS
January 5, 2006 | From Associated Press
A judge who sentenced a former executive at energy company Dynegy Inc. to 24 years in prison, only to have the sentence thrown out by an appeals panel, said Wednesday that he would allow experts to hash out how long the executive should remain behind bars. A day before he was to resentence Jamie Olis, U.S. District Judge Sim Lake called a surprise hearing to tell Olis' lawyers and prosecutors that he wanted to hear expert testimony first.
BUSINESS
November 2, 2005 | Thomas S. Mulligan and Jonathan Peterson, Times Staff Writers
A federal appeals court on Tuesday overturned a 24-year sentence handed to former Dynegy Inc. executive Jamie Olis, ruling that a lower court relied on an exaggerated figure for investor losses directly caused by the fraud that Olis oversaw.
BUSINESS
August 13, 2002 | Associated Press
Dynegy Inc. said it would not pay dividends in the third quarter and has no plans to reinstate them "in the near term." The Houston-based energy marketer said in a filing with the Securities and Exchange Commission that its board of directors elected to suspend dividends to focus on the company's plan to raise $2 billion to strengthen finances and improve its image on Wall Street. Dynegy said when the plan was unveiled in June that dividends would be cut in half.
BUSINESS
October 19, 2002 | Reuters
Dynegy Inc. fired six workers and said it would discipline seven others for giving inaccurate natural gas trade data to industry publications that compile price benchmarks. Houston-based Dynegy said the disciplinary action was the result of an internal probe into the release of bad data, which it had undertaken to comply with an inquiry by the Commodity Futures Trading Commission. Dynegy said natural gas traders were among those fired or disciplined.
BUSINESS
August 3, 2005 | From Associated Press
Dynegy Inc. announced plans Tuesday to sell its natural-gas processing business to Houston neighbor Targa Resources Inc. in a cash deal of nearly $2.5 billion. The sale, approved by directors at both companies, would position Dynegy as solely a power generator primed for consolidation with other energy companies. Targa Resources, which also would acquire Dynegy's storage, transportation, distribution and marketing assets, is affiliated with private-equity investor Warburg Pincus.
BUSINESS
July 9, 2005 | From Bloomberg News
A federal judge approved Dynegy Inc.'s $468-million settlement, announced April 15, of a shareholder lawsuit accusing the company of accounting misdeeds. The agreement with plaintiffs led by the University of California was the ninth-largest settlement of a class-action securities fraud case in the U.S. The settlement will be paid with $150 million from its directors' and officers' insurance policies, $250 million in cash and $68 million from the issuance of stock, Dynegy said in April.
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