Table 2.1:  Enron events calendar: some significant dates

1985        Houston Natural Gas merges with InterNorth;

                Kenneth Lay becomes CEO (check this)

1989        Enron begins trading natural gas commodities

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1999        LJM1 begun, with Board authority   

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Feb 2001    Skilling becomes CEO

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Aug 2001    Skilling resigns as CEO; Lay resumes position       

Aug 2001    Letter from Sherron Watkins to Kenneth Lay

Sept 2001        SPE’s were terminated by Enron (special purpose enterprises)

Oct 16, 2001  Enron announced $544 M after-tax charge (& $1.2 B equity reduction), partly related to partnerships run by CFO Fastow

Oct 24 01        Enron fires Fastow

Oct 28, 2001 Powers Committee named (Special Investigative Committee, Enron Board)

Nov 5 01         Fitch’s downgrades Enron credit rating to lowest investment grade

Nov 8 01         Enron filed a current form 8-K. Enron also announced their intention to restate financial statements for the years 1997 through 2000.

Nov 19, 01      Enron files its quarterly 10Q; also re-stated 1999 and 2000 net income retroactively; Andersen acknowledged this was Andersen’s error.

                        SEC requested information on LJM 2

Dec 2, 01         Enron files voluntary petition for relief under Chap. 11, U.S. Bankruptcy Code.

Jan 23              Lay resigns as chairman and CEO, but stays on board 2002

Feb 1, 2002     Powers Report submitted to the Board of Directors

Feb 5,  2002    House Hearings on The Financial Collapse of Enron - Part 1, consisting of testimony by Dean Powers.

May 7, 2002    Senate Hearings on The Role of the Board of Directors in Enron’s Collapse (Senate Permanent Subcommittee on Investigations, Senator Carl Levin, chairman)

Aug 21, 2002   Arrest, Kopper[1]

October 4, 2002          Arrest, Fastow

[1]From the Examiner’s #2 report (footnote 1): "On August 21, 2002, Kopper pled guilty in a criminal information filed in the United States District Court for the Southern District of Texas alleging one count of conspiracy to commit wire fraud in violation of 18 U.S.C ss 371 and one count of conspiracy to engage in monetary transactions in property derived from specified unlawful activity (money laundering)... As part of his cooperation agreement (and to settle a related civil action filed by the Unites States Securities & Exchange Commission ("SEC"), Kopper agreed to surrender $12 million in assets and to cooperate fully with the United states Department of Justice."