Opponents say leaked Texas Pacific documents confirm Enron deal flaws

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Kansas City Star
Opponents say leaked Texas Pacific documents confirm Enron deal flaws

WILLIAM McCALL

Associated Press


PORTLAND, Ore. - The leak of documents suggesting that Texas Pacific Group simply wants to make a quick profit on the purchase of Enron subsidiary Portland General Electric will not have any effect on the sale decision for the last remaining Enron asset, the state's chief utility regulator says.

But opponents of the PGE buyout say the potential for Texas Pacific to make up to $1.2 billion on the proposed $2.35 billion deal - or better than a 50 percent profit - will have some effect on the outcome, either way.

The documents obtained by Willamette Week were part of a Texas Pacific analysis of the buyout proposal, code-named "Project Tahoe."

The Portland weekly newspaper reported in its regular Wednesday edition that the documents outlined Texas Pacific plans to make big cuts in PGE staff to reap an estimated $800 million to $1.2 billion profit on the utility by selling it within five years.

http://www.kansascity.com/mld/kansascity/business/10574777.htm?1c

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1. link to excellent Willamette Week article

http://www.wweek.com/story.php?story=5899

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2. Thanks!

Great site.

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3. ...

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4. kick