Conn. Waste Co. Sells Enron Claims

A $440 million auction of bifurcated Enron Corporate and Enron Power Marketing Inc. (EPMI) claims was held today.

  • 20 Aug 2004
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A $440 million auction of bifurcated Enron Corporate and Enron Power Marketing Inc. (EPMI) claims was held today. “It’s actually a $220 million EPMI claim guaranteed by the parent,” a trader explained. The claims have double dips, since the claim is guaranteed by the parent the price doubles, another trader added. Bids were due at 11:00 am, however, the winner is expected to be determined today at 4:00 p.m.

The Connecticut Resources Recovery Authority (CRRA), a semi-public agency which handles trash for the state, confirmed that it is selling the claims. CCRA lost approximately $220 million on this failed contract with Enron and decided to put the claim for sale in the market, the spokesman explained. The waste company has decided not to wait for the end of the bankruptcy process to get a settlement for the claim. “We are trying to maximize our return,” he stated.

The expected bankruptcy settlement for the claim is $82.7 million. As part of the settlement, there is also an equity component. CCRA does not want equity in PRISMA, the name for the restructured Enron.


  • 20 Aug 2004

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