Roughly $10 million of Enron is believed to have traded in the 11 3/4 range last Monday with the 8K stating that the company estimates it will write-down $14 billion in assets. One market player explained that the levels took more of a hit than expected because $8-10 billion of the write-off is expected from Enron North America, where investors had previously thought that most of the value was to be found.
Traders, however, quoted the market for the name everywhere from the 8 to 12 1/2 range throughout the week. Another $10 million was rumored to have auctioned off at 12 3/4 at the beginning of April. Calls to the company were not returned by press time.