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dossiers · Enron

Enron: participants, structures and legal outcomes

Historical relationships and distinct procedural outcomes. A connection does not establish shared responsibility.

published
14 oct 2026
records as of
08 oct 2026
entities
203
sources
54
cite entities.csv
Chairman; former chief executive (+2)Former treasurer; guilty plea and 60-month sentenceEnron Raptor participation vehicleParent vehicle listed above Timberwolf / Raptor IIEnron Raptor participation vehicleMember vehicle above Porcupine / Raptor IIIEnron Raptor participation vehicleParent vehicle listed above Bobcat / Raptor IVOutside investor and manager in Raptor structureDerivative counterparty / provider of capital and credit capacityOutside investor and manager in Raptor structureDerivative counterparty / provider of capital and credit capacityFormer accounting chief; securities-fraud plea and sentence (+2)Outside investor and manager in Raptor structureDerivative counterparty / provider of capital and credit capacityOutside investor and manager in Raptor structureDerivative counterparty / provider of capital and credit capacityInvestor whose New Power position was placed in the Raptor III hedgeNegotiated Raptor termination for Enron (+3)Negotiated Raptor termination for LJM2 (+2)Advised on Raptor accounting, criticised by the internal inquiryAcquired 13% project stake, later sold backProject investor and repurchaser of LJM1 interestCivil settlement; permanent officer-and-director barLoan-pool securities sold to LJM2Whitewing-group affiliate made loan; exact lender unidentified and use of proceeds unconfirmedRepurchased CLO notes and equity after deterioration75% temporary interest in project holding companyParticipated in repurchase from LJM290% temporary equity interest and debt investmentSeller and subsequent repurchaserCondor Trust subsidiary as described in Powers report; historical identity qualifiedTemporary certificate holder, not a statement of entire trust ownershipFunded and acquired intermediated certificate purchaseTax plea concerned undisclosed RADR-derived incomeSponsored and funded prepay intermediaryIntermediary in circular prepay contractsArranged financing through Yosemite trustsGeneral partner; consolidated entityLimited partner; Treasury-bill contributionArranged financing and third-party participationLender and bearer of apparent equity riskFormal equity contributor through FleetBoston structureAcquired class interest in Fishtail structureOral protection against equity loss described by SECFormer CEO; securities-fraud conviction (+1)Controlled prepay intermediary according to SEC complaintControlled prepay intermediary according to SEC complaintPrepay counterpartyPrepay counterparty in one transactionSEC action settled without admission or denialSettled administrative order without admission or denial50% voting interest50% voting interestParticipating affiliateLJM2 participation vehicleFormer COO; conspiracy conviction$42 million unfunded commitmentJoint-venture participantProtected joint-venture participant; exited before bankruptcyLegal adviser providing contested true-sale opinionDutch holding-company tierDutch holding-company tierDirect owner of Canadian paper businessWholly owned Canadian vehicleWholly owned Canadian vehicleWholly owned financing vehicle (+1)Former finance chief; reported plea and probationLoan and offsetting obligations in SlapshotOn-lending and repayment channelBarge and energy transactions challenged by SEC$80 million civil settlement without admission or denialEqual member of $375 million lending consortiumEqual member of $375 million lending consortiumEqual member of $375 million lending consortiumManaging memberManaging member and guarantorFormer accountant; reported acquittalTransferred dark-fibre use rightsTransferred fibre interests in exit financingFunding vehicle holding Class B beneficial interestSole beneficial interest for $1,000Owned and operated service vehicleLender alongside FleetLender alongside ABNLender alongside FleetLender alongside ABNExchanged repurchased dark fibre for lit fibreFormer strategic-business executive; reported dismissalTransferred EOG share block in internal reorganisationTransferred EOG share blockTransferred EOG share blockAll voting power; 0.01% economicsInitial 99.99% non-voting economic interestAcquired 99.99% non-voting economic interestHeld 11.5 million EOG sharesUltimate holder of $517.5 million loanSwap substituted economic lending exposureTotal-return swap and asset repurchase supportAuditor; obstruction conviction reversed, no retrial reportedGuarantee and demand-note credit supportEquity-linked swap after restructuring36% limited-partner interest package described in NikitaListed parent participation vehicleListed subsidiary vehicleCertificate investments, not ownership of entire trust structureDirector listed in March 2001 annual-report signatures (+2)Director listed in March 2001 annual-report signatures (+1)Director listed in March 2001 annual-report signaturesAudit partner; guilty plea withdrawn after reversalDirector listed in March 2001 annual-report signaturesDirector listed in March 2001 annual-report signaturesDirector listed in March 2001 annual-report signaturesDirector listed in March 2001 annual-report signaturesDirector listed in March 2001 annual-report signaturesDirector listed in March 2001 annual-report signaturesDirector listed in March 2001 annual-report signaturesDirector listed in March 2001 annual-report signaturesDirector listed in March 2001 annual-report signaturesDirector listed in March 2001 annual-report signaturesBarge defendant; fraud counts reversed, perjury and obstruction affirmedDirector listed in March 2001 annual-report signatures (+1)Director listed in March 2001 annual-report signatures (+1)Director listed in March 2001 annual-report signatures5.43% beneficial holding of common class23.09% beneficial holding of convertible preferred class, reported jointly10.24% beneficial holding of convertible preferred class5.74% of convertible preferred class allocated through planBarge defendant; insufficient evidence on appeal50% owner disclosed in proxyTravel-services agreementEquipment and services supplied to subsidiariesCommodity swaps and options counterpartyDirector of NATCO Group, not inferred director of National TankChairman and CEOManaging general partner of investment partnershipsNon-executive chairman August 2000–March 2001Barge defendant; conspiracy and wire-fraud convictions reversedConducted limited preliminary review after Watkins warningEmployee raising accounting concernsPresented accounting concerns to chairmanCFO late 2001, then president and COO early 2002Interim CEO and restructuring officerInvestor litigation; 2007 class certification reversedInvestor litigation; 2007 class certification reversedInvestor litigation; 2007 class certification reversedLead plaintiff in announced Newby settlementLead plaintiff in announced Newby settlementBarge defendant; conspiracy and wire-fraud convictions reversedEstate claims subject to separate 2008 settlement agreementEnron-related claims dismissed in December 2005 rulingEnron-related claims survived pleading motionControl-person claim permitted to be amended; not established control findingContractual indemnity claims dismissed in April 2009Disclosed chairman of Alliance Capital Management International divisionTrustee under planTrustee under planHolds new common equity under liquidation planHolds four classes of new preferred equity under planBarge-trial defendant; acquitted of all chargesAcquired 100% equity on 17 November 2004GE financing affiliate in CCE joint ventureJoint-venture partnerPipeline interest held within CrossCountryPipeline interest held within CrossCountryPipeline interest held within CrossCountryContributed non-US utility assets to PrismaAcquired remaining stake after first-stage investment in 2006Formed acquiring companyAll voting securities as reported in July 2005Barge-trial defendant; convicted, not appellant in this opinionMerged into Delaware survivor effective 18 December 2009Replacement general partner following investor actionManaging trustee, distinct from Enron director Jerome MeyerLiquidating trust pursuing unpaid investor commitmentsCivil settlement without admission or denial, distinct from criminal pleaAnnounced civil settlement subject to approvalFinal civil judgment by consent without admission or denialFinal civil judgment by consent without admission or denialLead plaintiff in reported $2.4 billion settlement agreementFailed-merger litigation followed by reported approved settlementGeneral partner; original stock contributionOriginal limited partner; interest redeemed in 1997Replacement limited partner from 1997General partnerLimited partnerSole memberOwnership transferred from Kopper in December 1997More than 95% limited interest; manager of GP structureRemaining limited-partner interest$240 million subordinated lenderGuarantor of Barclays loan (+1)$132 million revolving advanceLender supporting apparent outside equityLender supporting apparent outside equitySource of cash pledged in reserve accountsManagement-fee payer; funding questioned by committeeHeld certificates linked to remaining $15 million loanSole and managing memberGeneral partnerLimited partnerGeneral partnerLimited partner; $7.5 million contributionLimited partner; $7.5 million contributionBank affiliated with named investor vehicleBank affiliated with named investor vehicleGeneral partnerGeneral partnerManaging memberLimited partnerLimited partnerManaging memberReported limited partner; complete roster unavailableReported limited partner; complete roster unavailableReported limited partner; complete roster unavailableAffiliated entity reported as investor; direct vehicle unspecifiedAffiliated entity reported as investor; direct vehicle unspecifiedAffiliated entity reported as investor; direct vehicle unspecifiedAffiliated entity reported as investor; direct vehicle unspecifiedAffiliated entity reported as investor; direct vehicle unspecifiedAffiliated entity reported as investor; direct vehicle unspecifiedAffiliated entity reported as investor; direct vehicle unspecifiedStaff and administrative-services agreementStaff working for LJM under shared-services arrangementsStaff working for LJM under shared-services arrangementsMerchant equity investment; lock-up then attempted hedgeGeneral partnerInitial limited partnerSole directorRhythms put counterparty, backed largely by Enron sharesInitial Rhythms exchange valuation fairness opinionGeneral partnerGeneral partnerOwner of all limited interests in unwind documentationOwner of Swap Sub general partnerLimited partner in employee investment vehicleLimited partner in employee investment vehicleLimited partner in employee investment vehicleLimited partner in employee investment vehicleLimited partner in employee investment vehicleLimited partner in employee investment vehicleFormer finance executive; guilty plea and 37-month sentenceDirector signing partnership investmentFormer employee; guilty plea concerned fraud on employerAdmitted concealed investmentFormer employee; guilty plea concerned fraud on employerAdmitted concealed investmentFormer employee; guilty plea concerned fraud on employerAdmitted concealed investmentSuccessor bank named as restitution recipientEnron Raptor participation vehicleMember vehicle above Talon / Raptor ICapricornInvestors, L.P.Capricorn Investors, L.P.CapricornHoldings, Inc.Capricorn Holdings, Inc.Herbert S.Winokur, Jr.Herbert S. Winokur, Jr.Azurix Corp.Azurix Corp.NATCO Group Inc.NATCO Group Inc.Newman (CanadianSlapshot vehicle)Newman (Canadian Slapshot vehicle)Giles Robert HughDarbyGiles Robert Hugh DarbyBSCS XXIII, Inc.BSCS XXIII, Inc.Lord SecuritiesCorp.Lord Securities Corp.Kevin HannonKevin HannonKenneth D. RiceKenneth D. RiceEnron BroadbandServices, Inc.Enron Broadband Services, Inc.Michael KrautzMichael KrautzKevin A. HowardKevin A. HowardQwestCommunicationsCorporationQwest Communications CorporationScott YeagerScott YeagerAnnapurna LLCAnnapurna LLCIndustrial Bank ofJapanIndustrial Bank of JapanFishtail LLCFishtail LLCHansen (CanadianSlapshot vehicle)Hansen (Canadian Slapshot vehicle)Compagnie PapiersStadaconaCompagnie Papiers StadaconaDavid BerminghamDavid BerminghamNationalWestminster BankPlcNational Westminster Bank PlcGary StevenMulgrewGary Steven MulgrewBV-2 (SundanceDutch holdingvehicle)BV-2 (Sundance Dutch holding vehicle)BV-1 (SundanceDutch holdingvehicle)BV-1 (Sundance Dutch holding vehicle)Caymus TrustCaymus TrustLong Lane MasterTrust IVLong Lane Master Trust IVCampsie Ltd.Campsie Ltd.Lea FastowLea FastowRADR (SPE named inLea Fastow plea)RADR (SPE named in Lea Fastow plea)Charls WalkerCharls WalkerBank ofTokyo-MitsubishiBank of Tokyo-MitsubishiChase ManhattanBankChase Manhattan BankFlagstaff CapitalCorporationFlagstaff Capital CorporationRoyal Bank ofScotlandRoyal Bank of ScotlandHeracles TrustHeracles TrustAeneas LLCAeneas LLCEOG Resources,Inc.EOG Resources, Inc.Southampton, L.P.Southampton, L.P.LJM Swap Sub, L.P.LJM Swap Sub, L.P.Prisma EnergyInternationalPrisma Energy InternationalAshmore EnergyInternationalLimitedAshmore Energy International LimitedAshmore InvestmentManagement LimitedAshmore Investment Management LimitedPortland GeneralElectric CompanyPortland General Electric CompanySouthern UnionCompanySouthern Union CompanyCCE Holdings, LLCCCE Holdings, LLCGE CommercialFinance EnergyFinancial ServicesGE Commercial Finance Energy Financial ServicesEdward N. MeyerEdward N. MeyerBelco Oil & GasCorp.Belco Oil & Gas Corp.Enron NorthAmerica Corp.Enron North America Corp.Royal Bank ofCanadaRoyal Bank of CanadaMahonia LimitedMahonia LimitedEnron AssetHoldings, LLCEnron Asset Holdings, LLCPsyche LLCPsyche LLCSherron WatkinsSherron WatkinsLJM SwapCo.LJM SwapCo.SundanceIndustrialPartnersSundance Industrial PartnersMarengo Assets,L.P.Marengo Assets, L.P.Nahanni InvestorsL.L.C.Nahanni Investors L.L.C.Canadian ImperialBank of CommerceCanadian Imperial Bank of CommerceTranswesternPipeline CompanyTranswestern Pipeline CompanyCrossCountryEnergy, LLCCrossCountry Energy, LLCCitrus Corp.Citrus Corp.LJM2 LiquidationStatutory Trust BLJM2 Liquidation Statutory Trust BBackbone Trust IIBackbone Trust IICoöperatieveCentraleRaiffeisen-Boerenleenbank B.A.Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.Mahonia NaturalGas LimitedMahonia Natural Gas LimitedJ.P. Morgan Chase& Co.J.P. Morgan Chase & Co.Enron IntermediateHoldings, LLCEnron Intermediate Holdings, LLCEnron FinancePartners, LLCEnron Finance Partners, LLCPronghorn I LLCPronghorn I LLCVinson & ElkinsL.L.P.Vinson & Elkins L.L.P.Robert A. BelferRobert A. BelferArthur AndersenLLPArthur Andersen LLPDavid B. DuncanDavid B. DuncanBarclays PLCBarclays PLCThe New PowerCompanyThe New Power CompanyNorthern PlainsNatural GasCompanyNorthern Plains Natural Gas CompanyRichard B. BuyRichard B. BuyFleet NationalBankFleet National BankBackbone Trust IBackbone Trust ILJM2-Backbone II,LLCLJM2-Backbone II, LLCYosemiteSecurities TrustYosemite Securities TrustMEGS LLCMEGS LLCJeffrey McMahonJeffrey McMahonRoadrunner I LLCRoadrunner I LLCPorcupine I LLCPorcupine I LLCKenneth L. LayKenneth L. LayRichard A. CauseyRichard A. CauseyCitigroup, Inc.Citigroup, Inc.Sheila KahanekSheila KahanekThe Regents of theUniversity ofCaliforniaThe Regents of the University of CaliforniaDynegy Inc.Dynegy Inc.Robert K. JaedickeRobert K. JaedickeCharles A.LeMaistreCharles A. LeMaistreLJM2-Ampato LLCLJM2-Ampato LLCABN AMROABN AMRODaniel H. BaylyDaniel H. BaylyJames A. BrownJames A. BrownMerrill LynchMerrill LynchU.S. Securitiesand ExchangeCommissionU.S. Securities and Exchange CommissionBobcatBobcatEnron CommonEquity TrustEnron Common Equity TrustJeffrey K.SkillingJeffrey K. SkillingEnron Corp.(historicalissuer)Enron Corp. (historical issuer)Delta EnergyCorporationDelta Energy CorporationJohn WakehamJohn WakehamPaulo V. FerrazPereiraPaulo V. Ferraz PereiraTimberwolfTimberwolfGrizzly I, LLCGrizzly I, LLCNational TankCompanyNational Tank CompanyThe Goldman SachsGroup, Inc.The Goldman Sachs Group, Inc.Goldman, Sachs &Co.Goldman, Sachs & Co.LJM2-Backbone LLCLJM2-Backbone LLCOsprey TrustOsprey TrustLJM2Co-Investment,L.P.LJM2 Co-Investment, L.P.Michael J. KopperMichael J. KopperKathy LynnKathy LynnStephen ForbesCooper LLCStephen Forbes Cooper LLCEnron PreferredEquity TrustEnron Preferred Equity TrustAndrew S. FastowAndrew S. FastowJohn A. UrquhartJohn A. UrquhartStephen F. CooperStephen F. CooperLJM Partners, LLCLJM Partners, LLCLJM Partners, L.P.LJM Partners, L.P.RhythmsNetConnections,Inc.Rhythms NetConnections, Inc.Jerome J. MeyerJerome J. MeyerFrank SavageFrank SavageAmerican HomeAssurance CompanyAmerican Home Assurance CompanySONR #1 L.P.SONR #1 L.P.ChewcoInvestments, L.P.Chewco Investments, L.P.William R. FuhsWilliam R. FuhsBig Doe LLCBig Doe LLCLJM2 CapitalManagement, L.P.LJM2 Capital Management, L.P.Southampton PlaceLPSouthampton Place LPLJM2 CapitalManagement, LLCLJM2 Capital Management, LLCFastow FamilyFoundationFastow Family FoundationJack SaltzJack SaltzPricewaterhouseCoopersPricewaterhouseCoopersEmpresa Productorade Energia LtdaEmpresa Productora de Energia LtdaLJM Cayman, L.P.LJM Cayman, L.P.Milbank, Tweed,Hadley & McCloyLLPMilbank, Tweed, Hadley & McCloy LLPHawaii 125-0Hawaii 125-0Alliance CapitalManagement L.P.Alliance Capital Management L.P.CiticorpCiticorpFirst UnionFirst UnionJoint EnergyDevelopmentInvestments LPJoint Energy Development Investments LPNowa Sarzyna powerproject holdingcompanyNowa Sarzyna power project holding companyJerry K. CastlemanJerry K. CastlemanAnne YaegerAnne YaegerKristina MordauntKristina MordauntBen GlisanBen GlisanDaniel BoyleDaniel BoyleLawrence RubenLawrence RubenEnron Corp.Savings PlanEnron Corp. Savings PlanCredit SuisseFirst BostonCredit Suisse First BostonERNB Ltd.ERNB Ltd.Northern NaturalGas CompanyNorthern Natural Gas CompanyDeloitte & ToucheLLPDeloitte & Touche LLPEnron Supply Corp.Enron Supply Corp.PartnershipServices, LLCPartnership Services, LLCCalifornia PublicEmployees'Retirement SystemCalifornia Public Employees' Retirement SystemCondor Trust(Whitewingsubsidiarydescribed inPowers report)Condor Trust (Whitewing subsidiary described in Powers report)WhitewingWhitewingPeregrine I LLCPeregrine I LLCBarclays Bank PLCBarclays Bank PLCMichael HindsMichael HindsTalon LLCTalon LLCNorman P. Blake,Jr.Norman P. Blake, Jr.Ronnie C. ChanRonnie C. ChanKen L. HarrisonKen L. HarrisonJohn H. DuncanJohn H. DuncanLehman BrothersHoldings Inc.Lehman Brothers Holdings Inc.Rebecca P. MarkRebecca P. MarkEnron NigeriaBarge Ltd.Enron Nigeria Barge Ltd.Lay/WittenbergTravel Agency inthe Park, Inc.Lay/Wittenberg Travel Agency in the Park, Inc.William Powers,Jr.William Powers, Jr.William D. DodsonWilliam D. DodsonArkansas TeachersRetirement SystemArkansas Teachers Retirement SystemDresdner KleinwortBensonDresdner Kleinwort BensonG.E. CapitalG.E. CapitalBig River FundingLLCBig River Funding LLCBlue Herron I LLCBlue Herron I LLCHarrier I LLCHarrier I LLCLJM ManagementL.P.LJM Management L.P.Wendy L. GrammWendy L. GrammJohn MendelsohnJohn MendelsohnKirkland & EllisKirkland & EllisBank of AmericaCorporationBank of America CorporationJames V. Derrick,Jr.James V. Derrick, Jr.Raymond S. TroubhRaymond S. TroubhSharon LaySharon LayThomas W. DavisThomas W. DavisSchuyler M. TilneySchuyler M. TilneyMacArthurFoundationMacArthur FoundationRobert S. FurstRobert S. FurstDeutsche Bank AGDeutsche Bank AGLittle RiverFunding LLCLittle River Funding LLCHewitt Associates,L.L.C.Hewitt Associates, L.L.C.EOTT EnergyPartners, L.P.EOTT Energy Partners, L.P.Enron DissolutionCorp.Enron Dissolution Corp.Janus CapitalCorporationJanus Capital Corporation

Solid line: documented. Amber dashed: reported. Grey dotted: hypothesis. One arrow: the relationship as stated; two arrows: reciprocal; no arrow: symmetric. A path between two parties does not transfer an allegation from one to the other.

every party and relationship in full, as text ↓

Participants 203

Subject

Leadership

Counterparties

Relationship register 269

cite this dossier

DossierTwist, “Enron: the partnerships, financing structures and legal outcomes”, dt.011, 14 October 2026, https://dossiertwist.com/dossiers/enron/

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