Azurix Corp. is a water services company, headquartered in Houston, Texas. The company owned and operated facilities in North America (mainly Canada ), Europe , and South America . In 2007, Azurix was awarded a $ 165 million claim against the government of Argentina by an international arbitral tribunal ; the company is currently involved in a dispute over Argentina's refusal to pay the claim.
124-676: Azurix was formed when Enron Corporation purchased British company Wessex Water in 1998. In June 1999, it was part-floated on the NYSE stock exchange, with Enron retaining 34% ownership. The company was formed with an IPO of $ 800 million and an opening stock price of $ 22.00, which fell to $ 2.00 within two years. The business was a disaster for Enron, and in April 2001 Enron announced it would break up Azurix and sell its assets. Enron eventually sold Azurix North America and Azurix Industrial Operations to American Water Works for $ 141.5 million. The company
248-417: A holding company , InterNorth, a diversified energy and energy-related products firm. Although most of the acquisitions conducted were successful, some ended poorly. InterNorth competed with Cooper Industries unsuccessfully over a hostile takeover of Crouse-Hinds Company , an electrical products manufacturer. Cooper and InterNorth feuded in numerous suits during the takeover that were eventually settled after
372-463: A $ 45 million penalty (later reduced). Fastow was sentenced to six years of jail time, and Lou Pai settled out of court for $ 31.5 million. In October 2000, Daniel Scotto , the most renowned utility analyst on Wall Street, suspended his ratings on all energy companies conducting business in California because of the possibility that the companies would not receive full and adequate compensation for
496-403: A 1,380 miles (2,220 km) fiber optic network between Portland and Las Vegas. In 1998, Enron constructed a building in a rundown area of Las Vegas near E Sahara, right over the "backbone" of fiber optic cables providing service to technology companies nationwide. The location had the ability to send "the entire Library of Congress anywhere in the world within minutes" and could stream "video to
620-680: A 30-year water and wastewater concession in Cancun, Mexico . In addition, Azurix took ownership positions in several joint ventures in Mexico and, in April 2000 Azurix won a BOT contract in Accra , Ghana . Azurix created Waterdesk.com, an online eBusiness website that provides transactions online for the water industry in Europe. The weather was featured for the United States within these portals
744-707: A commodity. Enron adopted the idea and called it the "Gas Bank". The division's success prompted Skilling to join Enron as the head of the Gas Bank in 1991. Another major development inside Enron was a pivot to overseas operations with a $ 56 million loan in 1989 from the Overseas Private Investment Corporation (OPIC) for a power plant in Argentina. Throughout the 1990s, Enron made a few changes to its business plan that greatly improved
868-575: A common business practice in the energy industry. However, it also allowed Enron to transfer some of its liabilities off its books, allowing it to maintain a robust and generally increasing stock price and thus keep its critical investment-grade credit ratings. Enron was originally involved in transmitting and distributing electricity and natural gas throughout the US. The company developed, built, and operated power plants and pipelines while dealing with rules of law and other infrastructures worldwide. Enron owned
992-550: A court-approved plan of reorganization. A new board of directors changed its name to Enron Creditors Recovery Corp. , and emphasized reorganizing and liquidating certain operations and assets of the pre-bankruptcy Enron. On September 7, 2006, Enron sold its last remaining subsidiary, Prisma Energy International , to Ashmore Energy International Ltd. (now AEI). It is the largest bankruptcy due specifically to fraud in United States history. One of Enron's primary predecessors
1116-445: A dangerous spiral in which, each quarter, corporate officers would have to perform more and more financial deception to create the illusion of billions of dollars in profit while the company was actually losing money. This practice increased their stock price to new levels, at which point the executives began to work on insider information and trade millions of dollars worth of Enron stock. The executives and insiders at Enron knew about
1240-483: A filing prepared in advance of a September 28, 2010 GSP Subcommittee hearing Azurix stated, "Argentina has refused to enforce, through voluntary payment, a final and substantial arbitral award in favor of Azurix. Under these circumstances, U.S. law dictates the removal of GSP benefits for Argentina." At the September 28, 2010, GSP Subcommittee hearing, Azurix formally called for the removal of Argentina's benefits under
1364-465: A financial "pyramid" or " Ponzi scheme "). Attempting to maintain the illusion, Skilling verbally attacked Wall Street analyst Richard Grubman , who questioned Enron's unusual accounting practice during a recorded conference telephone call. When Grubman complained that Enron was the only company that could not release a balance sheet along with its earnings statements, Skilling replied, "Well, thank you very much, we appreciate that ... asshole." Though
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#17327831893601488-520: A growing level of international influence and connectedness. The word Accra is derived from the Akan word Nkran meaning "ants", a reference to the numerous anthills seen in the countryside around Accra. The name specifically refers to soldier ants , and was applied to both the town and people by the Twi speakers. The name of Accra in the local Ga language is Ga or Gaga , the same name as that of
1612-688: A large Parliament complex, Nkrumah decided to build landmarks such as Independence Square, the State House, and the Organisation of African Unity building, and to refurbish Christianborg Castle. Nkrumah decided to leave the Atlantic coastal region undeveloped so as to not detract attention from the Community Centre or Independence Square, lending both spaces symbolic significance. The Nkrumah plan did not emphasize order nearly as much as
1736-558: A large network of natural gas pipelines, which stretched coast to coast and border to border including Northern Natural Gas, Florida Gas Transmission , Transwestern Pipeline Company, and a partnership in Northern Border Pipeline from Canada. The states of California, New Hampshire, and Rhode Island had already passed power deregulation laws by July 1996, the time of Enron's proposal to acquire Portland General Electric corporation. During 1998, Enron began operations in
1860-475: A march on Christiansborg Castle , Accra, on 28 February 1948. Their plan was to hand a petition to the colonial governor demanding they receive their pay and benefits. Before reaching the castle, the veterans were fired upon, after being ordered by the colonial police chief to disperse. Three of the leaders of the demonstration were killed, including Sergeant Nii Adjetey , who now has a memorial in Accra, leading to
1984-422: A plunge following its earnings report, Mark resigned from Azurix and Enron. Azurix assets, including Wessex, were eventually sold by Enron. In 1990, Enron's chief operating officer Jeffrey Skilling hired Andrew Fastow, who was well acquainted with the burgeoning deregulated energy market that Skilling wanted to exploit. In 1993, Fastow began establishing numerous limited liability special-purpose entities ,
2108-413: A result of a poorly designed market system that was manipulated by traders and marketers, as well as from poor state management and regulatory oversight. Subsequently, Enron traders were revealed as intentionally encouraging the removal of power from the market during California's energy crisis by encouraging suppliers to shut down plants to perform unnecessary maintenance, as documented in recordings made at
2232-404: A scene of an Enron-themed amusement park ride. The 2007 film Bee Movie also featured a joke reference to a parody company of Enron called "Honron" (a play on the words honey and Enron). The 2003 documentary The Corporation made frequent references to Enron post-bankruptcy, calling the company a "bad apple". In August 2000, Enron's stock price attained its greatest value, closing at $ 90 on
2356-783: A second arbitration case for its prior investment in the Province of Mendoza, Argentina which was suspended as of August 3, 2010. As a result of Argentina's refusal to pay the Award, in December 2009 Azurix filed a petition with the Office of the United States Trade Representative (USTR) to review Argentina's eligibility to participate in the US Generalized System of Preferences (GSP) program. In
2480-574: A share. She sold that stock for $ 49.77 a share in July 2001, a week before the public was told what she already knew about the $ 102 million loss. In 2002, after the tumultuous fall of Enron's external auditor, and management consultant, Andersen LLP, former Andersen Director, John M. Cunningham coined the phrase, "We have all been Enroned." The fallout resulted in both Lay and Skilling being convicted of conspiracy, fraud, and insider trading. Lay died before sentencing, Skilling got 24 years and 4 months and
2604-614: A target of corporate takeovers, the most prominent originating with Irwin Jacobs. InterNorth CEO Sam Segnar sought a friendly merger with HNG. In May 1985, Internorth acquired HNG for $ 2.3 billion, 40% higher than the current market price, and on July 16, 1985, the two entities voted to merge. The combined assets of the two companies created the second largest gas pipeline system in the US at that time. Internorth's north–south pipelines that served Iowa and Minnesota complemented HNG's Florida and California east-west pipelines well. The company
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#17327831893602728-665: A weaker second rainy season occurs in October. Rain usually falls in short intensive storms and causes local flooding in which drainage channels are obstructed. Very little variation in temperature occurs throughout the year. The mean monthly temperature ranges from 25.9 °C (78.6 °F) in August (the coolest) to 29.6 °C (85.3 °F) in March (the hottest), with an annual average of 27.6 °C (81.7 °F). The "cooler" months, which are summer months tend to be more humid than
2852-692: Is involved in several litigations against the government of Argentina claiming compensation relating to the negligence and corruption of the local governance during its management of the Buenos Aires water concession in 1999, which resulted in substantial amounts of debt (approx. $ 620 million) and the eventual collapse of the branch. Soon after emerging from bankruptcy in November 2004, Enron's new board of directors sued 11 financial institutions for helping Lay, Fastow, Skilling, and others hide Enron's true financial condition. The proceedings were dubbed
2976-587: Is the Greater Accra Region 's economic and administrative hub, and serves as the anchor of the larger Greater Accra Metropolitan Area (GAMA), which is inhabited by about 4 million people, making it the thirteenth-largest metropolitan area in Africa . In 2020, the Globalization and World Cities Research Network think tank designated Accra as a "Gamma −" level global city , indicating
3100-548: The 1948 Accra riots . In the Fry/Treavallion plan, a reorganization of the CBD was called for, as well as the development of the coastal region of the city. To reorganize the CBD, the planners decided to superimpose a tight street grid north of Fort Ussher. To the east of this newly organized CBD, the planners hoped to preserve a broad, open space for a restaurant, country club, and polo and cricket fields. Additionally,
3224-651: The Accra Metropolitan District , is led by a Metropolitan Chief Executive who is appointed by the President of the Republic of Ghana . The Mayor of Accra is Mohammed Adjei Sowah , who was appointed by President Nana Akufo-Addo and approved unanimously by the AMA on 23 March 2017. The Ablekuma South sub-metropolitan district covers an area of 6 km (2.3 sq mi) and is bordered by
3348-669: The Atlantic Ocean . As of 2021 census, the Accra Metropolitan District , 20.4 km (7.9 sq mi), had a population of 284,124 inhabitants, and the larger Greater Accra Region , 3,245 km (1,253 sq mi), had a population of 5,455,692 inhabitants. In common usage, the name "Accra" often refers to the territory of the Accra Metropolitan District as it existed before 2008, when it covered 199.4 km (77.0 sq mi). This territory has since been split into 13 local government districts : 12 independent municipal districts (total area: 179.0 km ) and
3472-725: The Bank of Ghana are also located in Accra. The city is also a transportation hub, home to the Kotoka International Airport , and railway links to Tema , Sekondi-Takoradi and Kumasi . Accra has become a location for national and international business conferences, such as the BarCamp Ghana series, organised by GhanaThink Foundation. Owing to its location in the Dahomey Gap , where the Gulf of Guinea and
3596-486: The British Gold Coast ended before the Fry/Treavallion plan was enacted. When Kwame Nkrumah became Ghana's first post-independence Prime Minister in 1957, he created his own plan for Accra's development. Instead of creating spaces to serve the elite, Nkrumah sought to create spaces to inspire pride and nationalism in his people and people throughout Africa. Rather than creating ornamental fountains and
3720-555: The Ga people and a cognate with Nkran . The word is sometimes rendered with the nasalised vowels as Gã or Gãgã . Historian Carl Christian Reindorf confirmed this etymology, proposing a link between the martial qualities and migratory behaviour of the local ants and those of the Ga people. The link between the ethnonym and ants was explicitly reflected in the recognition of anthills as sacred places. Often ringed by sacred fences ( aklabatsa ),
3844-870: The Supreme Court , the damage to the Andersen name has prevented it from recovering or reviving itself as a viable business even on a limited scale. Enron also withdrew a naming-rights deal with the Houston Astros Major League Baseball club for its new stadium, which was known formerly as Enron Field (now Minute Maid Park ). Enron used a variety of deceptive and fraudulent tactics and accounting practices to cover its fraud in reporting Enron's financial information. Special-purpose entities were created to mask significant liabilities from Enron's financial statements. These entities made Enron seem more profitable than it was, and created
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3968-693: The water sector , creating the Azurix Corporation, which it part-floated on the New York Stock Exchange during June 1999. Azurix failed to become successful in the water utility market, and one of its major concessions, in Buenos Aires , was a large-scale money-loser. Enron grew wealthy due largely to marketing, promoting power, and having a high stock price. Enron was named "America's Most Innovative Company" by Fortune for six consecutive years, from 1996 to 2001. It
4092-591: The "City of Accra". Formed from the merger of distinct settlements around British Fort James , Dutch Fort Crêvecoeur (Ussher Fort) , and Danish Fort Christiansborg as Jamestown , Usshertown , and Christiansborg respectively, Accra served as the capital of the British Gold Coast between 1877 and 1957 and has since transitioned into a modern metropolis. The capital's architecture reflects this history, ranging from 19th-century colonial architecture to modern skyscrapers and apartment blocks. Accra
4216-699: The "megaclaims litigation". Among the defendants were Royal Bank of Scotland , Deutsche Bank and Citigroup. As of 2008 , Enron has settled with all of the institutions, ending with Citigroup. Enron was able to obtain nearly $ 7.2 billion to distribute to its creditors as a result of the megaclaims litigation. As of December 2009, some claim and process payments were still being distributed. Enron has been featured since its bankruptcy in popular culture, including in The Simpsons episodes That '90s Show (Homer buys Enron stock while Marge chooses to keep her own Microsoft shares) and Special Edna , which features
4340-409: The 23rd. At this time, Enron executives, who possessed inside information on the hidden losses, began to sell their stock. At the same time, the general public and Enron's investors were told to buy the stock. Executives told the investors that the stock would continue to increase until it attained possibly the $ 130 to $ 140 range, while secretly unloading their shares. As executives sold their shares,
4464-698: The Ablekuma Central and Ablekuma North Municipal Assemblies, and the Ashiedu Keteke sub-metropolitan district. It includes 5 electoral areas: Korle Gonno, Korlebu, Chorkor, Mamprobi, and New Mamprobi. Communities within the Okaikoi South sub-metropolitan district include Darkuman, New Fadama, Kaneshie, Bubiashie, and Avenor. The sub-metro has 8 electoral areas namely Awudome, Goten, Kaatsean, Mukose, Bubuashie, Bubui, Avenor and Kaneshie. The Ashiedu Keteke sub-metropolitan district covers
4588-613: The Accra Metropolitan District, 199.4 km (77.0 sq mi), as it existed before 2008, is now divided into 13 separate local government districts, all governed as municipal assemblies with their own town hall and a municipal executive appointed by the president of the republic. Each municipal assembly is responsible for most local services, such as local planning and refuse collection. The reduced Accra Metropolitan District (also referred to as City of Accra), 20.4 km (7.9 sq mi), once comprised
4712-503: The Atlantic Ocean coast runs parallel to the prevailing moist monsoonal winds, Accra features a very marginal tropical wet and dry climate ( Köppen climate classification : Aw ) that borders on a hot semi-arid climate ( Köppen climate classification : BSh ). The average annual rainfall is about 730 mm, which falls primarily during Ghana's two rainy seasons. The chief rainy season begins in April and ends in mid-July, whilst
4836-970: The British James Fort , Osu near the Danish fort of Christiansborg (now Osu Castle ), and Ussherstown near the Dutch Ussher fort . Tourist attractions include the National Museum of Ghana , the Ghana Academy of Arts and Sciences , the National Archives of Ghana and Ghana's central library, the National Theatre , the Accra Centre for National Culture, and Jamestown Lighthouse . The Parliament , Supreme Court of Ghana , Black Star Square and
4960-455: The British planners intended to build large numbers of public squares, fountains, and ornamental pools and statues throughout the city, as well as a vast Parliament Complex in the city centre. Lastly, the Fry/Treavallion plan included plans to make the coastal region an extension of the exclusive European neighbourhood of Victoriaborg, and to create a recreational preserve for the elite. However,
5084-665: The Central Business District (CBD) and as such the hub of major commercial activities within the Metropolis. Major markets include Makola, Agbogbloshie, and Kwasiodwaso. There are 8 electoral areas namely Ngleshie, Mudor, Kinka, Nmlitsagonno, Amamomo, Korle Wonkon, and Korle Dudor. Ledzekuku Municipal District The Ledzekuku Municipal District, with its administrative capital at Teshie , covers an estimated area of 31.3 km (12.1 sq mi). Krowor Municipal District The Krowor Municipal District
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5208-549: The Enron Finance Corp. and headed by Skilling. With the success of the Gas Bank trading natural gas, Skilling looked to expand the horizons of his division, Enron Capital & Trade. Skilling hired Andrew Fastow in 1990 to help. Starting in 1994 under the Energy Policy Act of 1992 , Congress allowed states to deregulate their electricity utilities, allowing them to be opened for competition. California
5332-506: The Fry/Treavallion plan did; whereas the British plan strove to lessen crowding in the commercial district and help relieve the overcrowding of neighbourhoods bordering the CBD, the Nkrumah plan allowed for continued compression of commercial establishments into the CBD, as well as increased migration into Jamestown. The modern city is centered on the original British, Danish, and Dutch forts and their surrounding communities: Jamestown near
5456-541: The ICSID Ad Hoc Annulment Committee affirmed the award, rendering the arbitration final. Argentina has not complied with the ICSID ruling and is in violation of US trade law, which states that an arbitration award issued by an ICSID tribunal is “final and binding on the parties, and each party must carry out the provisions of any award without delay (article VII, section 6).” Azurix maintains
5580-473: The InterNorth identity five years prior, suggested "Enteron". During a meeting with employees on February 14, 1986, Lay announced his interest in this name change, which would be held to a stockholder vote on April 10. Less than a month from this meeting, on March 7, 1986, a spokesman for HNG/InterNorth rescinded the planned Enteron proposal, as since its announcement the name had come under scrutiny for being
5704-563: The Lartehs refer to them as Nkran (ants). Nkran was later corrupted by the Danes to Akra, then to present-day Accra. Nkran in the Ga language is Gaga , thus they also started calling themselves Ga. Due to the sheer numbers of the Ga immigrants, the indigenous Lartehs relocated to the Akuapem ridge. Initially, Accra was not the most prominent trading centre; the trade hubs of the time were
5828-451: The Republic of Argentina. Enron acquired the British water utility Wessex Water in July 1998 with an all-cash purchase of $ 2.4 billion. This formed the core of Azurix and its main asset. Wessex was one of the most profitable utility companies operating in the UK, earning $ 232 million profit on $ 436 million in revenues the year before its sale to Enron. However, the British regulators required
5952-498: The Room: The Amazing Rise and Scandalous Fall of Enron . Additionally, British water regulators required Wessex to cut its rates by 12% starting in April 2000, and an upgrade was required of the utility's aging infrastructure, estimated at costing over a billion dollars. By the end of 2000 Azurix had an operating profit of less than $ 100 million and was $ 2 billion in debt. In August 2000, after Azurix stock took
6076-474: The Swedes) and their other forts to the British. The Netherlands was the last to sell out, in 1871. In 1873, after decades of tension between the British and Ashantis , the British captured Kumasi , destroying portions of the city. The British then captured Accra in 1874, and in 1877, at the end of the second Anglo-Asante War , Accra replaced Cape Coast as the capital of the British Gold Coast . This decision
6200-606: The announcement "as they did with most things Internet-related at the time", with stock prices rising from $ 40 per share in January 2000 to $ 70 per share in March, peaking at $ 90 in the summer of 2000. Enron executives obtained windfall gains from the rising stock prices, with a total of $ 924 million of stocks sold by high-level Enron employees between 2000 and 2001. The head of Enron Broadband Services, Kenneth Rice, sold 1 million shares himself, earning about $ 70 million in returns. As prices of existing fiber optic cables plummeted due to
6324-409: The bankruptcy of Enron, telecommunications holdings were sold for "pennies on the dollar". In 2002, Rob Roy of Switch Communications purchased Enron's Nevada facility in an auction attended only by Roy. Enron's "fiber plans were so secretive that few people even knew about the auction." The facility was sold for only $ 930,000. Following the sale, Switch expanded to control "the biggest data center in
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#17327831893606448-407: The city began to expand to accommodate the new residents. Victoriaborg was formed in the late 19th century as an exclusively European residential neighbourhood, located to the east of the city limits of the time. The boundaries of Accra were further stretched in 1908, after a bubonic plague epidemic. This expansion entailed the creation of a native-only neighbourhood, intended to accommodate members of
6572-404: The city to maintain its infrastructure or improve public works. This did not change until the governorship of Sir Frederick Gordon Guggisberg during which period the three separate settlements (Osu, La and Jamestown) merged to become modern Accra. Guggisberg's administration laid out the present grid networked neighbourhoods of Tudu, Adabraka and Asylum Down. Among the achievements of Guggisberg
6696-643: The city, and an insulation effect can give rise to a local increase in air temperature of several degrees. This occurs most notably in the Accra Newtown sports complex areas. The administration of Accra occurs at two levels. Strategic initiatives, such as the urban transportation project, are coordinated between district authorities, while local administration is carried out by local government authorities, which are responsible for most local services, such as local planning, local roads and refuse collection within their area of jurisdiction. The former territory of
6820-407: The coast. The maximum wind speed record in Accra is 107.4 km/h (58 knots). Strong winds associated with thunderstorm activity often cause damage to property by removing roofing material. Several areas of Accra experience microclimatic effects. Low-profile drainage basins with a north–south orientation are not as well ventilated as those oriented east–west. Air is often trapped in pockets over
6944-439: The coastal areas. Drainage infrastructure is particularly at risk, which has profound implications for people's livelihoods, especially in informal settlements. Inadequate planning regulation and law enforcement, as well as perceived corruption in government processes, lack of communication across government departments and lack of concern or government co-ordination with respect to building codes are major impediments to progressing
7068-649: The comment was met with dismay and astonishment by press, Wall Street analysts and public, it became an inside joke among many Enron employees, mocking Grubman for his perceived meddling rather than Skilling's offensiveness. Enron initially planned to retain its three domestic pipeline companies as well as most of its overseas assets. However, before emerging from bankruptcy, Enron sold its domestic pipeline companies as CrossCountry Energy for $ 2.45 billion and later sold other assets to Vulcan Capital Management . Enron sold its last business, Prisma Energy , during 2006, leaving Enron asset-less. During early 2007, its name
7192-455: The company ended its retail endeavor in 1999 as it was revealed it was costing upwards of $ 100 million a year. As fiber optic technology progressed in the 1990s, multiple companies, including Enron, attempted to make money by "keeping the continuing network costs low", which was done by owning their own network. In 1997, FTV Communications LLC, a limited liability company formed by Enron subsidiary FirstPoint Communications, Inc., constructed
7316-457: The company made money and questioning whether Enron stock was overvalued. By August 15, 2001, Enron's stock price had decreased to $ 42. Many of the investors still trusted Lay and believed that Enron would rule the market. They continued to buy or retain their stock as the equity value decreased. As October ended, the stock had decreased to $ 15. Many considered this a great opportunity to buy Enron stock because of what Lay had been telling them in
7440-523: The company to cut its rates by 12% starting in April 2000 and an upgrade was required of the utility's aging infrastructure, estimated at costing over a billion dollars. By the end of 2000 Azurix had an operating profit of $ 100 million and $ 2 billion in debt. Azurix subsequently sold its interest in Wessex Water in May 2002 to YTL Corporation of Malaysia. Between 1999 and 2002, Azurix owned and operated
7564-475: The company's fiscal health became secondary to manipulating its stock price during the so-called Tech boom . But when a company's success is measured by undocumented financial statements, actual balance sheets are inconvenient. Indeed, Enron's unscrupulous actions were often gambles to keep the deception going and so increase the stock price. An advancing price meant a continued infusion of investor capital on which debt-ridden Enron in large part subsisted (much like
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#17327831893607688-441: The company's success story was Daniel Scotto , an energy market expert at BNP Paribas , who issued a note in August 2001 entitled Enron: All stressed up and no place to go which encouraged investors to sell Enron stocks, although he only changed his recommendation on the stock from "buy" to "neutral". As was later discovered, many of Enron's recorded assets and profits were inflated, wholly fraudulent, or nonexistent. One example
7812-518: The context of the 2009 review of the GSP program, USTR accepted Azurix's petition to review whether Argentina met the criteria related to enforcement of arbitral awards. In August 2010, the Office of the United States Trade Representative (USTR) announced it would hear Azurix's petition regarding Argentina, in connection with the 2009 GSP Annual Review to modify the GSP status of certain beneficiary developing countries (BDC's) because of country practices. In
7936-473: The contract as of January 2002, accusing the regional government of "serious breaches", and later filed a compensation claim with the ICSID ("Azurix Corp. v. Argentine Republic (Case No. ARB/01/12)"). The concession was terminated in March 2002; in 2007 the ICSID awarded Azurix $ 156m in compensation (substantially less than the $ 620m Azurix originally invested and subsequently claimed in damages). In September 2009,
8060-488: The deal and dismissed their CEO, Chuck Watson. The new chairman and CEO, the late Daniel Dienstbier, had been president of NNG and an Enron executive at one time and was forced out by Ken Lay. Dienstbier was an acquaintance of Warren Buffett. NNG continues to be profitable now. In 2001, after a series of revelations involving irregular accounting procedures perpetrated throughout the 1990s involving Enron and its auditor Arthur Andersen that bordered on fraud, Enron filed for
8184-668: The deferred energy accounts used as the basis for the California Deregulation Plan enacted during the late 1990s. Five months later, Pacific Gas & Electric (PG&E) was forced into bankruptcy. Republican Senator Phil Gramm , husband of Enron Board member Wendy Gramm and also the second-largest recipient of campaign contributions from Enron, succeeded in legislating California's energy commodity trading deregulation. Despite warnings from prominent consumer groups which stated that this law would give energy traders too much influence over energy commodity prices,
8308-619: The development of Accra's drainage infrastructure, according to the Climate & Development Knowledge Network . As Accra is close to the equator , the daylight hours are practically uniform during the year. Relative humidity is generally high, varying from 65% in the midafternoon to 95% at night. The predominant wind direction in Accra is from the WSW to NNE sectors. Wind speeds normally range between 8 and 16 km/h. High wind gusts occur with thunderstorms , which generally pass in squalls along
8432-457: The end of 2001, it was revealed that Enron's reported financial condition was sustained by an institutionalized, systematic, and creatively planned accounting fraud , known since as the Enron scandal . Enron has become synonymous with willful corporate fraud and corruption . The scandal also brought into question the accounting practices and activities of many corporations in the United States and
8556-430: The entirety of Accra until the Ledzokuku, Krowor, La Dadekotopon, Ablekuma North, Ablekuma Central, Ablekuma West, Ayawaso East, Ayawaso North, Ayawaso Central, Ayawaso West, Okaikwei North, and Korley Kottey districts were carved out as separate municipal districts between 2008 and 2019. Accra Metropolitan District (City of Accra) The Accra Metropolitan District is one of the 13 local government districts that contains
8680-450: The foundation. Records show that Mrs. Lay made the sale order sometime between 10:00 and 10:20 am. News of Enron's problems, including the millions of dollars in losses they hid, became public about 10:30 that morning, and the stock price soon decreased to less than one dollar. Former Enron executive Paula Rieker was charged with criminal insider trading and sentenced to two years probation. Rieker obtained 18,380 Enron shares for $ 15.51
8804-417: The generalised system of preferences (GSP). In oral testimony, attorneys for Azurix, told the subcommittee that Argentina's refusal to comply with the 2006 ICSID award—which was upheld by an annulment committee last September—undermines the "very integrity of the foreign investment legal regime" and has an "erosive effect" on the ICSID Convention. As of July 31, 2010, Azurix was owed more than $ 220 million by
8928-464: The historic centre and the primary central business district (CBD) of Accra. To promote efficiency in the administrative machinery and also meet the ever-pressing demands for amenities and essential services, the district is divided into the Ashiedu Keteke, Okaikoi South, and Ablekuma South sub-metropolitan districts. The Accra Metropolitan Assembly, which governs the City of Accra within the boundaries of
9052-439: The internet." Enron sought to have all US internet service providers rely on their Nevada facility to supply bandwidth, which Enron would sell in a fashion similar to other commodities. In January 2000, Kenneth Lay and Jeffrey Skilling announced to analysts that they were going to open trading for their own "high-speed fiber-optic networks that form the backbone for Internet traffic". Investors quickly bought Enron stock following
9176-461: The largest source of honest income, the 1930s-era Northern Natural Gas company, was eventually purchased by a group of Omaha investors who relocated its headquarters to their city; it is now a unit of Warren Buffett 's Berkshire Hathaway Energy . NNG was established as collateral for a $ 2.5 billion capital infusion by Dynegy Corporation when Dynegy was planning to buy Enron. When Dynegy examined Enron's financial records carefully, they repudiated
9300-598: The lawsuit, fought the release of the documents that the PUD had sought to make its case, but were being withheld by the Federal Energy Regulatory Commission . Accra Accra ( / ə ˈ k r ɑː / ; Ga : Ga or Gaga ; Twi : Nkran ; Ewe: Gɛ; Dagbani : Ankara ) is the capital and largest city of Ghana , located on the southern coast at the Gulf of Guinea , which is part of
9424-547: The legislation was passed in December 2000. As the periodical Public Citizen reported: Because of Enron's new, unregulated power auction, the company's "Wholesale Services'' revenues quadrupled – from $ 12 billion in the first quarter of 2000 to $ 48.4 billion in the first quarter of 2001. After the passage of the deregulation law, California had a total of 38 Stage 3 rolling blackouts declared, until federal regulators intervened in June 2001. These blackouts occurred as
9548-561: The long-term future of Enron. Lay consolidated all the gas pipeline efforts under the Enron Gas Pipeline Operating Company. In addition, it ramped up its electric power and natural gas efforts. In 1988 and 1989, the company added power plants and cogeneration units to its portfolio. In 1989, Jeffrey Skilling , then a consultant at McKinsey & Company , came up with the idea to link natural gas to consumers in more ways, effectively turning natural gas into
9672-493: The media. Lay was accused of selling more than $ 70 million worth of stock at this time, which he used to repay cash advances on lines of credit. He sold another $ 29 million worth of stock in the open market. Also, Lay's wife, Linda, was accused of selling 500,000 shares of Enron stock totaling $ 1.2 million on November 28, 2001. The money earned from this sale did not go to the family but rather to charitable organizations, which had already received pledges of contributions from
9796-608: The name Akan , one of a few words in which [g] corresponds to [k] in Akan. Ga also gave its name to the Ga districts surrounding Accra. The spelling Accra was given to Nkran by Europeans . An earlier spelling used by the Danes was Akra. The main Ga group known as the Tumgwa Were led by Ayi Kushie arrived by sea. When the Guan ( Lartehs ) on the coast saw them on their canoes at sea, they looked like ants. Hence,
9920-462: The native population as a means of relieving congestion problems in the overcrowded city centre. Adabraka was thus established to the north of the city. One of the most influential decisions in the history of the city was that of building the Accra-Kumasi railway in 1908. This was to connect Accra, the country's foremost port at that time, with Ghana's main cocoa -producing regions. In 1923,
10044-484: The offshore accounts that were hiding losses for the company; the investors, however, did not. Chief Financial Officer Andrew Fastow directed the team that created the off-books companies and manipulated the deals to provide himself, his family, and his friends with hundreds of millions of dollars in guaranteed revenue, at the expense of the corporation for which he worked and its stockholders. In 1999, Enron initiated EnronOnline, an Internet-based trading operation, which
10168-608: The one who couldn't figure out how to f**king vote on the butterfly ballot ." (Laughing from both sides.) "Yeah, now she wants her f**king money back for all the power you've charged right up, jammed right up her a** for f**king $ 250 a megawatt-hour." The traders had been discussing the efforts of the Snohomish PUD in Northwestern Washington state to recover the massive overcharges that Enron had engineered. Morgan Stanley , which had taken Enron's place in
10292-549: The passing of the Natural Gas Policy Act of 1978 , the Texas market was less profitable and as a result, HNG's profits fell. After Herring died in 1981, M.D. Matthews briefly took over as CEO in a 3-year stint with initial success, but ultimately, a big dip in earnings led to his exit. In 1984, Kenneth Lay succeeded Matthews and inherited the troubled conglomerate. With its conservative success, InterNorth became
10416-405: The perceived profitability of the company. First, Enron invested heavily in overseas assets, specifically energy. Another major shift was the gradual transition of focus from a producer of energy to a company that acted more like an investment firm and sometimes a hedge fund , making profits off the margins of the products it traded. These products were traded through the Gas Bank concept, now called
10540-526: The ports at Ada and Prampram , along with the inland centres of Dodowa and Akuse . The Dutch built the nearby outposts of Ussher Fort while the British and the Swedes built James Fort and Christiansborg castles, respectively. By the 17th century, Portugal, France and Denmark, had constructed forts in the city. Britain gradually acquired the interests of all other countries beginning in 1851, when Denmark sold Christiansborg (which they had acquired from
10664-548: The price began to decrease. Investors were told to continue buying stock or hold steady if they already owned Enron because the stock price would rebound shortly. Kenneth Lay's strategy for responding to Enron's continuing problems was his demeanor. As he did many times, Lay would issue a statement or make an appearance to calm investors and assure them that Enron was doing well. In March 2001 an article by Bethany McLean appeared in Fortune magazine noting that no one understood how
10788-517: The railway was completed, and by 1924, cocoa was Ghana's largest export. The colonial era heavily influenced the shape that Accra took during this period. For example, the segregation of European and African neighbourhoods was mandated by law until 1923, and all new buildings were required to be built out of stone or concrete. Despite these regulations, European settlers in the Gold Coast were very hesitant to invest any large amount of money into
10912-482: The reduced Accra Metropolitan District (20.4 km ), which is the only district within the capital to be granted city status. This territory of 199.4 km contained 1,782,150 inhabitants at the 2021 census, and serves as the capital of Ghana, while the district under the jurisdiction of the Accra Metropolitan Assembly proper (20.4 km ) is distinguished from the rest of the capital as
11036-415: The same as a medical term for the intestines . This same press release saw the introduction of the Enron name, which would be the new name voted on come April. Enron still had some lingering problems left over from its merger, however, the company had to pay Jacobs, who was still a threat, over $ 350 million and reorganize the company. Lay sold off any parts of the company that he believed didn't belong in
11160-527: The scandal caused the dissolution of Arthur Andersen, which at the time was one of the Big Five of the world's accounting firms. The company was found guilty of obstruction of justice in 2002 for destroying documents related to the Enron audit. Since the SEC is not allowed to accept audits from convicted felons, Andersen was forced to stop auditing public companies. Although the conviction was dismissed in 2005 by
11284-584: The success in England, the company developed and diversified its assets worldwide under the name of Enron International (EI), headed by former HNG executive Rebecca Mark . By 1994, EI's portfolio included assets in The Philippines, Australia, Guatemala, Germany, France, India, Argentina, the Caribbean, China, England, Colombia, Turkey, Bolivia, Brazil, Indonesia, Norway, Poland, and Japan. The division
11408-512: The tall red mounds dotting Accra's hinterland were seen as microcosms of human community and as nodal points between the known world and the world of the dead. The Gas used the reference to the invasive species of dark-red swarming ants to connote the military prowess of the Gas and their ancient conquest of Guang speakers residing in the Accra Plains. The name Ga is actually a cognate of
11532-647: The then largest Chapter 11 bankruptcy in history (since surpassed by those of Worldcom during 2002 and Lehman Brothers during 2008), resulting in $ 11 billion in shareholder losses. As the scandal progressed, Enron share prices decreased from US$ 90 during the summer of 2000, to just pennies. Enron's demise occurred after the revelation that much of its profit and revenue were the result of deals with special-purpose entities ( limited partnerships which it controlled). This maneuver allowed many of Enron's debts and losses to disappear from its financial statements. Enron filed for bankruptcy on December 2, 2001. In addition,
11656-405: The time. These acts contributed to the need for rolling blackouts, which adversely affected many businesses dependent upon a reliable supply of electricity, and inconvenienced a large number of retail customers. This scattered supply increased the price, and Enron traders were thus able to sell power at premium prices, sometimes up to a factor of 20 × its normal peak value. The callousness of
11780-484: The traders' attitude toward ratepayers was documented in an evidence tape of a conversation regarding the matter, and sarcastically referencing the confusion of retiree voters in Florida's Miami-Dade County in the November 2000, presidential election. "They're f**king taking all the money back from you guys? All the money you guys stole from those poor grandmothers in California?" "Yeah, Grandma Millie man. But she's
11904-643: The transaction was completed. The subsidiary Northern Natural Gas operated the largest pipeline company in North America. By the 1980s, InterNorth became a major force for natural gas production, transmission, and marketing as well as for natural gas liquids , and was an innovator in the plastics industry . In 1983, InterNorth merged with the Belco Petroleum Company, a Fortune 500 oil exploration and development company founded by Arthur Belfer . The Houston Natural Gas (HNG) corporation
12028-418: The two companies agreed to give billions of dollars to Enron's creditors. By May 2011, $ 21.8 billion had been distributed to the creditors, totaling 53 percent of Enron's debts at the time of bankruptcy. Enron Creditors Recovery Corporation was ultimately dissolved on November 28, 2016. Azurix, the former water utility part of the company, remains under Enron ownership, although it is currently asset-less. It
12152-595: The vast oversupply of the system, with only 5% of the 40 million miles being active wires, Enron purchased the inactive "dark fibers", expecting to buy them at low cost and then make a profit as the need for more usage by internet providers increased, with Enron expecting to lease its acquired dark fibers in 20-year contracts to providers. However, Enron's accounting would use estimates to determine how much their dark fiber would be worth when "lit" and apply those estimates to their current income, adding exaggerated revenue to their accounts since transactions were not yet made and it
12276-403: The warmer months, which are winter and spring months. As a result, during the warmer months and particularly during the windy harmattan season, the city experiences a breezy "dry heat" that feels less warm than the "cooler" but more humid rainy season. As a coastal city, Accra is vulnerable to the impacts of climate change and sea level rise, with population growth putting increasing pressure on
12400-625: The water business. Some companies in the energy business also rely on water contracts for operations. Azurix also created Water2Water.com for Latin American businesses to do business with Azurix online. Right before Rebecca Mark's departure, a pilot program in the Lower Rio Grande was commenced. Enron Corporation Enron Corporation was an American energy , commodities , and services company based in Houston, Texas . It
12524-559: The whole state of California". The location was also more protected from natural disasters than areas such as Los Angeles or the East Coast. According to Wall Street Daily , "Enron had a secret", it "wanted to trade bandwidth like it traded oil, gas, electricity, etc. It launched a secret plan to build an enormous amount of fiber optic transmission capacity in Las Vegas ;... it was all part of Enron's plan to essentially own
12648-476: The world". Enron, seeing stability after the merger, began to look overseas for new possible energy opportunities in 1991. Enron's first such opportunity was a natural gas power plant utilizing cogeneration that the company built near Middlesbrough , UK. The power plant was so large it could produce up to 3% of the United Kingdom's electricity demand with a capacity of over 1,875 megawatts . Seeing
12772-484: The years following World War II , the neighbourhoods of Ridge and Cantonments were planned as low-density developments for Europeans, while many rural migrants settled in neighbourhoods which had not yet been incorporated into Accra's municipal boundary, such as Nima and surrounding areas. Thus, the development of these neighbourhoods was unregulated by the government, creating a crowded and jumbled shanty-town landscape. Another area of Accra that took shape at this time
12896-529: Was InterNorth , which was formed in 1930, in Omaha, Nebraska , just a few months after Black Tuesday . The low cost of natural gas and the cheap supply of labor during the Great Depression helped to fuel the company's early beginnings, doubling in size by 1932. Over the next 50 years, Northern expanded even more as it acquired many energy companies. It was reorganized in 1979 as the main subsidiary of
13020-705: Was a factor in the enactment of the Sarbanes–Oxley Act of 2002 . The scandal also affected the greater business world by causing, together with even larger fraudulent bankruptcy WorldCom , the dissolution of the Arthur Andersen accounting firm, which had been Enron and WorldCom's main auditor for years. Enron filed for bankruptcy in the Southern District of New York in late 2001 and selected Weil, Gotshal & Manges as its bankruptcy counsel. Enron emerged from bankruptcy in November 2004, under
13144-423: Was canceled, with Enron shares dropping from $ 80 per share in mid-February 2001 to below $ 60 the week after the deal was killed. The branch of the company that Jeffrey Skilling "said would eventually add $ 40 billion to Enron's stock value" added only about $ 408 million in revenue for Enron in 2001, with the company's broadband arm closed shortly after its meager second-quarter earnings report in July 2001. Following
13268-769: Was carved out of the Ledzokuku-Krowor Municipal District in 2018. Its administrative capital is Nungua . La Dadekotopon Municipal District The La Dadekotopon Municipal District, with its administrative capital at La, was carved out of the Accra Metropolitan District in 2012. The Kotoka International Airport, Airport City, Accra Mall, and the US Embassy are located within the district, which covers an area of 32 km (12 sq mi). Other communities within this district include Cantonments, Labone, and Burma Camp. Ablekuma North Municipal District The Ablekuma North Municipal District
13392-418: Was changed to Enron Creditors Recovery Corporation. Its goal is to repay the old Enron's remaining creditors and end Enron's affairs. In December 2008, it was announced that Enron's creditors would receive $ 7.2 billion from the company's liquidation (approximately 17 percent of the debts owed by the company). After Citigroup and JP Morgan Chase were sued for their role in abetting Enron's practices with loans,
13516-468: Was done by Freese-Notis Weather with a series of maps outlining conditions for users. Additional news feeds were provided with a series of headline news sections by Comtex news services. Exchange users were to utilize accounts online for the exchanging of water rights contracts as financial instruments. Additionally, the intent was also to provide risk management for water contract buyers and sellers. This area represented an expansion of EnronOnline to
13640-477: Was founded by Kenneth Lay in 1985 as a merger between Lay's Houston Natural Gas and InterNorth , both relatively small regional companies. Before its bankruptcy on December 2, 2001, Enron employed approximately 20,600 staff and was a major electricity , natural gas , communications, and pulp and paper company, with claimed revenues of nearly $ 101 billion during 2000. Fortune named Enron "America's Most Innovative Company" for six consecutive years. At
13764-436: Was in 1999 when Enron promised to repay Merrill Lynch 's investment with interest to show a profit on its books. Debts and losses were put into entities formed offshore that were not included in the company's financial statements ; other sophisticated and arcane financial transactions between Enron and related companies were used to eliminate unprofitable entities from the company's books. The company's most valuable asset and
13888-622: Was initially formed from the Houston Oil Co. in 1925 to provide gas to customers in the Houston market through the building of gas pipelines . Under the leadership of CEO Robert Herring from 1967 to 1981, the company took advantage of the unregulated Texas natural gas market and the commodity surge in the early 1970s to become a dominant force in the energy industry. Toward the end of the 1970s, HNG's luck began to run out with rising gas prices forcing clients to switch to oil. In addition, with
14012-412: Was initially named HNG/InterNorth Inc. , even though InterNorth was technically the parent. At the outset, Segnar was CEO but was soon fired by the board of directors to name Lay to the post. Lay moved its headquarters back to Houston and set out to find a new name, spending more than $ 100,000 in focus groups and consultants in the process. Lippincott & Margulies , the advertising firm responsible for
14136-574: Was made because Accra had a drier climate relative to Cape Coast. Until this time, the settlement of Accra was confined between Ussher Fort to the east and the Korle Lagoon to the west. As the newly established Gold Coast's administrative functions were moved to Accra (1877), an influx of British colonial administrators and European settlers grew around the Christiansborg (modern Osu , Ministries, Ridge, Labone, and Cantonments) began, and
14260-448: Was never followed through, it illustrated the British vision of how Accra should develop. In 1948, Ghana remained a colony of Great Britain following World War II. The chief of Osu Alata, Nii Kobina Bonney III, had set up a boycott of European goods across the country due to the rise of prices for essential commodities. At the same time, veterans of the war were fighting for their benefits and promised pay. Unarmed ex-servicemen organized
14384-486: Was not known if the cables would ever be active. Enron's trading with other energy companies within the broadband market was its attempt to lure large telecommunications companies, such as Verizon Communications , into its broadband scheme to create its own new market. By the second quarter of 2001, Enron Broadband Services was reporting losses. On March 12, 2001, a proposed 20-year deal between Enron and Blockbuster Inc. to stream movies on demand over Enron's connections
14508-469: Was on the Fortune ' s "100 Best Companies to Work for in America" list during 2000, and had offices that were stunning in their opulence. Enron was hailed by many, including labor and the workforce, as an overall great company, praised for its large long-term pensions, benefits for its workers, and extremely effective management until the exposure of its corporate fraud. The first analyst to question
14632-533: Was one of the final projects of legendary graphic designer Paul Rand before his death in 1996, and debuted almost three months after his departure. In 1998, Enron International acquired Wessex Water for $ 2.88 billion. Wessex Water became the core asset of a new company, Azurix , which expanded to other water companies. After Azurix's promising IPO in June 1999, Enron "sucked out over $ 1 billion in cash while loading it up with debt", according to Bethany McLean and Peter Elkind, authors of The Smartest Guys in
14756-639: Was one such state to do so. Enron, seeing an opportunity with rising prices, was eager to jump into the market. In 1997, Enron acquired Portland General Electric (PGE). Although an Oregon utility, it had the potential to begin serving the massive California market since PGE was a regulated utility. The new Enron division, Enron Energy, ramped up its efforts by offering discounts to potential customers in California starting in 1998. Enron Energy also began to sell natural gas to customers in Ohio and wind power in Iowa. However,
14880-434: Was producing a large share of earnings for Enron, contributing 25% of earnings in 1996. Mark and EI believed the water industry was the next market to be deregulated by authorities. Seeing the potential, they searched for ways to enter the market, similar to PGE. During this period of growth, Enron introduced a new corporate identity on January 14, 1997, and from that point adopted their distinctive tricolor E logo. This logo
15004-566: Was run by Rebecca P. Mark until her resignation in 2000; upon her resignation, John L. Garrison became chairman and CEO. Azurix is known in particular for operating in Argentina , where in June 1999 it bid $ 438m to win a 30-year concession covering two of the three regions of the Buenos Aires Province (excluding the Buenos Aires city concession, which is run by Suez ). In October 2001, Azurix announced it would withdraw from
15128-521: Was the building of a bridge across the Korle Lagoon in 1923, which increased settlement at Korle Bu, Korle Gonno and Chokor, to the west of the lagoon. Guggisberg also oversaw the building of a major hospital (Korle-Bu) and secondary school (Achimota). Such improvements led to an increase in Accra's population due to the migration of rural dwellers into the city, and the immigration of increasing numbers of British businessmen and administrators. In
15252-480: Was the central business district (CBD). More administrative buildings were built on High Street, forming a massive judicial/administrative complex. Additionally, the expansion of the economy led to many more commercial buildings being built in the CBD. In 1944, Accra's city planner Maxwell Fry devised a town plan, which was revised in 1958 by B.D.W. Treavallion and Alan Flood. Although the Fry/Trevallion plan
15376-602: Was used by virtually every energy company in the United States. By promoting the company's aggressive investment strategy, Enron's president and chief operating officer Jeffrey Skilling helped make Enron the biggest wholesaler of gas and electricity, trading over $ 27 billion per quarter. The corporation's financial claims, however, had to be accepted at face value. Under Skilling, Enron adopted mark-to-market accounting , in which anticipated future profits from any deal were tabulated as if currently real. Thus, Enron could record gains from what over time might turn out to be losses, as
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