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Timeline of Enron's Collapse

Feb. 4: Lay cuts remaining ties to company, resigning from board of directors.

Feb. 4: Lay implicated in plot to inflate profits and hide losses, according to a report created by an investigative arm of Enron's board of directors.

_____The Fall of Enron_____
Understanding Enron Report: News and Research
Primer: Understanding Enron
Enron Photo Gallery

Feb. 3: Arthur Andersen hires former Federal Reserve Chairman Paul A. Volcker to lead firm's reforms.

Feb. 2: A report prepared by a special committee of Enron's board of directors is released. The report details management failures in supervising partnerships.

Feb. 1: The Justice Department instructs the White House to preserve any documents related to its dealings with Enron. The White House agrees to comply.

Jan. 31: Minutes of an Enron board of directors meeting show the board backed moving debt off of the company's books.

Jan. 30: Enron names turnaround expert Stephen F. Cooper new CEO.

Jan. 25: Former Enron Vice Chairman J. Clifford Baxter is found dead in his car, in an apparent suicide.

Jan. 24: Congressional hearings begin. David Duncan, former partner at Andersen LLP, refuses to testify about the shredding of Enron-related documents.

Jan. 23: The FBI begins it's investigation of the document shredding.

Jan. 23: Kenneth Lay resigns as Enron's CEO.

Jan. 22: A former Enron employee claims she saw documents being shredded after the announcement of the Securities Exchange Commission investigation in October.

Jan. 10: The Justice Department confirms that a criminal investigation of Enron's collapse has begun.

2001

Dec. 12: Joseph F. Berandino, chief executive of Arthur Andersen, appears before Congress, testifying Enron might have violated securities laws.

Dec. 3: Enron arranges up to $1.5 billion debtor-in-possession financing to keep operating while in bankruptcy and announces 4,000 layoffs.

Dec. 2: Enron, once one of the world's largest electricity and natural gas traders, files for Chapter 11 bankruptcy protection.

Nov. 29: SEC investigation is expanded to include Arthur Andersen.

Nov. 29: Dynegy deal collapses.

Nov. 28: Dynegy seeks to abruptly cut the amount of it's buyout offer as Enron's credit rating is cut to junk-bond status.

Nov. 19: Enron restates its third-quarter earnings and tries to restructure a $650 million obligation that could come due.

Nov. 13: Kenneth Lay turns down a $60.6 million severance payment that would be triggered at the completion of the Dynegy deal.

Nov. 9: Dynegy announces an agreement to by its much larger rival Enron for more than $8 billion in stock and cash.


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