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-Caveat Lector-
http://story.news.yahoo.com/news?
tmpl=story&cid=808&ncid=808&e=1&u=/dowjones/20020603/bs_dowjones/el_pa
so_corp__treasurer_rice_dies_in_apparent_suicide
El Paso Corp. Treasurer Rice Dies in Apparent Suicide
Mon Jun 3, 1:06 PM ET
Dow Jones Newswires
NEW YORK -- El Paso Corp. Treasurer Charles Dana Rice died of an
apparent self-inflicted gunshot wound at his home Sunday.
Mr. Rice was with the Houston energy company for 25 years and became
treasurer in 1998. the 47-year old was due to retire in three weeks,
said spokeswoman Norma F. Dunn.
The Harris County Medical Examiner's Office, in detailing the cause
of death, said the wound's cause was being investigated. A
spokeswoman said earlier that Mr. Rice's body was found at his home
shortly after 1 p.m. Sunday.
Shares of El Paso plummeted on the news. The stock was down $3.40, or
13%, at $22.25 in afternoon trading on the New York Stock Exchange
(news - web sites). Volume was 36.7 million shares, compared with the
daily average of 3.9 million. The stock earlier hit a 52-week low of
$19.30.
"The death of our corporate treasurer, Charles Dana Rice, has been a
great loss to our corporation and to me personally," said Chairman
and Chief Executive William A. Wise in a prepared statement. "This is
a tragic event for our company; however, the market reaction is
unwarranted," he added.
El Paso is one of several merchant energy companies to come under
fire recently amid allegations of improper trading and accounting
practices designed to inflate trading volumes and revenue.
The company was among some in the sector which Friday denied engaging
in any " wash," or "round-trip" trades, in which two companies swap
the same amount of energy for the same price.
But El Paso did tell the Federal Energy Regulatory Commission (news -
web sites) about nearly 125 pairs of trades entered into by its El
Paso Merchant Energy unit -- out of more than 40,000 wholesale-power
trades in 2000 and 2001 -- that were done with the same counterparty
at the same prices and on the same day. El Paso was among a number of
companies that said they had found a small number of deals with
characteristics of round-trip trading, as defined by FERC, that were
conducted for legitimate business purposes.
Ms. Dunn said Mr. Rice, who had major heart surgery last year but was
said to have fully recovered, was working full time and was at work
as usual Friday.
El Paso Thursday unveiled a restructuring plan under which it will
shed 50% of its 600-person energy-trading operation in order to
concentrate on natural-gas exploration and production. As a result,
the company also cut its 2002 earnings target for the second time
this year.
Mr. Rice's death comes four months after former Enron Corp. (ENRNQ)
Vice Chairman J. Clifford Baxter committed suicide near his suburban
Houston home. He had been engaged in the difficult task of trying to
sell off assets, as the company's finances started to take a turn for
the worse. Mr. Baxter resigned in May 2001 .
(Kevin Kingsbury and David Bogoslaw of Dow Jones Newswires and Chip
Cummins of The Wall Street Journal contributed to this report)
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DECLARATION & DISCLAIMER
==========
CTRL is a discussion & informational exchange list. Proselytizing propagandic
screeds are unwelcomed. Substance�not soap-boxing�please! These are
sordid matters and 'conspiracy theory'�with its many half-truths, mis-
directions and outright frauds�is used politically by different groups with
major and minor effects spread throughout the spectrum of time and thought.
That being said, CTRLgives no endorsement to the validity of posts, and
always suggests to readers; be wary of what you read. CTRL gives no
credence to Holocaust denial and nazi's need not apply.
Let us please be civil and as always, Caveat Lector.
========================================================================
Archives Available at:
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