After Dynegy pulled out of its planned purchase of Enron and S&P
Enron's notes and bonds, which have a total face value in excess of $15 billion traded mainly between
$0.20 - $0.25 yesterday. Enron is expected to file for bankruptcy protection, which would mean that bondholders would be considered creditors and could receive as much as $0.50 - $0.60 on the dollar after sales of assets, including pipelines, international holdings, and real estate. However, bondholders could wind up with less if it
turns out there are fewer assets or more liabilities than Enron's balance sheet currently indicates. As an energy trader, Enron's real value was more in its ability to hire and retain high-performing employees, its good credit and developing relationships than in its physical assets.