Dynegy Wins Battle in Suit for Enron Pipeline
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A federal judge handed Dynegy Inc. an early victory in its fight to take a lucrative pipeline from Enron Corp., granting the power trader’s request to have its lawsuit heard in a state court.
Enron filed for bankruptcy protection Dec. 2.
U.S. District Judge Melinda Harmon’s ruling significantly speeds up the progress in Dynegy’s suit seeking control of the Northern Natural Gas pipeline, which was its consolation prize in its busted merger with Enron.
A speedy takeover of the pipeline is critical for Dynegy, because credit-rating agencies consider the legal brawl a potentially major negative issue that could lead them to lower the trader’s credit rating.
Dynegy’s stock climbed $3.08 to close at $23.98 on the NYSE.
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