Enron Creditors Recovery Corp. - Timeline

Dec. 2001 Enron files for bankruptcy protection following the massive fraud that led to its collapse.

Jan. 2002 Enron announces in Master Agreement that UBS Warburg will purchase its North American wholesale natural gas and power trading for a 1/3 of share of the businesses future profits.

Feb. 2002 Enron announces plan to restructure Board of Directors as part of Chapter 11 reorganization process, whereby existing board members are mandated to resign within 30 days.

March 2003 Enron agrees to retain its three pipeline companies, Transwestern Pipeline Company, Citrus Corp., and Northern Plains Natural Gas Company, as subsidiaries of new company temporarily called PipeCo.

May 2003 Enron agrees to retain most overseas power plants, pipelines and utility businesses as subsidiaries of new company temporarily called InternationalCo.

June 2003 Enron announces formal organization of PipeCo as CrossCountry Energy LLC, and InternationalCo as Prisma Energy International Inc.

July 2003 Enron files bankruptcy reorganization plan.

Jan. 2004 Bankruptcy court approves Enron's disclosure statement related to the bankruptcy plan of reorganization.

June 2004 Enron announces sale of CrossCountry Energy LLC to CCE Holdings Inc. for $2.35 billion.

Nov. 2004 Enron announces new Board of Directors, including appointment of John J. Ray III as Chairman.

Dec. 2004 GE Commercial Finance and Southern Union finalize purchase of CrossCountry Energy for $2.45 billion.

July 2005 Enron settles Royal Bank of Scotland MegaClaims litigation for $20 million; bank subordinates or disallows $343 million in claims. For more information on the MegaClaims litigation, please click here.

July 2005 Royal Bank of Canada agrees to pay $49 million to settle MegaClaims litigation. For more information on the MegaClaims litigation, please click here.

Aug. 2005 Canadian Imperial Bank of Commerce agrees to pay $274 million; bank subordinates or disallows $53 million in claims in connection with MegaClaims litigation. For more information on the MegaClaims litigation, please click here.

Aug. 2005 Toronto-Dominion Bank agrees to pay $130 million; bank subordinates or disallows $55 million in claims in connection with the MegaClaims litigation. For more information on the MegaClaims litigation, please click here.

Aug. 2005 JPMorgan Chase agrees to pay $982 million; subordinates or disallows $83 million in claims in connection with the MegaClaims litigation. For more information on the MegaClaims litigation, please click here.

Jan. 2006 Enron announces the appointment of John. J. Ray III as President, and the Board, through the establishment of a wholly-owned company, becomes plan administrator.

April 2006 Enron makes $4.67 billion distribution to creditors consisting of more than $4.1 billion in cash and shares of Portland General Electric ("PGE") Company stock valued at $568 million. PGE becomes independent, publicly-traded utility after Enron completes initial distribution of PGE stock to creditors.

May 2006 Credit Suisse agrees to pay $94 million; subordinates or disallows $361 million in claims in connection with the MegaClaims litigation. For more information on the MegaClaims litigation, please click here.

June 2006 Law firm Vinson & Elkins LLP agrees to pay $30 million to settle a claim that the company committed legal malpractice by failing to respond to red flags about Enron's accounting practices.

July 2006 Merrill Lynch agrees to pay $29.5 million; subordinates or disallows $73 million in claims in connection with the MegaClaims litigation. For more information on the MegaClaims litigation, please click here.

Sept. 2006 Enron finalizes $2.9 billion sale of Prisma Energy International to Ashmore Energy International Ltd.

Oct. 2006 Fleet Bank agrees to pay $10.4 million; subordinates or disallows $634 thousand in claims in connection with the MegaClaims litigation. For more information on the MegaClaims litigation, please click here.

Oct. 2006 Distributions worth approximately $3.4 billion are made to creditors consisting of more than $3.3 billion in cash, plus shares of Portland General Electric Company stock valued at $34.4 million.

Nov. 2006 Barclays agrees to pay $144 million in connection with the MegaClaims litigation. For more information on the MegaClaims litigation, please click here.

Jan. 2007 Houston-based law firm Andrews & Kurth agrees to pay $18.5 million to settle potential malpractice claims stemming from legal advice on various transactions.

March 2007 Enron changes corporate name to Enron Creditors Recovery Corporation ("ECRC") to reflect primary goal of monetizing assets and prosecuting litigation for the benefit of creditors.

April 2007 Lehman Brothers Holdings, Inc. settles its Equity Transaction litigation for $69.9 million. For more information on the Equity Transaction litigation, please click here.

April 2007 Distributions of approximately $1.8 billion were made to creditors consisting of cash of almost $1.7 billion and shares of Portland General Electric Company stock valued at approximately $171 million.

June 2007 UBS AG agrees to pay $115 million in connection to the Equity Transaction litigation. For more information on the Equity Transaction litigation, please click here.

June 2007 Credit Suisse settles its case with Enron Creditors Recovery Corp with respect to the Equity Transaction litigation for $61.5 million. For more information on the Equity Transaction litigation, please click here.

July 2007 ECRC announces it will receive $149 million from 72 of its lenders, including Lehman Commercial Paper Inc. and numerous other customers of Lehman.

Oct. 2007 Distributions of approximately $1.7 billion were made to creditors consisting of $1.67 billion in cash and Portland General Electric Company Common Stock equivalents (in the form of cash) of approximately $74.8 million.

October 2007 Bear Stearns settles its Equity Transaction litigation with Enron Creditors Recovery Corp. for $1 million and the waiver of other claims. This settlement ends the Equity Transactions litigation. For more information on the equity transaction litigation, please click here.

December 2007 Deutsche Bank AG agrees to pay $25 million; subordinates or disallows $416 million in claims in connection with the MegaClaims litigation. For more information on the MegaClaims litigation, please click here.*

April 2008 Citigroup trial set to begin in the MegaClaims litigation.

*Deutsche Bank settlement remains subject to court approval.