Enron reserve closes secondary offering of 23.66 million PGE shares

By Caroline Salls

Pittsburgh, June 19 - Enron Corp.'s Disputed Claims Reserve closed the secondary offering of 23.66 million shares of Portland General Electric Co. common stock, and the reserve has now divested itself of substantially all of its remaining PGE stock, according to a company news release.

According to the release, the shares sold by the disputed claims reserve included 2.66 million of shares that had been subject to the underwriters' option to purchase additional shares, which was exercised in full before closing.

Deutsche Bank Securities Inc. and Lehman Brothers Inc. acted as managing underwriters for the transaction.

"With all of PGE's stock publicly traded, we can focus entirely on our business - serving the needs of our customers as a strong, stable, community-minded Oregon utility while providing value to our shareholders," PGE chief executive officer and president Peggy Fowler said in the release.

Enron is a Houston-based energy company that emerged from bankruptcy on Nov. 18, 2004.

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