Baupost opposes post-effective date role of Enron North America examiner

By Jeff Pines

Washington, Sept. 20 - Baupost Group LLC and Racepoint Partners LP oppose a role for Enron North America Corp.'s examiner beyond the effective date of the reorganization plan, the two said in a Monday filing with the U.S. Bankruptcy Court for the Southern District of New York.

Harrison Goldin is the examiner for Enron North America.

The reorganization plan gives the examiner and any creditor the right to ask for a continued role for the examiner, but only Goldin has asked that his role be extended, they said.

Goldin was appointed on Feb. 21, 2002.

Quoting Goldin's motion, Baupost and Racepoint said, he wants the extension because there is still a lot of work to do with $130 billion of claims outstanding.

They believe the reorganization plan's procedures are adequate enough to protect their interests and that fiduciary, and a costly one in their opinion, is unnecessary. According to the filing, the examiner and his professionals have tallied up $17 million in fees since Feb. 21, 2002.

Baupost and Racepoint hold about $240 million in claims against Enron North America and more than $1.9 billion in Enron claims.

The Houston-based energy company filed for bankruptcy on Dec. 2, 2001. Its Chapter 11 case number is 01-16034.

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