The article, "Opportunity Lost," jointly written by senior writer David Weidner and reporter Jonathan Berke, captures, through interviews with advisers, investors and turnaround specialists, the viewpoints of the various camps with stakes in the Enron bankruptcy. In summing up the two main views Weidner and Berke report, "One believes that the Houston energy giant should have liquidated by now, paying off its creditors with returns. The other thinks Enron can still be a going concern, albeit smaller and definitely simpler than the financial whirligig that collapsed last year."

The restructuring camp has proposed the formation of OpCo Energy Co., which would house remaining assets.  Critics of this option want Enron assets liquidated to satisfy creditors, who certainly have strength in numbers -- 20,000 claims, many for less than $500,000. Enron has been selling assets; a first round of bids was held in August for 12 assets and a second round is under way. The prices generated by these auctions are critical to determining whether a post-bankruptcy entity survives or the one-time energy giant opts for liquidation.
   
Enron was a complicated company and its complicated bankruptcy is only compounded by the many self-interested groups involved. Many feel Enron should have sold some assets when market conditions were better. With the past year's collapse of the energy sector, the value of Enron's assets has decreased and remains vulnerable in today's buyer's market. Additional problems for creditors cited in the article include: the fact that the case is being heard in New York City causes travel inconveniences and gives homefield advantages to big banks and the heavy schedule of bankruptcy judge Arthur Gonzales who is also presiding over the WorldCom and Sunbeam insolvencies.
   
While the Enron outcome is uncertain, Weidner and Berke write, "Complaints and criticism, of course, accompany many bankruptcies. If they want to get something out of the process, Enron creditors will have to figure out a way to make their voices better heard."

"Opportunity Lost" is available in full to paid subscribers on www.thedeal.com