We have been waiting to discuss a new transaction with you.

But there are few new transactions to carry into next year, senior investment bankers said.

As a result, it first had to clear the backlog before handling the new transactions flooding in.

A new transaction on behalf of a buyer is rather different.

"But the further you go out in time, the more it looks like a new transaction," he said.

"And the more it resembles a new transaction, the less protected the broker is."

The structure allowed Enron to make money through a series of new transactions.

Some busy people may not notice a new transaction, especially if the amount is a common one.

Shareholders will receive no cash in the new transaction.

That would not be so ominous if the company had some new transactions under way.