Enron defends action in workers' 401(k) suits

Houston >> Enron Corp. said it had to bar employees from moving 401(k) investments out of company stock in October when shares began plummeting because it was switching plan administrators, countering claims in several workers' suits.

At least five employees have sued, claiming the Houston-based company "locked down" 401(k) accounts in October after the company reported a $618 million loss.

Freezing the accounts from Oct. 29 to Nov. 13 was temporary pause, "typically required" when companies change 401(k) plan- administrators, the company said today in a statement.

HotJobs buyer TMP warns about rival Yahoo's bid

New York >> TMP Worldwide Inc., which has agreed to buy rival job-listings Web site HotJobs.com Ltd. for $348 million in stock, said HotJobs shareholders should be "concerned about the value" of a competing bid from Yahoo! Inc.

Sunnyvale, Calif.-based Yahoo, owner of the most-used Internet search service, on Wednesday offered $436 million in cash and stock for HotJobs.com, seeking to entice New York-based HotJobs.com to walk away from its previous agreement with TMP.

TMP, owner of the Monster.com job-listing Web site, said in a letter to HotJobs Chief Executive Dimitri Boylan that Yahoo's offer of $10.50 a share, in equal parts cash and stock, would be worth less than $10.50 after taxes. TMP also said the stock that Yahoo is offering is likely to decline in value.

In other news . . .

BUENOS AIRES, Argentina >> Cash-starved Argentina made the first of two crucial December debt payments yesterday, staving off a default on its $132 billion debt that Economy Minister Domingo Cavallo said would have plunged the country into chaos. Cavallo confirmed the payment of about $700 million in debt.