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Unfortunately for Dynegy's shareholders and employees, these events did nothing to prevent Dynegy itself from lapsing into a crisis similiar to that of Enron in late 2002. Amid accusations of accounting fraud and other misdoings, founder Charles "Chuck" Watson resigned, and the company was forced to sell the Northern Natural Gas pipeline to a consortium of investors led by noted billionaire Warren BuffettWarren Edward Buffett (born August 30, 1930) is a wealthy American investor and businessman. Nicknamed the "Oracle of Omaha", Buffett has amassed a substantial fortune from astute investments through his company Berkshire Hathaway, of which he holds 38%.. Following these incidents, the company hired Bruce Williamson, a former ChevronTexacoChevronTexaco Corporation ( NYSE:CVX) ranks among the world's largest and most competitive global energy companies. Headquartered in San Ramon, California and active in more than 180 countries, it is engaged in every aspect of the oil and gas industry, in executive, who began a program of cost cutting, elimination of unprofitable businesses and financial restructuring that was successful in averting a bankruptcyBankruptcy is a legally declared inability or impairment of ability of an individual or organisation to pay their creditors. A declared state of bankruptcy can be requested or initiated by the bankrupt individual or organisation, or it can be requested by filing. The company has disposed of all of its businesses with the exception of the core electricity generating and liquified natural gas operations. Stripped down to a more workable and logical core of operations, and managed with a strong emphasis on efficiency and cost control, Dynegy has stabilized its financial position and remains optimistic about the future.