 Since the loans had now supposedly been sold off without resource to Enron, this allowed Enron to claim that it was no longer subject to credit exposure - improving its financial statements.Later, when some of the loans began to default, Enron provided support to the CLO in a Rhythms-like move by giving it a put option on $113 million of its stock.On December 29, 1999, Enron sold a 90% stake in a company that owned a natural gas gathering system in the Gulf of Mexico to LJM2 for $25.6 million.