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| FORM 4 | U.S. SECURITIES AND EXCHANGE COMMISSION
+--------+ WASHINGTON, D.C. 20549
[_] Check this box if
no longer subject STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
to Section 16.
Form 4 or Form 5 Filed pursuant to Section 16(a) of the Securities
obligations may Exchange Act of 1934, Section 17(a) of the
continue. See Public Utility Holding Company Act of 1935 or
Instruction 1(b). Section 30(f) of the Investment Company Act of 1940
(Print or Type Responses)
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1. Name and Address of Reporting Person*
WATSON CHARLES L.
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(Last) (First) (Middle)
1000 LOUISIANA SUITE 5800
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(Street)
HOUSTON TEXAS 77002
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(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol DYNEGY INC. -- DYN (NYSE)
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3. I.R.S. Identification Number of Reporting Person, if an entity
(voluntary)
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4. Statement for Month/Year MARCH 2000
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
_X_ Director _X_ Officer ___ 10% Owner ___ Other
(give title below) (specify below)
CHAIRMAN OF THE BOARD AND CHIEF EXECUTIVE OFFICER
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7. Individual or Joint/Group Filing (Check Applicable Line)
__X_ Form filed by One Reporting Person
____ Form filed by More than One Reporting Person
Table I--Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
<TABLE>
<CAPTION>
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1. Title 2. Trans- 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Owner- 7. Nature
of action action or Disposed of (D) Securities ship of In-
Security Date Code (Instr. 3, 4 and 5) Beneficially Form: direct
(Instr. 3) (Month/ (Instr. 8) Owned at Direct Bene-
Day/ ----------------------------------------------- End of (D) or ficial
Year) Month Indirect Owner-
Code V Amount (A) or Price (Instr. 3 and 4) (I) ship
(D) (Instr. 4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CLASS A COMMON STOCK 3/29/00 J(1) V 1,230,177 (D) 1,791,032 (I) BY FAMILY
LP(2)
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CLASS A COMMON STOCK 3/29/00 J(1) V 1,230,177 (A) 3,000,002 (I) BY FAMILY
LP(3)
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CLASS A COMMON STOCK 3/29/00 J(1) V 1,230,176 (D) 1,791,032 (I) BY FAMILY
LP(2)
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CLASS A COMMON STOCK 3/29/00 J(1) V 1,230,176 (A) 3,000,002 (I) BY FAMILY
LP(3)
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CLASS A COMMON STOCK 3/29/00 J(1) V 179,883 (D) 1,791,032 (I) BY FAMILY
LP(2)
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CLASS A COMMON STOCK 3/29/00 J(1) V 179,883 (A) 3,000,002 (I) BY FAMILY
LP(3)
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CLASS A COMMON STOCK 3/29/00 J(1) V 179,883 (D) 1,791,032 (I) BY FAMILY
LP(2)
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CLASS A COMMON STOCK 3/29/00 J(1) V 179,883 (A) 3,000,002 (I) BY FAMILY
LP(3)
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CLASS A COMMON STOCK 3/29/00 J(1) V 179,883 (D) 1,791,032 (I) BY FAMILY
LP(2)
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CLASS A COMMON STOCK 3/29/00 J(1) V 179,883 (A) 3,000,002 (I) BY FAMILY
LP(3)
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CLASS A COMMON STOCK 3/29/00 J(1) V 1,791,032 (D)(4) 1,791,032 (I) BY FAMILY
LP(2)
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CLASS A COMMON STOCK 3/29/00 J(1) V 1,791,032 (A)(4) 1,791,032 (I) BY FAMILY
LP(2)
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</TABLE>
Table II--Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
<TABLE>
<CAPTION>
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1. Title of Derivative 2. Conver- 3. Trans- 4. Transac- 5. Number of Deriv-
Security (Instr. 3) sion or action tion Code ative Securities
Exercise Date (Instr. 8) Acquired (A) or
Price of (Month/ Disposed of (D)
Deriv- Day/ (Instr. 3, 4, and 5)
ative Year)
Security
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Code V (A) (D)
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<S> <C> <C> <C> <C> <C> <C>
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</TABLE>
Table II--Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
<TABLE>
<CAPTION>
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6. Date Exer- 7. Title and Amount of 8. Price 9. Number 10. Owner- 11. Na-
cisable and Underlying Securities of of Deriv- ship ture
Expiration (Instr. 3 and 4) Deriv- ative of De- of In-
Date ative Secur- rivative direct
(Month/Day/ Secur- ities Security: Bene-
Year) ity Bene- Direct ficial
(Instr. ficially (D) or Owner-
-------------------------------------------- 5) Owned Indirect ship
Date Expira- Amount or at End (I) (Instr.
Exer- tion Title Number of of (Instr. 4) 4)
cisable Date Shares Month
(Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
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</TABLE>
Explanation of Responses:
1. All of the transactions reported on this Form 4 were for no consideration,
and Mr. Watson maintained a pecuniary interest in all the shares for which
transactions are reported. Mr. Watson disclaims beneficial ownership in any
shares in which he does not have a pecuniary interest.
2. Shares are held of record by Wincrest Ventures L.P., a limited partnership
("Wincrest Ventures"). Mr. Watson and his wife are the sole shareholders of
the corporate general partner of Wincrest Ventures. Trusts for the benefit of
Mr. Watson's children, of which Mr. Watson and his wife are the sole trustees
(the "Trusts"), a corporation, of which Mr. Watson and the Trusts are the
sole shareholders, and Mr. Watson and his wife are the sole limited partners
of Wincrest Ventures. Mr. Watson may be deemed to beneficially own all of the
shares of Dynegy Class A common stock held by Wincrest Ventures.
3. Shares are held of record by Wincrest Capital L.P., a limited partnership
("Wincrest Capital"). Mr. Watson and his wife are the sole shareholders of
the corporate general partner of Wincrest Capital. The Trusts, Mr. Watson and
his wife are the sole limited partners of Wincrest Capital. Mr. Watson may be
deemed to beneficially own all of the shares of Dynegy Class A common stock
held by Wincrest Capital.
4. Although the shares were not transferred, the effect of the transactions
reported on this Form 4, and pursuant to the Wincrest Ventures partnership
agreement and applicable law, was to change the pro rata ownership of the
shares because the shares, which were held by the partnership but were
credited for all purposes to the partner which contributed the shares, are no
longer credited to a particular partner.
/s/ Lisa Q. Metts April 10, 2000
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**Signature of Reporting Person Date
Lisa Q. Metts, Attorney-in-Fact
Dynegy Inc.
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
** Intentional misstatements or omissions of facts constitute Federal
Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
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