The Houston Chronicle reports that indicted former Enron Treasurer Ben Glisan, Jr. is negotiating a plea bargain and cooperation agreement with federal prosecutors.

Glisan, one of the highest ranking Enron officials before he was fired for his involvement in a side-deal, is charged with two dozen counts of money laundering, fraud and conspiracy. His charges are part of a 109-count indictment against Glisan, former Enron Chief Financial Officer Andrew Fastow and former Enron executive Dan Boyle.

"When Glisan flips, this could be a bloodbath," said one lawyer familiar with the Enron investigation. Glisan was installed as Enron treasurer in 2000 and was known as a protege of both Fastow and ex-CEO Jeff Skilling.

The Enron case appears to be heating up. More indictments are expected to be handed down regarding a "side deal" by Enron concerning a Nigerian barge. A superseding Indictment is expected on the portion of the case regarding Enron's broadband internet business, although that could just involve a fine-tuning of the charges rather than the addition of new defendants.