Enron pair fail to divert workers' pensions

[Robbien]

Thousands of former Enron workers have been awarded $85m (£46.6m) to replace lost pensions, overcoming the objections of the former chief executives Kenneth Lay and Jeffrey Skilling. They argued the cash should have been used for their legal defence.

. . .

Workers at Enron who held their pensions in shares of the company were prevented from selling in the weeks ahead of the bankruptcy, and many were left with nothing.

Mr Lay and Mr Skilling face criminal trial next January on charges including conspiracy and fraud. Both have denied any wrongdoing and argued that the funds used in the workers' settlement came from Enron's corporate insurance policies that were to be used to help pay their legal costs. Lawyers for the workers had expressed concerns that a long court battle with the insurers would have used up the available cash. They had argued that the workers were owed as much as $1.5bn.

"The settlement at this point would save great expense and would give the plaintiffs hard cash, a bird in the hand," Judge Harmon wrote in her ruling. About $69m will reach the employees. Lawyers fees had reached $17m.

. . .

The settlement resolves claims against Enron's administrative committee, officers and directors, with the exception of Mr Lay and Mr Skilling.

http://www.guardian.co.uk/business/story/0,3604,1493420,00.html

[Wickerman]

1. Weird, that was like the right thing to do

how unusual in anything Enron connected. I do believe Judge Harmon will be hearing from BushCo about that ruling.

[dweller]

2. make Skilling and Lay use

their own pensions to pay for their own legal defense fund.


dp

[leftofthedial]

3. "Lawyers fees had reached $17m."

I don't begrudge lawyers anything. But it is funny, is it not, that the bushturds and their criminal coconspirators continually attack the "trial lawyers," when all the while they are effectively the lawyers full employment champions.

[cliss]

4. Isn't that cute?

Of course. The trough had run dry, thanks to these idiots.

The few crumbs that were left: they wanted them, too.

I love how Jeffrey Skilling got up there in the Senate hearing, the only one who had the fortitude to testify, as if that in some way would exonerate him.

Crooks, all of them.

[MADem]

5. What unmitigated BALLS!!!!

They operate a shell game, rob the pension fund, and want to use the remainders for their defense after they get caught???

I can't wait to hear the little FASTOW bird sing! Wonder how many high priced lawyers will hang on once they realize the well isn't as full and deep as they once might have thought?

Enron's former finance chief, Andrew Fastow, pleaded guilty to criminal fraud charges last year. He agreed to cooperate with prosecutors in return for a 10-year prison sentence.

Mr Fastow was the master mind behind the complex accounting fraud that eventually led to Enron's demise and marked the beginning of one of the most tumultuous periods in US corporate history.

The settlement resolves claims against Enron's administrative committee, officers and directors, with the exception of Mr Lay and Mr Skilling.

The company emerged from bankruptcy at the end of last year. Its remaining assets are in the process of being sold off to repay creditors.

[0007]

6. When junior is on the side line rooting and cheering leading

for his buddy Kenny "Boy" anything is possible. Now watch Kenny stall in hopes of receiving a pardon before junior leaves office.

Jeff will be thrown to the wolves and rightfully so. The dirty bastards!

[MADem]

7. I think the chimp is going to continue to pretend that he barely knew

...Kenny Boy for as long as he possibly can. I mean, they have him on tape so stating. He'll act like his naughty staff did all the liaison.

I hope someone is watching over Fastow. He has to sing, clearly, loudly, and without hesitation, in order to keep the deal he cut.

I think it will be "pardons all around" at the end of the day. This does throw a monkey wrench in the works though. With access to all that pension money, those crooks could just throw money at lawyers and delay justice until just before Chimpy leaves office--Chimpy would take some heat, and the right would compare it to the Clinton-Rich pardon, and muddy the waters, and then we'd move on to some salacious celebrity trial.

However, if the money runs out, and there is no cash to defer justice, then Chimpy may have to put pen to paper sooner than he would like, or throw his pals to the wolves. And if he does that, they just may try to pull him down with them.

[0007]

8. If Cliff Baxter, the former Enron Vice Chairman, could only talk.

I still believe it was murder

[MADem]

9. I found that rather curious, myself

Who kills themself in their car, in the middle of the street? You'd think a person in that mindset would drive to a deserted area. I'm no expert on the condition, though, but it did seem odd to me as well.

[0007]

10. Tom DeLay and Baxter were practically neighbors, ya know?

Cliff gets up out of bed in the middle of night and drives down the street.

Read this and it will make your toenails curl up.

The Woman who Performed Cliff Baxter's Autopsy

http://www.hereinreality.com/autopsy.html

[MADem]

11. I remember that morgue scandal in DC very well

It was on the news all the time.

Payoff?