Enron Corp

Former Enron Corp. Chief Executive Jeffrey K. Skilling was sentenced to more than 24 years in federal prison Monday for his role in the company's 2001 collapse, one of the longest prison terms to arise from the recent era of corporate scandals. Skilling, who was convicted in May on 19 counts of fraud, conspiracy, insider trading and lying to auditors, had faced 24 to 30 years in prison under federal sentencing guidelines. "Mr.

Two years ago, the executive committee of Enron Corp. convened to select a new slogan for the company. Enron was on fire, entering new markets and starting new businesses on almost a daily basis. The old slogan, "The world's leading energy company," was too limiting. The committee's top choice for a replacement: World's coolest company. "It's a vision of innovation; it's a vision of creativity," Enron President Jeffrey K. Skilling said at the time.

Handing the government its biggest victory in its war on corporate corruption, a federal jury Thursday found former Enron Corp. executives Kenneth L. Lay and Jeffrey K. Skilling guilty of conspiracy and fraud in connection with the 2001 collapse of the onetime energy trading giant. Jurors said they rejected the defense that there was no crime at Enron -- that Lay and Skilling were unfairly targeted by a government bent on making them the scapegoats for their company's failure.

Ousted Enron Chief Executive Kenneth L. Lay could get a severance package worth at least $25 million--and perhaps exceeding $51 million--although his ability to collect that payday is clouded by the company's Chapter 11 bankruptcy filing. Lay, who resigned Wednesday under fire, also could get parting gifts that include a lifetime annual pension of nearly $475,000, a $12-million life insurance policy and payment of taxes on any severance pay.

Kenneth L. Lay was ousted Wednesday from Enron Corp., the Houston company that he spent 15 years building into the world's largest energy trader only to watch it crumble amid allegations of financial trickery. Enron announced it is beginning a search for a turnaround specialist to save what is left of what was once the nation's seventh-largest company, but which now holds the dubious distinction of having filed the largest-ever bankruptcy petition.

In a desperate bid to stay afloat, Enron Corp. laid off 4,000 employees at its Houston office Monday--nearly half its headquarters staff--and in New York federal Bankruptcy Court unveiled a $1.5-billion financing plan designed to keep it operating. Enron's top lawyer also disclosed that the company is negotiating with three potential investors, one of which could emerge as a white knight and gain control of the troubled company. Enron attorney Martin J.

The U.S. trustee in Enron Corp.'s bankruptcy case is reviewing a request to remove Citigroup Inc. and J.P. Morgan Chase & Co. from the committee representing the energy trader's creditors because of an alleged conflict of interest. Exco Resources Inc. told Trustee Carolyn S. Schwartz that the banks should be disqualified because the committee is responsible for returning the most money possible to Enron's creditors.

Enron Corp.'s bankruptcy filing says the firm owes Citigroup Inc., J.P. Morgan Chase & Co. and Bank of New York Co. a combined $7.55 billion. But analysts say the actual amount owed the big banks may be less than half that, because the loans have been syndicated among other lenders. Banks routinely sell parts of loans to other lenders as a way to disperse risk.

Lawyers who recovered about $7.2 billion in settlements for Enron Corp. investors hurt by the energy trader's collapse are slated to get about $700 million in fees under a plan to distribute the money. Officials of the University of California Regents, the lead plaintiffs in the securities-fraud case, said they would ask a judge in Houston to approve the plan so they could begin paying out funds from settlements with Enron's former lenders.

A former Enron Corp. senior executive Wednesday said the energy-trading company was so obsessed during its heyday with meeting Wall Street's expectations that executives altered official earnings reports and covered up bad news -- all with the knowledge of former Chairman Kenneth L. Lay and Chief Executive Jeffrey K. Skilling. Mark E.

Michael Kopper, a former Enron Corp. executive convicted of helping ex-Chief Financial Officer Andrew Fastow skim millions of dollars from the energy trader, was released Friday from federal custody after serving less than two-thirds of his sentence. Kopper, 43, was the first Enron executive to cut a deal, pleading guilty to two conspiracy counts and cooperating with prosecutors pursuing other company officials.

Sen. Barack Obama on Sunday said that as president he would strengthen government oversight of energy traders, whom the Illinois Democrat blames in large part for the skyrocketing price of oil. The candidate's campaign singled out the so-called Enron loophole as allowing speculators to run up the cost of fuel by operating outside federal regulation. Oil futures closed near $135 a barrel on Friday -- almost double the price of a year ago.

Three British bankers were sentenced Friday to just over three years in prison for their roles in a fraudulent scheme with former Enron Chief Financial Officer Andrew S. Fastow. A federal judge sentenced David Bermingham, Giles Darby and Gary Mulgrew each to 37 months.

The Supreme Court on Tuesday rejected a lawsuit from Enron Corp. investors who sought to recover more than $30 billion from Wall Street investment bankers who they alleged had schemed with the failed Houston energy trading firm. Without comment, the justices dismissed an appeal from pension and investment funds, including the University of California. The funds had argued that all the key players in the Enron debacle should be held liable for their losses.

Deutsche Bank agreed to pay Enron Corp. $25 million and to give up $416 million in unsecured claims to resolve litigation filed by the defunct energy trader during its bankruptcy. In exchange, Enron won't dispute $378 million in unsecured claims the German bank has against it. Deutsche Bank also accepted $35 million to surrender its interests in three transactions. The proceeds, expected to exceed $100 million, will be distributed to Enron's creditors.

Three British bankers who were set to go to trial for their roles in a fraudulent scheme with former Enron Corp. Chief Financial Officer Andrew S. Fastow changed their pleas to guilty Wednesday. David Bermingham, Giles Darby and Gary Mulgrew originally pleaded not guilty to seven counts of wire fraud. Prosecutors alleged that they colluded with Fastow in a secret financial scam in 2000 to enrich themselves at their employers' expense.

The San Diego law firm founded by William S. Lerach, who is awaiting sentencing in a criminal conspiracy case, is asking a judge to approve nearly $700 million in attorney fees for its efforts to help Enron Corp. shareholders and investors recoup billions they lost after the energy company collapsed. If approved, the attorney fees would be the largest in a securities fraud case. Lerach's personal take could be as much as $50 million, according to a report Wednesday in the Wall Street Journal.

A judge says the federal government can proceed with its attempt to seize nearly $13 million from the estate of Enron Corp. founder Kenneth L. Lay. U.S. District Judge Ewing Werlein rejected a request from Lay's widow to halt the government's bid for the money, which prosecutors claim were "proceeds of the fraud proven in the criminal case against Lay." Kenneth Lay had been convicted in May 2006 of 10 counts of fraud, conspiracy and lying to banks in two separate cases.

Imprisoned former Enron Chief Executive Jeffrey K. Skilling asked Friday for a new trial, saying the Justice Department used incorrect legal theories and "coercive and abusive tactics" to win a conviction, including threatening witnesses. Skilling was sentenced in October to more than 24 years in prison for his role in the collapse of Enron Corp. He was convicted along with founder Kenneth L. Lay in May 2006, on 19 counts of fraud, conspiracy, insider trading and lying to auditors.

Lawyers who recovered about $7.2 billion in settlements for Enron Corp. investors hurt by the energy trader's collapse are slated to get about $700 million in fees under a plan to distribute the money. Officials of the University of California Regents, the lead plaintiffs in the securities-fraud case, said they would ask a judge in Houston to approve the plan so they could begin paying out funds from settlements with Enron's former lenders.