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BUSINESS
September 23, 2004 | From Associated Press
A former Enron Corp. executive's account of a confrontation over an alleged sham sale of three barges to Merrill Lynch & Co. was never documented or reported to her superiors, she testified Wednesday. But Amanda Colpean said she was ordered by a colleague to lie about the transaction and manipulate documents so that the sale appeared to be legitimate -- and Enron could satisfy its auditors. Colpean and 10 other Enron executives signed off on the paperwork.
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BUSINESS
October 25, 2001 | Bloomberg News
Enron Corp. ousted Chief Financial Officer Andrew Fastow Wednesday amid a Securities and Exchange Commission inquiry into partnerships he ran that cost the largest energy trader $35 million. Enron named Jeff McMahon, head of its industrial markets group, as CFO because "it became clear to me that restoring investor confidence would require us to replace Andy," Chairman and Chief Executive Kenneth Lay said. Fastow will take a leave of absence.
BUSINESS
June 4, 2004 | From Bloomberg News
Enron Corp., which filed the second-biggest bankruptcy in U.S. history, may pay less than half of what the company promised under a plan to exit bankruptcy when it makes its first distribution to creditors. Most creditors will get about 20 cents on the dollar under terms of the plan.
BUSINESS
July 13, 2001 | From Bloomberg News
Energy trader Enron Corp. said Thursday that second-quarter profit rose 40% as its sales of natural gas and electricity surged in California and elsewhere. Net income rose to $404 million, or 45 cents a share, from $289 million, or 34 cents, in the year-earlier period. Revenue almost tripled to $50.1 billion. The Houston firm sold almost twice as much power in North America and five times as much in Europe as it did in the year-earlier quarter. The company was expected to earn 42 cents.
BUSINESS
July 29, 2003 | Walter Hamilton, Times Staff Writer
Citigroup Inc. and J.P. Morgan Chase & Co. agreed Monday to pay more than $300 million to settle government charges that they helped Enron Corp. and another energy company defraud investors. The Securities and Exchange Commission charged that the banks concocted complex transactions that masked Enron's debt and inflated its reported cash flow. Enron recorded the transactions as commodity contracts when in reality they were loans with fixed repayment terms, regulators said.
BUSINESS
February 16, 2006 | From Associated Press
The former head of Enron Corp.'s struggling Internet unit testified Wednesday that he never corrected his boss, Jeffrey K. Skilling, when Skilling allegedly misled Wall Street about the division's financial health in early 2001. "No, I didn't want to talk about that," Kenneth Rice told Skilling lawyer Mark Holscher during cross examination in the fraud and conspiracy trial of former Enron Chief Executive Skilling and former Chairman Kenneth L. Lay.
BUSINESS
February 2, 2006 | Thomas S. Mulligan, Times Staff Writer
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.
BUSINESS
October 31, 2003 | From Bloomberg News
David W. Delainey, who once ran Enron Corp.'s biggest unit, pleaded guilty to insider trading Thursday and became the highest-ranking former executive to cooperate with a criminal investigation of the company's collapse. Delainey, 37, also settled a related civil case brought by the Securities and Exchange Commission and agreed to pay $3.74 million in fines and forfeit $4.26 million in ill-gotten gains.
BUSINESS
November 26, 2001 | From Bloomberg News
Enron Corp. said talks are continuing with potential investors for an infusion of as much as $1 billion as the biggest energy trader tries to avoid a collapse of its planned purchase by Dynegy Inc. An investment would ease concern that Enron's weakened finances may prompt Dynegy to pull out of or renegotiate the terms of the transaction, which is valued at $23 billion in stock and assumed debt. Enron is seeking an additional $500 million to $1 billion in cash but wouldn't divulge details.
BUSINESS
February 12, 2003 | Nancy Rivera Brooks, Times Staff Writer
California's grid operator on Tuesday kicked Enron Corp. out of the state's energy market -- not because of allegations of market manipulation, but because the former energy trading giant refused to post more collateral to cover potential damages from meter-reading errors. The move by the California Independent System Operator is largely symbolic because Enron, which filed for bankruptcy protection in December 2001, no longer supplies electricity to California.
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