Word: bankrupter
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...PLAY BALL Bankrupt Enron wouldn't seem to have a lot of extra cash to throw around these days. But last week it made a $90,000 payment for its box-seat tickets at Enron Field, home to the Houston Astros, and on Jan. 22 it remitted $108,000 for a luxury suite. Both payments are required as part of the 1999 deal in which Enron agreed to pay $100 million for naming rights to the stadium for the next 30 years. Enron says it is merely honoring its contractual obligation. However, it has forfeited on another contractual obligation...
Before the company officially went bankrupt, Lay, who had earned admiration for his unpolished, affable manner, had lost his loyal fan base. In late October--a day after Enron acknowledged that the SEC had opened an investigation of its accounting practices--Lay tried his best to raise the spirits of his downtrodden workforce. At a company gathering caught on videotape, the son of a Missouri minister promised that there wouldn't be any layoffs and that Enron would rise again. For once, though, the rank and file weren't drinking Ken's Kool-Aid. As one disgruntled worker...
...Lays' claim that they are nearly as bankrupt as Enron is not winning them much trust or sympathy in Houston--or in Washington. Ken Lay now holds close to 3 million essentially worthless Enron shares, but he got most of his money by selling Enron stock early, reaping more than $100 million over the past three years. During that same period, he received salary and cash bonuses of more than $17 million. Last year alone he unloaded $25.7 million in Enron stock between January and mid-July as the share price fell from $80 to less than...
Dick Cheney has taken a hard line against the General Accounting Office, refusing its efforts to get information on meetings held by his energy task force. Critics suspect that Cheney is stonewalling to conceal the Administration's links with bankrupt energy giant Enron. But Cheney may be hiding more than that. Several other energy companies had opportunities to influence the Administration's energy policy, with both persuasion and money...
...stories diverge. Unlike Leeson, who fled from his Singapore base to Borneo and then to Frankfurt, Rusnak never left town and, his lawyers insist, was not a fugitive. The other difference: seven years ago, Leeson's losses of $1.3 billion from dodgy derivatives deals were large enough to bankrupt his employer, Barings Bank; it was taken over by the Dutch group ING. Allied Irish, in contrast, can take Rusnak's $750 million hit - that's less than 10% of its equity capital - but the drain on its resources makes it vulnerable to takeover attempts...