Word: enronize
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...less than a week, Ken Lay's criminal conviction in the Enron scandal has been formally thrown out because of his death, and former Enron CEO Jeffrey Skillling has been sentenced to 24 years in prison. But if anyone thinks that means the end of the Enron legal battles, they are as mistaken as the analysts who thought the once high-flying energy trader was a blue chip with a bright future...
...Even in death, Ken Lay's legal odyssey may not be over. Although a Houston judge last week vacated the former Enron chairman's conviction, some legal observers predict the government will appeal the ruling - possibly all the way to the Supreme Court. At issue is - what else - lots and lots of money: there is a flurry of unsettled civil suits brought by investors, employees and victims against Lay and many others involved with Enron. Even if prosecutors have no illusions of actually having the ruling overturned, they may figure that additional legal fees associated with a drawn-out appeals...
...attorney Chip Lewis told TIME: "Everybody wants the employees and the folks affected by the collapse of Enron to recover as much of their their losses as possible. However, I don't believe the vehicle that the government has chosen to pursue is an efficient way to do that. There's so much civil litigation out there already - now that they do not have a criminal conviction to anchor their forfeiture upon, this is nothing more than another civil suit. It's a use of taxpayer dollars to attempt to recover in a method that's really duplicative of many...
...Skilling's sentencing, meanwhile, brought some cause for celebration for Enron victims, and not just because of the prospect of him behind bars for a long, long time. A criminal forfeiture and restitution agreement was announced the same day - about $45 million will be dispersed by U.S. District Judge Melinda Harmon to victims in pending civil lawsuits. Judge Sim Lake originally ordered a $5 million fine to be paid to the U.S. Government, but then changed his mind. "No fine - it will all go to the victims," he said. Seattle attorney Lynn Sarko, who represents employees in Enron retirement fund...
...Have you guys ever had a Google moment? What about an Enron moment...