Posted on 12/08/2001 9:16:32 PM PST by horsewhispersc
The complaint charges Arthur Anderson, LLP, Enron's auditor, and twenty-nine (29) officers and directors of Enron with violations of Sections 11,12(a)(2) and 15 of the Securities Exchange Act of 1933. Insiders are alleged to have reaped over 1 billion dollars in inside trading. As readily reported, Enron has announced that it will restate its earnings for 1997, 1998, 1999 and 2000, and the first two quarters of 2001. Enron is engaged in the businesses of natural gas, electricity and communications to wholesale and retail customers. Enron is not named as defendant in this action, which is filed solely on behalf of debt holders, as it has filed for protection pursuant to Chapter 11 of the U.S. Bankruptcy Code."
"Literally these people have taken money right out of their pockets"
12/07/2001
By Jeff McShan / 11 News Click to watch video
There were dozens of additional layoffs at Enron Friday as a judge heard arguments for freezing the assets of 29 Enron officers. More Layoffs at Enron
Federal Judge Won't Freeze Enron Accounts ... Yet Attorneys for Enron's top executives had little to say leaving the U.S. courthouse Friday where U.S. District Judge Lee Rosenthal decided to take under advisement a request by many to freeze over $1 billion of their assets. Neil Rothstein represents the archdiocese of Milwaukee and he said, "Freezing their assets is not such a big deal when we are going to have people freezing on the streets this winter. Literally these people have taken money right out of their pockets."
Rothstein's just one of dozens of attorneys on the other side that believe that Enron's directors falsified the company's performance over the last three years. Causing the corporate stock to artificially inflate and then, the plaintiffs say, the executives sold their shares at top dollar. Ken Lay's attorney had little to say as he rushed to the airport.
But up on the 11th floor defendants told the judge freezing assets is an invasive request. Adding that money made from stock sales may have been spent and taxes have certainly been paid. The defendants also asked the judge to delay this case until the company's bankruptcy is complete. Since a decision is not expected until late December many plaintiffs worry that some named in the suit will now be able to hide their money.>p> Plaintiff attorney, Bill Lerach said, "Time is dangerous, but I want to tell you sunlight is a great disinfectant. I don't think these defendants will have the guts to go hide the money while this motion is pending. If they would and this Judge would later find out about it I would have little doubt that justice would be done and done swiftly." The legal battle is not going away soon.
Two hundred more Enron workers have joined the 4,000 laid off Monday who are looking for new jobs.
There's also a federal investigation of Enron and this coming Wednesday chairman and CEO Ken Lay is scheduled to testify in Washington. That's when the house financial services subcommittee starts its hearings.
Enron stock rose again Friday by 9 cents closing at 75 cents a share. This time a year ago it was upwards of $80 a share.
For more information about the Enron employee job fair click on to Employment Workshops For Former Enron Employees.
Are you a former Enron employee? Do you have a story you'd like to share? E-mail us at enron@khou.com. If you have information regarding misconduct at Enron you can report it by clicking on to Enron Tip Lin
As they say it's good to be the kings!
Too bad for thousands of innocent people have been hurt, this is Christmas would it not be just to demand the truth for them!
I think at one time Pinnacle stocks were selling for $70 to $80 a share and are now down to $5 maybe.
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