Independent investigative journalist Stephan Tychon, heir of the european energy-transition agenda & energy-dissident.
November 02, 2007
It may sound like some late Halloween joke: the zombie husk of a long-dead company coming back to once again battle in the courts. But it's true.
Enron, of course, wasn't really dead, it merely became a liquidating trust as part of its bankruptcy. Now known as Enron Creditors Recovery Corp, it's been quietly collecting money to pay creditors. All told, its gathered about $13 billion, and while that won't make the creditors whole, it will mean they collect about 36 cents on the dollar.
They may collect even more if Enron succeeds in efforts to garner another $3.5 billion from Citigroup, Enron's biggest banker. Citigroup, though, has other ideas. It claims it's owed about $5 billion from Enron.
Enron is basing a lot of its arguments on the findings including in the bankruptcy examiner's report.
Both sides are set to go to trial in New York in April in what's likely to be Enron's final courtroom showdown. I'll have more on the pending battle in Sunday's column.
Few bankrupt estates would have the resources to battle Citi, but Enron does. The company that once used such power to exert influence over banks is now using it on behalf of its victims.
Posted by Loren at 10:55 AM | Comments (3