J. Clifford Baxter, 43, who resigned as vice chairman of Enron Corp. in May 2001, has died of an apparent self-inflicted gunshot wound. He was found in a locked vehicle in Sugar Land, a Houston suburb, about 2:30 a.m. Friday, and his death initially was ruled a suicide, but Friday afternoon, an autopsy was ordered. Baxter went to work for Enron in 1991 and eventually became chairman and CEO of Enron North America. He was named Enron’s chief strategy officer in June 2000 and was named vice chairman in October 2000. He also served as the lead negotiator in Enron’s purchase of Portland General Electric in 1997.

Baxter was mentioned in an e-mail from the former vice president for corporate development Sherron Watkins to CEO Kenneth Lay and the board of directors, where she complained of Enron’s dubious partnership transactions (see Daily GPI, Jan. 18). In her e-mail, Watkins wrote, “Cliff Baxter complained mightily to Skilling and all who would listen about the inappropriateness of our transactions with LJM.” Jeff Skilling resigned as CEO last August, and LJM was one of the off-balance sheet transactions being investigated.

When Baxter resigned last May, Skilling said Baxter had been a “tremendous contribution to Enron’s evolution, particularly as a member of a team that built Enron’s wholesale business.” Baxter said he was resigning to spend more time with his family. He also was to have continued at Enron as a consultant, according to a press release from Enron in May 2001.

“We are deeply saddened by the tragic loss of our friend and colleague, Cliff Baxter,” said a written statement from Enron on Friday. “Our thoughts and prayers go out to his family and friends.”

Baxter was one of 29 former and current Enron executives and board members named as defendants in a federal lawsuit that claims the executives made $1.1 billion by selling Enron stock between October 1998 and November 2001. The lawsuit claims Baxter had sold 577,436 shares for $35.2 million. Filings made with the Securities and Exchange Commission indicate that Baxter had netted at least $22 million by exercising options of Enron stock, selling almost 654,000 shares of stock since 1998.

CNN reported Friday that the House Energy and Commerce Committee, one of the many investigating Enron’s collapse, had not yet subpoenaed Baxter, but investigators had been negotiating with Baxter’s lawyers to arrange an interview.

Born in Amityville, NY, Baxter attended New York University and received an MBA from Columbia University. For five years, Baxter served in the U.S. Air Force before retiring as a captain in 1985. He and his wife also gave $10,000 to the Republican National Committee in the last election cycle, according to campaign finance tracker FECInfo.

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