Enron Corp. founder Kenneth Lay and ex-CEO Jeffrey Skilling were actively involved in the day-to-day financial dealings at their company and either knew about or took part in some of the alleged wrongdoing, the former chief of investor relations testified Monday.
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Enron Hyped Earnings to Hit Targets, Witness Testifies
Enron Corp. founder Kenneth Lay and former CEO Jeffrey Skilling never broke the law, never stole any money and never lied to the public about hiding billions of dollars in losses, defense attorneys told jurors last week as the trial of the former top executives took center stage in Houston. The prosecution, however, relying on actual statements and an eyewitness, began to show how the ex-executives attempted to deceive the public in the months preceding Enron’s implosion.
Prosecutor Says Lay, Skilling ‘Chose to Lie’
Enron Corp. founder Kenneth Lay and former CEO Jeffrey Skilling never broke the law, never stole any money and never lied to the public about hiding billions of dollars in losses, defense attorneys told jurors Tuesday in opening statements. However, the prosecution claimed the opposite is true, supported by actual statements and eyewitnesses, which demonstrate how the ex-executives attempted to deceive the public in the months preceding Enron’s implosion.
Enron Judge Cautions Against Gossip in Skilling, Lay Trial
As the trial for former Enron Corp. founder Kenneth Lay and CEO Jeffrey Skilling draws closer, U.S. District Judge Sim Lake signaled he plans to let the opposing parties put on their respective cases — without a lot of innuendo and gossip. The case, which is scheduled to begin Jan. 30, will exclude tapes from ex-Enron traders joking about stealing money from California grandmothers, and it will not include former CFO Andrew Fastow’s apparent penchant for viewing pornography on his company computer.
Motion by Lay, Skilling to Dismiss Charges Denied
A federal judge in Houston Monday dismissed a motion by former Enron Corp. founder Kenneth Lay and former CEO Jeffrey Skilling asking that their criminal charges be dismissed. Jury selection in their joint trial is scheduled to begin Jan. 30.
Enron’s Causey Pleads Guilty, to Cooperate in Lay, Skilling Trial
Enron Corp.’s former top accountant on Wednesday pleaded guilty to securities fraud and agreed to help pursue convictions against the company’s founder and former Chairman Kenneth Lay and former President and CEO Jeffrey Skilling. Causey had been scheduled to go to trial with Lay and Skilling on Jan. 17 in Houston. However, following Causey’s plea, defense attorneys requested that the trial be delayed.
Huntsman Corp. Chairman Blames ‘Greedy’ Speculators for NatGas Futures Run-Up
Addressing the recent spike in natural gas futures prices, Jon M. Huntsman, the founder and chairman of Huntsman Corp. said traders on the New York Mercantile Exchange (Nymex) are responsible for forcing the price of natural gas to all time highs, which is severely hurting every U.S. natural gas consumer.
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Calpine Points for Restructuring After Turbulent Week
With its board dismissing its CEO/founder and Wall Street expecting a bankruptcy filing soon, San Jose, CA-based Calpine Corp. received a reprieve of sorts in a Delaware court on Friday, giving the company until Jan. 22 to return $313 million to bondholders from the sale last summer of substantially all of it oil and natural gas assets.
Calpine to Appeal Court Ruling on $313M Payment to Bondholders
With its board having recently dismissed its CEO/founder and Wall Street expecting a bankruptcy filing soon, San Jose, CA-based Calpine Corp. received a reprieve of sorts in a Delaware court on Friday, giving the company until Jan. 22 to return $313 million to bondholders from the sale last summer of substantially all of it oil and natural gas assets. Whether the added seven weeks will allow the national power plant developer/operator to avoid a cash implosion was unclear Friday, but the company’s financial situation appeared to be worsening almost daily.
Calpine’s Founder, CEO Departs; Court Ruling, New Financial Strategy Loom
Calpine shares lost more than half (71 cents) of their value on Tuesday after the company announced the departure of founder and CEO Peter Cartwright and CFO Robert D. Kelly.