A federal judge in Houston ruled last week that former Enron Corp. Chairman Kenneth Lay and Northern Trust Corp., the trustee of Enron’s 401(k) retirement plan, may be sued under federal pension law for allegedly failing to protect the bankrupt company’s employees.
Funds
Articles from Funds
Judge Rules Enron’s Lay May Be Sued for Failing to Protect Retirement Funds
A federal judge in Houston has ruled that former Enron Corp. Chairman Kenneth Lay and the trustee of Enron’s 401(k) retirement plan, Northern Trust Corp., may be sued under federal pension law for allegedly failing to protect the bankrupt company’s employees.
First Nation Chiefs Threaten to Cancel Gas Leases Without Royalty Payments
Canada’s Stoney First Nation chiefs threatened Tuesday to stop renewing leases for oil and gas companies that operate on their lands unless a Canadian agency collects from the companies more than C$10 million (US$6.4 million) they allege their tribes are owed in royalties. The gas-rich fields located on the Stoney lands include Shell Canada’s Jumping Pound field and the Wildcat Hills field of Petro-Canada. Both companies said Tuesday they would pay their share of royalties, but want the government to resolve the issue.
Labor Department Probes Enron’s Handling of Pension Funds
Labor Secretary Elaine Chao said late Wednesday that the department has opened an investigation into Enron Corp. for potential mismanagement and abuse of the pension fund plans of existing and former company employees in the wake of the Houston-based energy trader’s financial meltdown.
Price Spikes Fail to Attract CA Drilling Funds
Even with near record prices for oil and gas, theever-optimistic independent exploration outfits in California’straditionally fossil fuel-rich Kern County are having a hard timenailing down financing to continue exploring.
Price Spikes Fail to Attract CA Drilling Funds
Even with near record prices for oil and gas, theever-optimistic independent exploration outfits in California’straditionally fossil fuel-rich Kern County are having a hard timenailing down financing to continue exploring.
CA Gov. Vetoes San Diego Utility Bailout Funds
California Gov. Gray Davis over the weekend signed into law and vetoed separate measures addressing parts of the state’s ongoing electricity crisis. Davis acted on a half dozen initiatives as the deadline for enacting new state laws expired Saturday. Among the new laws are ones that will accelerate power plant siting and extend ratepayer-supported energy efficiency programs.
Lenders Slowly Release Grip on Funds
In the wake of last year’s oil bust, energy industry lenders arestill keeping a tighter grip on their money. However indicationsare banks and others are looking for places to put capital in theenergy patch.
Funds Okayed to Coordinate Agencies Review of Gas Projects
The federal budget signed by President Clinton last week setaside funding to help jump start negotiations among jurisdictionalfederal agencies on an agreement to coordinate interagency reviewof natural gas pipeline projects, paving the way for potentiallyquicker certification at FERC in the end.
Congress Okays Funds to Coordinate Permitting
An appropriations measure approved by Congress last weekcontains a key provision that would set aside funding for the WhiteHouse Council on Environmental Quality (CEQ) to coordinateinteragency permitting of pipeline projects, paving the way forquicker certification in the end.