Great news for Enron shareholders!
You can now turn each of your Enron stock certificates into a deluxe coffee product at Starbucks or a matinee ticket to the movies. That’s right!! Almost seven years after Fortune Magazine
named it most innovative company, Enron filed for bankruptcy. Investors this week are learning that they will receive an average of $6.79 per share that of which they may have paid up to $90
The lawsuit is known as the Newby case. It covers all that invested in the albatross between September 9, 1997 and December 2, 2001, the day of the declared bankruptcy. The entire
settlement is about $7.2 billion. If you are upset about the pay-out, I suggest taking it up with the lawyers who are taking $700 million in fees.
Most of money is coming from settlements with Citigroup, JP Morgan Chase, Canadian Imperial Bank of Commerce. Smaller amounts are flowing from Lehman Brothers, Bank of America,
Enron’s directors and Arthur Anderson. So take notice and remember the next time you walk in to one of their branches, or place a stock trade, be sure to thank them for the Frappuccino.
It would have been better if they handed out old letterhead, office furniture, or half-empty bottles of Ken Lay’s or Jeffrey Skilling’s scotch. At least you could have sold them on EBay.
Flood Mary Those With Common Stock Learn They’ll Receive $6.79 Per Share Houston Chronicle January 2008