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Enron transferred to "Raptor I-IV", four LJM-related special purpose entities named after the velociraptors in Jurassic Park, more than "$1.2 billion in assets, including millions of shares of Enron common stock and long-term rights to purchase millions more shares, plus $150 million of Enron notes payable" as disclosed in the company's ...
Enron's demise occurred after the revelation that much of its profit and revenue were the result of deals with special-purpose entities (limited partnerships which it controlled). This maneuver allowed many of Enron's debts and losses to disappear from its financial statements. [52] Enron filed for bankruptcy on December 2, 2001.
Special-purpose entities were one of the main tools used by executives at Enron, in order to hide losses and fabricate earnings, resulting in the Enron scandal of 2001. They were also used to hide losses and overstate earnings by executives at Towers Financial Corporation , which declared bankruptcy in 1994.
The story: Named "America's Most Innovative Company" six years in a row by Fortune magazine, Enron was a major energy player with revenues of $101 billion in 2000. In reality, much of that revenue ...
The Enron trademark was bought in 2020 for $275 by The College Company, according to a U.S. Patent and Trademark Office document. The file says the company sells t-shirts and Polo shirts, and ...
Enron may be one of the more infamous, but it's just one of many examples of financial chicanery in recent corporate history -- Computer Associates, MicroStrategy, Satyam, and WorldCom are all ...
In 1999, the early days of the Dot-com boom, Enron invested in a Broadband Internet start-up, Rhythms NetConnections.In a desire to hedge this substantial investment (they owned at one point 50% of Rhythms' stock) and several others, Fastow met with Kenneth Lay and Jeffrey Skilling on June 18 to discuss the establishment of an SPE called LJM Cayman L.P. (LJM1) that would perform specific ...
Fastow was one of the key figures behind the complex web of off-balance-sheet special purpose entities (limited partnerships which Enron controlled) used to conceal Enron's massive losses in their quarterly balance sheets. By unlawfully maintaining personal stakes in these ostensibly independent ghost-entities, he was able to defraud Enron out ...