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Whitewing was the name of a special purpose entity used as a financing method by Enron. [22] In December 1997, with funding of $579 million provided by Enron and $500 million by an outside investor, Whitewing Associates L.P. was formed.
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 ...
A special-purpose entity (SPE; or, in Europe and India, special-purpose vehicle/SPV; or, in some cases in each EU jurisdiction, FVC, financial vehicle corporation) is a legal entity (usually a limited company of some type or, sometimes, a limited partnership) created to fulfill narrow, specific or temporary objectives.
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 ...
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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 ...
The post-Enron rules of the Financial Accounting Standards Board, which require some measure of independence of a special purpose entity from the operating company, and genuine economic substance to the transaction in which the SPE is a party, made it difficult or impossible to structure a synthetic lease SPE, so synthetic leases have ...