culture, politics, commentary, criticism

Monday, February 03, 2003
layLeave no GOP thieves behind. Even while the new plutocratic "savings account" scams (see the 2/2/03 post below) are being perpetrated, the last round of Republican thieves is still in motion (, subscription only):
Enron Creds Sue Ex-CEO Lay, Wife To Recover Over $70 Mln

WASHINGTON -- Creditors of Enron Corp. (ENRNQ) have sued former Enron Chairman and Chief Executive Kenneth Lay and his wife Linda to recover more than $70 million in transfers, according to court papers obtained.

The committee representing unsecured creditors in Enron's Chapter 11 case said the suit seeks the return of Enron property for the benefit of the company's creditors. The committee filed the suit late Friday with the U.S. Bankruptcy Court in Manhattan with the express authority of the bankruptcy court, according to the suit.

Enron filed for Chapter 11 in December 2001, amid an accounting scandal related to off-balance sheet liabilities.

According to the suit, during the year before Enron's Chapter 11 filing Lay allegedly used Enron common stock to repay loans he had received from the company. The committee says "the tendering of Enron's own stock to repay loans taken in cash was not a fair exchange for Enron ."

In addition to the loan transfers, the committee said that the Lays temporarily assigned their interest in two annuity contracts to Enron in exchange for $10 million in cash. The committee said Enron internal documents estimated that the annuities had a collective value of $4.7 million.

Enron didn't receive equivalent value for these transfers, the committee alleges in the suit, which seeks to void and recover the transfers as fraudulent transfers under bankruptcy and state laws.

Updated February 3, 2003 9:10 a.m. EST
jus' stuffI give it stuff worth jus' $4.70, and then order the company I run to give me $10.00 in cash. Multiply the deal by one million, and I am Ken "Kenny Boy" (and Linda "Jus' Stuff") Lay.

Prediction: The plaintiffs will receive nothing. The lawsuit is too late to be effective. Lay has had plenty of time — over a year — to hide and otherwise legally shield the $70 million he stole by deceiving his employees, shareholders and creditors. That money will be protected by international banking and personal bankruptcy laws, because no doubt Lay has had some pricey Texas legal talent working on saving his ass(ets) since the get-go.

Anybody who has credible inside information — please email me at I will publicize it here and protect your identity if you ask.

UPDATE: The Houston Chronicle later published a more detailed article here.

Greatest Hits · Alternatives to First Command Financial Planning · First Command, last resort, Part 3 · Part 2 · Part 1 · Stealing $50K from a widow: Wells Real Estate · Leo Wells, REITs and divine wealth · Sex-crazed Red State teenagers · What I hate: a manifesto · Spawn of Darleen Druyun · All-American high school sex party · Why is Ken Lay smiling? · Poppy's Enron birthday party · The Saudi money laundry and the president's uncle · The sentence of Enron's John Forney · The holiness of Neil Bush's marriage · The Silence of Cheney: a poem · South Park Christians · Capitalist against Bush: Warren Buffett · Fastow childen vs. Enron children · Give your prescription money to your old boss · Neil Bush, hard-working matchmaker · Republicans against fetuses and pregnant women · Emboldened Ken Lay · Faith-based jails · Please die for me so I can skip your funeral · A brief illustrated history of the Republican Party · Nancy Victory · Soldiers become accountants · Beware the Merrill Lynch mob · Darleen Druyun's $5.7 billion surprise · First responder funding · Hoovering the country · First Command fifty percent load · Ken Lay and the Atkins diet · Halliburton WMD · Leave no CEO behind · August in Crawford · Elaine Pagels · Profitable slave labor at Halliburton · Tom Hanks + Mujahideen · Sharon & Neilsie Bush · One weekend a month, or eternity · Is the US pumping Iraqi oil to Kuwait? · Cheney's war · Seth Glickenhaus: Capitalist against Bush · Martha's blow job · Mark Belnick: Tyco Catholic nut · Cheney's deferred Halliburton compensation · Jeb sucks sugar cane · Poindexter & LifeLog · American Family Association panic · Riley Bechtel and the crony economy · The Book of Sharon (Bush) · The Art of Enron · Plunder convention · Waiting in Kuwait: Jay Garner · What's an Army private worth? · Barbara Bodine, Queen of Baghdad · Sneaky bastards at Halliburton · Golf course and barbecue military strategy · Enron at large · Recent astroturf · Cracker Chic 2 · No business like war business · Big Brother · Martha Stewart vs. Thomas White · Roger Kimball, disappointed Republican poetry fan · Cheney, Lay, Afghanistan · Terry Lynn Barton, crimes of burning · Feasting at the Cheney trough · Who would Jesus indict? · Return of the Carlyle Group · Duct tape is for little people · GOP and bad medicine · Sears Tower vs Mt Rushmore · Scared Christians · Crooked playing field · John O'Neill: The man who knew · Back to the top

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