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Where's the other $86 million? Maybe the case of Enron's Ken Lay isn't dead yet after all:

The government may go ahead with its bid to seize assets from Ken Lay's estate, a judge ruled Wednesday, denying a request from the Enron chairman's widow to stop the effort.

U.S. District Judge Ewing Werlein's ruling allows the government to seek nearly $13 million from Lay's estate, including the upscale condominium he and wife Linda Lay shared.

The judge wrote that prosecutors had provided "ample allegations" of criminal activity tied to the cash and property in question to pursue its case. [...]

The government contends Ken Lay gained $99 million from criminal activity, mostly by repaying Enron loans with company stock throughout 2001 when the company was in financial turmoil. Prosecutors say they can trace and recover nearly $13 million of that.

The amount includes $2.5 million Lay used to pay off the condominium's mortgage days after Enron went bankrupt in December 2001; $10 million that was controlled by a partnership named after the couple; and about $22,000 in a bank account.

So where's the rest of the money?

My bet is on annuities that are protected from these kinds of proceedings. Kenny Boy probably bought up a bunch of annuities — millions and millions worth — and then killed himself on the 4th of July in order to protect his family from his own wrongdoing.

A criminal CEO — but what a wonderful father!

{ 12:16 PM }

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