Enron
Enron Creditors Recovery Corporation
Type
Defunct / Asset-less Shell
Founded
Omaha, Nebraska, 1985
Headquarters Houston, Texas, United States
Key people
Kenneth Lay, Founder, former
Chairman and CEO
Jeffrey Skilling, former
President, CEO and COO
Andrew Fastow, former CFO
Rebecca Mark-Jusbasche,
former Vice Chairman,
Chairman and CEO of Enron
International
Stephen F. Cooper, Interim
CEO and CRO
John J. Ray, III, Chairman
Industry
formerly Energy
Revenue
$101 billion (in 2000)
Employees
approx. 22,000 in 2000
approx. 4 as of 2008.
Website
http://www.enron.com/
Enron Creditors Recovery Corporation
(formerly Enron Corporation, former NYSE
ticker symbol ENE) was an American energy
company based in Houston, Texas. Before its
bankruptcy in late 2005, Enron employed ap-
proximately 22,000 (McLean & Elkind, 2003)
and was one of the world’s leading electri-
city, natural gas, pulp and paper, and com-
munications companies, with claimed reven-
ues of nearly $101 billion in 2000.[1] Fortune
named Enron "America’s Most Innovative
Company" for six consecutive years. At the
end of 2001 it was revealed that its reported
financial condition was sustained substan-
tially by institutionalized, systematic, and
creatively planned accounting fraud, known
as the "Enron scandal". Enron has since
become a popular symbol of willful corporate
fraud and corruption. The scandal was also
considered a landmark case in the field of
business fraud and brought into question the
accounting practices of many corporations
throughout the United States.
Enron filed for bankruptcy protection in
the Southern District of New York in late
2001 and selected Weil, Gotshal & Manges as
its bankruptcy counsel.
It emerged from
bankruptcy in November 2004 after one of
the biggest and most complex bankruptcy
cases in U.S. history. On September 7, 2006,
Enron sold Prisma Energy International Inc.,
its last remaining business, to Ashmore En-
ergy International Ltd. Following the scan-
dal, lawsuits against Enron’s directors were
notable because the directors