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by advisedwang 1307 days ago
I don't' know, but I suspect its an attempt to put distance between the CEO running the bankuptcy and previous leadership. Essentially signalling to the court and debtors "serious people are in charge now. Things were messed up, but I'm not like that".
3 comments
buggy6257 1307 days ago
The new CEO (John Jay Ray III) was the one put in charge of Enron to clean up that whole mess. I don't think anyone doubts his legitimacy at this point, so there would be no need for him to be on the defensive. He was placed here specifically for that reason, I think.
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jerf 1307 days ago
This is a situation where lawsuits will be flying and a lot of very wealthy people who can afford lawyers and lost lots of money will be casting about for any deep pockets they can find and any scapegoats they can blame.

It is likely that nobody will sue this CEO, but a nontrivial part of that is precisely that this guy is correctly covering his bum. By being ready for this battle, he will probably never have to fight it. And that's only "probably". I wouldn't guarantee it. I would have some clauses about this written into my contract before I took the job.

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nradov 1307 days ago
Trustees appointed by a Bankruptcy Court already enjoy quasi-judicial immunity which shields them from any personal liability.
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AustinDev 1307 days ago
Was he appointed by the Bankruptcy Court or the Company itself?
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lazide 1307 days ago
This guy has no reason to need to do that, his career is already rock solid - and if even 1% of the stuff coming out is true, this is an epic cluster of malfeasance and incompetence.

Usually small businesses are terrible at accounting and finance, but even they typically have some idea where their bank accounts are and what is in them

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dahdum 1307 days ago
> Essentially signalling to the court and debtors "serious people are in charge now. Things were messed up, but I'm not like that".

He's not trying to save or run the company. He's a liquidator with an unimpeachable reputation. From the instant he took over that distance became an ocean. I think he's just genuinely aghast, Enron was at least "clever" about their fraud, SBF and accomplices were brazen.

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