db44
Jul 5th, 2006, 08:43 AM
I wonder what this means for the former Enron employees and any money that they might've been entitled to...
MetroSource:
(Houston, TX) -- Ken Lay, the founder of the Enron Corporation, has died at the age of 64. KHOU-TV of Houston reports that Lay suffered a massive heart attack at his vacation home in Colorado. Lay was due to be sentenced in September to up to 45 years in prison on convictions of fraud and conspiracy in connection with Enron's collapse. A judge recently postponed his sentencing hearing until October. He faced another 120 years behind bars on four separate counts of bank fraud for illegally using 75-million-dollars in personal loans to buy stock.
Lay and another former Enron executive, Jeffrey Skilling, were tried earlier this year for schemes that inflated Enron's financial outlook when it was really billions of dollars in debt. Enron shareholders claim they lost 40-billion-dollars when the company collapsed. Both Lay and Skilling insisted they did nothing wrong and vowed to appeal their convictions.
Lay was born on April 15th, 1942 in Tyrone, Missouri. He received his Bachelor's and Master's in economics from the University of Missouri. He also served in the Navy and received his Doctorate of Philosophy and Economics from the University of Houston in 1970. From there, he worked with several organizations. He served as deputy undersecretary for energy with the U.S. Department of Interior. Lay was known to be a close friend of President Bush and a large contributor to his campaign. In 1984, he served as CEO of Houston Natural Gas Company. It merged with Nebraska-based InterNorth and became Enron in 1985. He served as Enron's CEO until his resignation on January 23rd, 2002, except for a brief period in 2001 when he became chairman and Jeffrey Skilling was CEO.
MetroSource:
(Houston, TX) -- Ken Lay, the founder of the Enron Corporation, has died at the age of 64. KHOU-TV of Houston reports that Lay suffered a massive heart attack at his vacation home in Colorado. Lay was due to be sentenced in September to up to 45 years in prison on convictions of fraud and conspiracy in connection with Enron's collapse. A judge recently postponed his sentencing hearing until October. He faced another 120 years behind bars on four separate counts of bank fraud for illegally using 75-million-dollars in personal loans to buy stock.
Lay and another former Enron executive, Jeffrey Skilling, were tried earlier this year for schemes that inflated Enron's financial outlook when it was really billions of dollars in debt. Enron shareholders claim they lost 40-billion-dollars when the company collapsed. Both Lay and Skilling insisted they did nothing wrong and vowed to appeal their convictions.
Lay was born on April 15th, 1942 in Tyrone, Missouri. He received his Bachelor's and Master's in economics from the University of Missouri. He also served in the Navy and received his Doctorate of Philosophy and Economics from the University of Houston in 1970. From there, he worked with several organizations. He served as deputy undersecretary for energy with the U.S. Department of Interior. Lay was known to be a close friend of President Bush and a large contributor to his campaign. In 1984, he served as CEO of Houston Natural Gas Company. It merged with Nebraska-based InterNorth and became Enron in 1985. He served as Enron's CEO until his resignation on January 23rd, 2002, except for a brief period in 2001 when he became chairman and Jeffrey Skilling was CEO.