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Enron Files For Bankruptcy, Its Share Price Having Been $90 In AugustDECEMBER 2, 2001 · 08:55
The seventh-largest company in the United States has admitted, in a document filed in Manhattan this morning, that it does not know how much money it has, that it will not be able to pay its debts, and that somebody has been signing its name.
THE FILING. 6,000 PAGES. THIS PHOTOGRAPH SHOWS 400 OF THEM.
( FILE PHOTO )
THE FILING. 6,000 PAGES. THIS PHOTOGRAPH SHOWS 400 OF THEM.
NEW YORK, December 2 -- Enron Corporation filed for Chapter 11 bankruptcy protection this morning, one day after disclosing that it owed more than $10 billion to creditors and stockholders, and sixteen months after its shares reached a high of $90.
The filing of 6,000 pages is the largest bankruptcy in American history and has been summarised, by a bankruptcy lawyer who has read it, as "the first time a company has filed documents showing that it did not know what it owned."
Its former chief executive has not been charged with anything. Its accountants have. The share price fell from $90 to twenty-six cents.
Corrections: none so far. Published items are never corrected, they are replaced,
and the replacement keeps the original in the archive, where nobody will look for it.
COMMENTS (386) — showing the 10 that survived moderation
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I
internetwasbetter
Joined: Jul 2002 · Posts: 2440
· a modem · 2 minutes later
I WORKED THERE. that's all I'm going to say. we all knew. the ones of us who said so had jobs for two more years and then we didn't.
▲31
DM
DELETED_BY_MODS
Joined: May 2003 · Posts: 5
· banned · an hour later
six thousand pages and the part that matters is that nobody in charge understood the thing they were signing. that's not fraud that's a failure of education and we did that too.
▲45
AC
Anonymous_Coward
Joined: Jan 2001 · Posts: 9999
· unknown · same afternoon
the shares were ninety dollars in august. i bought at ninety. i would like the person who told me 'the analysts love it' to come out. gently.
▲56
AI
AskDr_Internet
Joined: Mar 2003 · Posts: 3105
· the www · that evening
this is the beginning of something. there's going to be more of these. every company that tells you it understands itself is going to be wrong about this.
▲70
G
GoneFishingDave
Joined: Apr 2001 · Posts: 2887
· A caravan · the next morning
my 401k is mostly this. I have a degree in accounting. I want that noted somewhere.
▲7
C
CannotReadNoPunctuation
Joined: Nov 2000 · Posts: 1766
· unknown · the following day
posting the correct play, which is that nothing is correct, and I have checked, and then a graphic
▲12
SB
SirLoin_of_Beef
Joined: Sep 2002 · Posts: 1204
· Lincoln, NE · two days later
the stock did exactly what the company said it would do, which is the definition of a stock
▲24
T
TOTALLYNOTABOT
Joined: Aug 2004 · Posts: 57
· the cloud · a week later
TOTALLYNOTABOT wrote:
Enron Files For Bankruptcy, Its Share Price Having Been $90 In August my 401k has a word for what this is called and the word is 'no'
▲46
MB
my_grandma_knows_better
Joined: May 2001 · Posts: 3310
· Sarasota, FL · 2 minutes later
honestly? the numbers were fine. i looked at the numbers. the numbers were FINE. somebody explain the numbers to me again.
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