Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: All Mtn Ski who wrote (5017)	11/13/2001 3:38:30 PM
From: All Mtn Ski	Read Replies (2) \| Respond to of 33421

Now this IS sick, and they will even pay his taxes: Enron chief could walk away with $80 million NEW YORK, Nov 13 (Reuters) - Enron Corp.'s (NYSE:ENE - news) top executive could walk away with more than $80 million if the acquisition of the financially troubled energy trader by its smaller rival Dynegy Corp. closes this year, according to an Enron filing with the Securities and Exchange Commission. Under the terms of his employment, Enron Chairman and Chief Executive Ken Lay will receive $20.2 million annually through 2005 for each full calendar year following the close of the Dynegy deal or any material change in control of Enron. If the Dynegy (NYSE:DYN - news) takeover closes this year, he will receive four such payments starting in 2002; if the transaction closes next year, he will receive three of the payments, starting in 2003. According to Lay's contract, the company would also pay his taxes if the annual payments were deemed to be an ``excess parachute payment'' for income tax purposes. Lay reassumed the posts of president and chief executive in August following the resignation of Jeffrey Skilling. His Enron contract expires on Dec. 31, 2005. Lay is considered by many as the visionary who presided over Enron's growth from a medium-sized natural gas pipeline company, created in 1986 in the merger of Houston Natural Gas and InterNorth, to the world's largest and most innovative energy trader. Enron's market capitalization has fallen almost $19 billion in just the the past month as investor confidence has waned amid a regulatory probe of off-balance-sheet transactions. Dynegy has agreed to acquire Enron in a stock swap worth some $9 billion, a fraction of what Enron was worth a year ago. biz.yahoo.com