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 : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Sully- who wrote (46327)	1/14/2002 10:56:37 AM
From: stockman_scott	Read Replies (1) \| Respond to of 65232

Who In Texas Is Able to Judge Enron? Monday January 14 08:00 AM EST By ABCNEWS.com Enron was so connected in Texas, some wonder who can judge court cases. Enron was so big and powerful in Texas that there is hardly an institution or elected official that hasn't benefited from Enron's bank account. On Saturday, the Texas attorney general, who received nearly $200 thousand in Enron money, had to recuse himself. Who Will Judge? If the 30 lawsuits now in state court make their way up to the Texas Supreme Court, it could be an unprecedented dilemma — because records show seven of the nine Texas Supreme Court justices also received a total of $134 thousand from Enron and its executives. "Very few politicians are immune from conflict of interest in the Enron matter," said Craig McDonald, executive director of the advocacy group Texans for Public Justice. "Pretty soon, we are going to have to go down and get the employees from the capital mail room to independently look at the Enron fiasco and fallout." Attorneys handling lawsuits against Enron say the number of Texas officials who have to disqualify themselves because of conflicts of interest will make investigating and unraveling the biggest bankruptcy case in U.S. history more difficult. "The regulatory investigation may very well retard some of the criminal prosecution," said Tom Cunningham, an attorney for Enron investors and employees. "So there are going to be people stepping all over each other, including the politicians, of course, who are seeking to make some political hay out of Enron's demise." Attorneys say the slowdown actually may buy Enron some valuable time to avoid a forced liquidation of their remaining assets. But Charles Prestwood, who worked for Enron for 33 years and lost about $1.3 million in his retirement savings, said he cannot afford to wait for a bankruptcy settlement. "You take old retirees like myself: We're too old to get out on the job market and start life again," Prestwood said. He added he is now living off Social Security (news - web sites) and would like to see attorneys reach some sort of settlement with Enron, though he knows with the company in bankruptcy and the legal process bogged down, the chance or recouping anything is slim. "I went from rags to riches, back to rags," he said. "That's exactly what happened." _______________________________ ABCNEWS' Mike von Fremd in Houston contributed to this report.