March 2008 Archives

March 3, 2008

Enron redux: the hits keep on coming

michael-clayton-poster.jpgWhat do George Clooney and Kenneth Lay have in common? Nothing really... well, except for the fact that lawyers for defrauded Enron investors played a clip from George's movie "Michael Clayton" at their hearing requesting attorney fees. How much were the attorneys requesting in fees? A record $700 million. What percentage is that of the total settlement earned for investors? 9.5%. What happened to the founder of the firm seeking these record fees? He recently pleaded guilty to a kickback scheme in a different case (but will pull in millions from the Enron case). What did the self-effacing lawyer for the plaintiffs argue at the fee hearing? "This is an extraordinary case and we did an extraordinary job." When can we see the real story of Enron's collapse in a film drama? Soon to come with Leo in the lead.