At least someone's making money off of Enron

While shareholders lost close to $60 billion in the largest financial fraud in history, we accountants (and lawyers) have been making a mint off of it.  According to the latest estimates, the total fees charges amounts to approximately $514 million, besting the previous record of $200 million in the Saudi Arabian Bank of Credit and Commerce International case.  The current estimate for total fees is $1 BILLION and climbing.

A lot of shareholders may be wondering how such fees can be justified, especially when they reduce the amount of money that is available for distribution to creditors.  Well, one has to keep in mind two things.  First, this is BY FAR the most complex bankruptcy in history.  Second, Enron size files only come along once in a while, so you gotta milk it for all its worth!

Blogged with Flock


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: