The Houston oil community reacted with shock yesterday when backers of a new Enron launched a website and splashed their return across social media.
The relaunch of the infamous company which went bankrupt in December 2001 did have a catch attached to it. Eagle-eyed readers of the ‘Terms of Use and Conditions of Sale’ part of the new website could spot a section which stated: “The information on the website is First Amendment-protected parody, represents performance art and is for entertainment purposes.’
Even as a parody, it generated a lot of buzz as the new Enron not only launched a website but also paid for a full-page ad in the Houston Chronicle, published several billboards, and made a promotional video for the company shared on several media channels.
In this ‘art piece’ or one of the best cases of corporate trolling, whichever is a more apt phrasing in this situation, the new Enron claimed that it was relaunched as a company “dedicated to solving the global energy crisis. With a bold new vision, Enron will leverage cutting-edge technology, human ingenuity, and the spirit of adaptation to address the critical challenges of energy sustainability, accessibility, and affordability.” The website added that “the world is ready for growth, transformation, and rebirth” and that Enron was “ready to lead”.
This must have made former Enron employees scratch their heads in disbelief. The website was launched on Monday, 23 years ago after the original Enron declared bankruptcy. As a result, over 25,000 workers lost their jobs that day.
The fall of Enron was so massive that even the logo which stood outside the company’s headquarters at 1400 Smith Street in Houston ended up as nothing but clutter behind a secretary’s desk at a chiropractor’s office.
The price of Enron’s shares went from $90.75 at its peak to $0.26 at bankruptcy. The amount that shareholders lost in the four years leading up to the company’s bankruptcy was $74bn.
People in charge of leading Enron and looking after the company’s finances were even taken to court and some were found guilty of obstructing justice for shredding financial documents, one former CEO – Kenneth Lay – was convicted on six counts of fraud and conspiracy and four counts of bank fraud but died of a heart attack before sentencing.
The company’s CFO, Andrew Fastow, pleaded guilty to wire fraud and securities fraud and served more than five years in prison while another former CEO, Jeffrey Skilling, served a 14-year sentence in prison and paid $42m to fraud victims.
We’re back. Can we talk? pic.twitter.com/9kt4g0Q84Z
