HOUSTON (AP) — An elaborate parody appears to be behind an effort to resurrect Enron, the Houston-based energy company that exemplified the worst in American corporate fraud and greed after it went bankrupt in 2001.
If its return is comedic, some former employees who lost everything in Enron’s collapse aren’t laughing.
“It’s a pretty sick joke and it disparages the people that did work there. And why would you want to even bring it back up again?” said former Enron employee Diana Peters, who represented workers in the company’s bankruptcy proceedings.
Here’s what to know about the history of Enron and the purported effort to bring it back.
What happened at Enron?
Once the nation’s seventh-largest company, Enron filed for bankruptcy protection on Dec. 2, 2001, after years of accounting tricks could no longer hide billions of dollars in debt or make failing ventures appear profitable. The energy company's collapse put more than 5,000 people out of work, wiped out more than $2 billion in employee pensions and rendered $60 billion in Enron stock worthless. Its aftershocks were felt throughout the energy sector.
Twenty-four Enron executives, including former CEO Jeffrey Skilling, were eventually convicted for their roles in the fraud. Enron founder Key Lay’s convictions were vacated after he died of heart disease following his 2006 trial.
Is Enron coming back?
On Monday — the 23rd anniversary of the bankruptcy filing — a company representing itself as Enron announced in a news release that it was relaunching as a “company dedicated to solving the global energy crisis.” It also posted a video on social media, advertised on at least one Houston billboard and a took out a full-page ad in the Houston Chronicle
In the minute-long video that was full of generic corporate jargon, the company talks about “growth” and “rebirth.” It ends with the words, “We’re back. Can we talk?”
Enron's new website features a company store, where various items featuring the brand's tilted “E” logo are for sale, including a $118 hoodie.
In an email, company spokesperson Will Chabot said the new Enron was not doing any interviews yet, but that "We’ll have more to share soon.”
Signs point to the comeback being a joke.
In the “terms of use and conditions of sale” on the company's website, it says “the information on the website about Enron is First Amendment protected parody, represents performance art, and is for entertainment purposes only.”
Documents filed with the U.S. Patent and Trademark Office show that College Company, an Arkansas-based LLC, owns the Enron trademark. The co-founder of College Company is Connor Gaydos, who helped create a joke conspiracy theory that claims all birds are actually surveillance drones for the government.
What do former Enron employees think of the company’s return?
Peters said that since learning about the “relaunch” of Enron, she has spoken with several other former employees and they are also upset by it. She said the apparent stunt was “in poor taste.”
“If it’s a joke, it’s rude, extremely rude. And I hope that they realize it and apologize to all of the Enron employees,” Peters said.
Peters, who is 74 years old, said she is still working in information technology because “I lost everything in Enron, and so my Social Security doesn’t always take care of things I need done.”
“Enron’s downfall taught us critical lessons about corporate ethics, accountability, and the consequences of unchecked ambition. Enron’s legacy was the employees in the trenches. Leave Enron buried,” she said.
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Juan A. Lozano, The Associated Press