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Online Stock Market Trading While investigators are focusing on how much money investors and employees lost in the Enron Corporation's collapse, some shareholders and lawmakers are now setting their sights on another target: the millions that Enron insiders received by selling their shares while the price was still high.

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Stock Investing Course As Enron stock climbed and Wall Street was still promoting it, a group of 29 Enron executives and directors began to sell their shares. These insiders received $1.1 billion by selling 17.3 million shares from 1999 through mid-2001, according to court filings based on public records. They continued selling just before Enron's stock started to tumble early last year and the company began its slide into bankruptcy protection.

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Stock Market Game One of the biggest sellers was Kenneth L. Lay, who became prominent as the company's chairman and a leading contributor to President Bush. He was among more than a dozen Enron executives who received $30 million or more, including one who sold shares valued at $353.7 million.

Wall Street has been expecting earnings per share of $1.25, excluding items, on sales of $989.3 million. In February, year forecast for earnings of $1.20 to $1.26 per share, based compensation. Chief Executive E. Scott Beattie said that organizational improvements in Europe and Asia, particularly China, would contribute to revenues and earnings next year.

Stock Investing Game Lawyers and spokesmen for the executives, board members and the company said that the sales were proper, and that the insiders had no special information or advantages over other investors.

"(It's) about the quality of the sales." Sales for the first nine months of the year fell 0.2 per cent to $1.37 billion. David Jones shares rose almost five per cent Thursday to a high of $2.82 in a mixed retail market. The stock closed 11 cents or 4.1 per cent higher at $2.80. for Free Lip Ink Trial Kit Corporate Info Product Index Category Index Privacy Policy Legal Affiliates

Journal Prime Rate Street Wall "This issue is being investigated," said Robert S. Bennett, a lawyer for Enron. "But at this point in time, I am unaware of any evidence that supports the allegation there was improper selling by members of the board or senior management."

Net income after an accounting change was $22.9 million, or 37 cents per share. Analysts, on average, expected 33 cents a share, according to Reuters Estimates. The maker of hamburger buns and snack cakes said again it expected to earn $1.10 to $1.19 per share for the year before items on sales of $1.87 billion to $1.90 billion. Analysts surveyed by Reuters expected the company to report earnings of $1.18 per share on revenue of $1.88 billion.

Stock Market News Many of these Enron executives retain large holdings in the company, selling shares regularly, as executives at other companies do. "In many instances, the sale of the stock was preplanned according to a strict timetable," Mr. Bennett said.

Stock Investing Basics Mr. Lay himself sold Enron stock 350 times, trading almost daily, receiving $101.3 million. In all, Mr. Lay sold 1.8 million Enron shares between early 1999 and July 2001, five months before Enron filed for bankruptcy. As of last February, he still owned more than 7.7 million shares.

Stock Investing Software Mr. Lay sold his stock for $31 to $86 a share; this week, Enron was selling for under 70 cents a share. Often, Mr. Lay sold in amounts as small as 500 shares, while at other times he sold as many as 100,000 shares.

Stock Market Trading It has not been determined how much Mr. Lay or the others paid for their shares, or how much they gained. Much of Mr. Lay's holdings, and those of other executives, were in the form of stock options, which allowed them to buy shares at a discount.

Stock Investing For Dummy Other top sellers were Lou L. Pai, the former chairman of an Enron subsidiary, who received $353.7 million for his 5 million shares; Rebecca P. Mark-Jusbasche, a director and former Enron executive who received $79.5 million for 1.4 million shares; and Ken L. Harrison, a director who sold 1 million shares for $75.2 million.

Stock Market Crash Jeffrey K. Skilling, the company's former chief executive, received $66.9 million for 1.1 million shares. Beginning in December 2000, Mr. Skilling began to sell his holdings at a pace of 10,000 shares about every seven days. He still owns about 600,000 shares and options, according to public filings.

Stock Investing Tip Andrew S. Fastow, the company's ousted chief financial officer, who set up many of the financial partnerships that have been criticized for concealing Enron's large debts, received $30 million for his holdings.

Stock Market Chart A detailed accounting of these trades is contained in a lawsuit brought by Amalgamated Bank, of New York, which invested the pension money of union members in Enron shares. Representing the bank in this case, which is now in the Federal District Court in Houston, is the same law firm that brought shareholder suits against Charles H. Keating Jr. in the savings and loan scandal and against Michael R. Milken, the junk bond financier, for securities fraud.

Online Stock Investing While the suit has received little attention so far, it highlights one of the main points in the political debate now taking place in Washington whether small shareholders were left out of a flow of information about Enron's deteriorating financial condition.

Stock Market Crash Of The differences in the trading strategies of the two groups those outside the company who were buying Enron's shares and those inside the company who were selling them reflect the different information that each group had, according to the suit.

Stock Investing For Beginner "The defendants employed devices, schemes and artifices to defraud," the lawsuit states. It accuses the 29 defendants of "unlawful insider trading" and says the group "materially misled the investing public" by issuing false statements.

Finance Journal Personal Senator Joseph I. Lieberman, Democrat of Connecticut and chairman of the Senate government affairs committee, has already announced hearings that will, in part, look at how Enron shareholders might have been deceived by the company's financial statements. Senator Barbara Boxer, Democrat of California, has also expressed concern for Enron's small shareholders, especially employees who put its shares in their 401(k) retirement plans only to lose their savings.

Stock Market Report Representative Henry A. Waxman of California, the ranking Democrat on the House Commerce Committee, released a letter yesterday asking Mr. Lay to answer questions about optimistic statements Mr. Waxman said that Mr. Lay had made in e-mail messages to employees last August. In the e-mail, gathered by staff investigators, Mr. Lay said that Enron remained strong.

Finance Investing Stock Market At Enron, more than half of the employees' 401(k) assets, or about $1.2 billion, was invested in company stock, which is now nearly worthless. Billions more were lost by other investors, from individuals to large institutions that bought Enron shares for the pension plans of unions and corporations.

Wall Street Journal Com The lawsuit claims the insiders withheld information, allowing Enron's shares to remain at an artificially high level while they were selling their shares. "This is the most massive insider bailout that we've ever seen and we've been prosecuting these cases for 30 years," said William S. Lerach, one of the bank's lead attorneys. "The overall size of this case is unprecedented."

Stock Market Investing Advice Spokesmen for some of the defendants say that this group had done nothing wrong. An Enron spokesman, Mark Palmer, dismissed the suit as "completely without merit" and a "weak argument."

Street Trader Wall Gordon G. Andrew, a spokesman for Mr. Fastow, the former chief financial officer, declined to comment, but said that Mr. Fastow still had about 50 percent of his original holdings. Mr. Andrew said that Mr. Fastow's last stock sale took place in November 2000 and that Mr. Fastow had purchased shares in early 2001.

Indian Stock Market A spokeswoman for Mr. Skilling, the former chief executive, said that "there is absolutely no basis to the allegation that Mr. Skilling did anything improper with regard to the sale of Enron stock." The defendants have not yet filed answers to the complaint. Arthur Andersen & Company, also named, declined to comment.

Stock Investing Advice At the top end of the selling was Mr. Pai, who headed an Enron subsidiary called NewPower Holdings (news/quote), an online retailer of electricity and natural gas. Before leaving Enron last spring, Mr. Pai sold five million shares of Enron between January 1999 and July 2001 for $353.7 million.

Free Journal Street Wall In January 2000, just 60 days after the formation of NewPower, Mr. Pai received more than two million Enron shares. He began to sell them almost immediately, mostly while they were trading above $70.

Stock Market Information Enron directors, also named in the case, sold stock too. All Enron directors receive stock options as part of their $380,619 annual fees. Of that, 15 percent was paid in cash, the remainder in stock.

Penny Stock Investing One director, Wendy L. Gramm, the wife of Senator Phil Gramm, Republican of Texas, sold all her 10,256 shares for $276,912. She sold the stock on one day Nov. 3, 1998 for $27 a share. Ms. Gramm said earlier that she and her husband decided to sell their Enron shares to avoid the appearance of a conflict. She was then paid in cash.

Stock Market Stock The Securities and Exchange Commission and the Justice Department are both investigating Enron. A Senate committee issued 51 subpoenas Friday as part of an investigation into the insiders' stock sales.

Stock Market Investing Basics The investigations should aid the case against the insiders, said Michael Hennigan, a Los Angeles lawyer in the Orange County, Calif., bankruptcy lawsuit. "I assume that the government is going after the exact same things that Lerach is after," he said, referring to the lawyer for the bank suing Enron.

Black Hoodies Street Wall Last week, a federal judge declined to immediately freeze the assets of the defendants, asking for further information before reconsidering the request.

Stock Market Trading Tip By Leslie Wayne
New York Times - 1/13/2002

Topic: Enron

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