enron arbitration case who was the lawyer

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What law firms were involved in the Enron case?

Among the law firms with major roles in the Enron case are Weil Gotshal & Manges, which represents Enron; Shearman & Sterling, which represents Citigroup, one of the company's lead banks; and Davis Polk & Wardwell, among those representing the other lead bank, J. P. Morgan Chase.

What was the international arbitration case Enron v Argentina?

International Arbitration Case Law: Enron v. Argentine Starting in 1989, Argentina undertook a program of privatisation of State owned companies, including the gas transportation and distribution sectors. Shortly thereafter, as part of the economic policies, the Argentine peso was fixed at par with the United States dollar in 1991.

Is V&E a defendant in the Enron case?

Indeed, V & E was not even named in the initial class-action complaint filed against Enron and Andersen last year in Houston federal court. (This April, in the 500-page amended complaint, V & E was named, among a laundry list of dozens of new defendants.

Who is presiding over the Enron bankruptcy case?

Judge Arthur J. Gonzalez, a veteran of sprawling cases, is presiding. Judge Gonzalez, 54, oversaw the bankruptcy of Livent, the now-defunct theater production company, and continues to preside over the Chapter 11 bankruptcy of the Sunbeam Corporation, the appliance maker. The Sunbeam case may prove to be useful preparation for the Enron case.

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Who were the lawyers in Enron case?

Among the law firms with major roles in the Enron case are Weil Gotshal & Manges, which represents Enron; Shearman & Sterling, which represents Citigroup, one of the company's lead banks; and Davis Polk & Wardwell, among those representing the other lead bank, J. P. Morgan Chase.

Who won the Enron case?

India's central government and the government of Maharashtra disagreed and countered with a 20% return as being more reasonable. Ultimately, they agreed on 25.22%.

How much compensation did Enron get?

Back in 2004, US multinational giants General Electric and Bechtel bought Enron's 65 per cent stake in the controversial Dabhol Power Company. While the cap fixed was at $300 million, the settlement reached was of $305 million dollars. The Indian Government paid Bechtel $160 million and paid GE $145 million.

What happened to Enron case against India?

India lost both ways, the case to Enron and a lot of money that was paid to Qureshi as legal fees. Salve confirmed to TOI that he had agreed to conduct the case for India in the tribunal despite change of government.

Who were Enron's auditors?

Throughout these years, Arthur Andersen served not only as Enron's auditor but also as a consultant for the company. In February 2001 Skilling took over as Enron's chief executive officer, while Lay stayed on as chairman.

What happened to Arthur Andersen after Enron?

Arthur Andersen was an American accounting firm based in Chicago that provided auditing, tax and consulting services to large corporations....Arthur Andersen.TypeLimited liability partnershipDefunctAugust 31, 2002 (CPA licenses surrendered)FateDissolved after the Enron scandal and the WorldCom scandal7 more rows

How much compensation did India pay to Enron?

India was made to pay millions of dollars to foreign multinationals. The government had to pay 160 million dollars to Bechtel and 145 million dollars to General Electric. These companies had bought 65 percent stake of Enron in 2004 after the company went bankrupt.

Did anyone go to jail for Enron?

Some were later indicted, arrested and paraded in front of cameras in handcuffs as part of a national catharsis. Twenty years later, the last of the Enron defendants have completed their prison sentences, paid their restitution and have sought to move on with their lives.

How much did Enron earn from India?

However, the World Bank found issues with the feasibility of the project and hence refused to give a loan for the same. Instead the project was financed by Enron, Bechtel, GE and five major lenders, one of which was located in India: Enron Power Corp. - $223 million.

What was Enron project in India?

Enron entered India as an investor in the Indian power sector in 1992, through the operating entity Dabhol Power Company. The project was a natural gas-fired power plant estimated to generate 2,184 megawatts.

How did Enron get caught?

The clearly illegal smoking guns led to straightforward convictions – Fastow's misrepresentations about LJM; asset sales that were booked as revenue but in reality had a guarantee to be rebought, which meant it was a loan. This was a simple explanation of how Enron got caught.

What is the meaning of Enron?

Enron was an energy-trading and utility company based in Houston, Texas, that perpetrated one of the biggest accounting frauds in history. Enron's executives employed accounting practices that falsely inflated the company's revenues and, for a time, making it the seventh-largest corporation in the United States. 1.

Who was India's counsel in the Enron case?

More than 15 years ago, India was forced to face arbitration at an international tribunal initiated by Enron. Harish Salve was retained as India’s counsel. However, there was a sudden change of decision and the law firm was informed to hire Khawar Qureshi. NEW DELHI: There is a bit of history to the hyped fight between two legal titans — Harish ...

Who was the attorney general of the UPA in 2004?

In 2004, the UPA government came to power as also a new team of law officers headed by attorney general Milon Banerjee. To manage the highstake arbitration over Dabhol against Enron, the government chose Fox and Mandal law firm.

Who replaced Salve in 2004?

Salve refused to get drawn any further into the controver sy steadfastly refusing to divulge any more details of how he was replaced by Qureshi in 2004.

Did Fox hire Khawar Qureshi?

However, all of a sud den there was a change of decision and Fox and Mandal was informed to hire Khawar Qureshi. India lost both ways, the case to Enron and a lot of money that was paid to Qureshi as legal fees. Salve confirmed to TOI that he had agreed to conduct the case for India in the tribunal despite change of government.

What was the Enron scandal?

Enron scandal. The Enron scandal was an accounting scandal involving Enron Corporation, an American energy company based in Houston, Texas. Upon being publicized in October 2001, the company declared bankruptcy and its accounting firm, Arthur Andersen – then one of the five largest audit and accountancy partnerships in the world – was effectively ...

When did Enron file for bankruptcy?

The deal failed, and on December 2, 2001, Enron filed for bankruptcy under Chapter 11 of the United States Bankruptcy Code.

What did Enron do in the 1990s?

The resulting markets made it possible for traders such as Enron to sell energy at higher prices, thereby significantly increasing its revenue.

When was Enron formed?

Enron was formed in 1985 by Kenneth Lay after merging Houston Natural Gas and InterNorth. Several years later, when Jeffrey Skilling was hired, Lay developed a staff of executives that – by the use of accounting loopholes, special purpose entities, and poor financial reporting – were able to hide billions of dollars in debt from failed deals and projects. Chief Financial Officer Andrew Fastow and other executives misled Enron's board of directors and audit committee on high-risk accounting practices and pressured Arthur Andersen to ignore the issues.

Why did Enron have a performance management system?

Although Enron's compensation and performance management system was designed to retain and reward its most valuable employees , the system contributed to a dysfunctional corporate culture that became obsessed with short-term earnings to maximize bonuses. Employees constantly tried to start deals, often disregarding the quality of cash flow or profits, in order to get a better rating for their performance review. Additionally, accounting results were recorded as soon as possible to keep up with the company's stock price. This practice helped ensure deal-makers and executives received large cash bonuses and stock options.

How much was Enron stock worth in 2000?

By December 31, 2000, Enron's stock was priced at $83.13 and its market capitalization exceeded $60 billion, 70 times earnings and six times book value, an indication of the stock market's high expectations about its future prospects.

What happened to Enron?

Upon being publicized in October 2001, the company declared bankruptcy and its accounting firm, Arthur Andersen – then one of the five largest audit and accountancy partnership s in the world – was effectively dissolved.

Who destroyed Enron?

It is Vinson & Elkins that’s alleged to have given the crucial legal blessing to the dubious accounting transactions that destroyed Enron and, in so doing, destroyed many of its shareholders’ lives.

Why is the brief against V and E so overwhelming?

Why? Because Andersen had a responsibility to the public that V & E simply did not have.

Why should Vinson and Elkins be accountable?

For instance, you would think Vinson & Elkins should be accountable because it was the firm retained by Enron to investigate Sherron Watkins’ internal complaints. The law firm’s investigation was inarguably a disaster for the company.

Can Enron shareholders have civil fraud?

In addition, if it can be proven that V & E set even one toe over the brink, Enron’s shareholders may still have a meritorious civil fraud claim against them—and prosecutors might, if the civil case is strong enough, also consider a parallel indictment. The standard for fraud, however, is tough to meet—and that is as it should be, for lawyers even more than for other professionals. If your lawyer draws back from the edge because of her fear of the consequences, it may be you who is someday left hanging.

Was V and E a fraud?

Not necessarily. The truth is that while the amended complaint insists the transactions were manipulative schemes, it is possible that they were, instead, simply acts taken on the very brink of legality. V & E was entitled—indeed, arguably it was ethically obligated—to go to that brink, though not over it. And if it made a wrong call as to where the brink was, that may have simply been a misjudgment, not malpractice, and certainly not a crime or fraud. (V & E’s possible conflicts of interest—such as the decision to investigate the very legal structures it had allegedly helped to create—may be another matter, but one probably more appropriate for bar discipline than for a lawsuit.)

Is fraud a tough standard?

The standard for fraud, however, is tough to meet—and that is as it should be, for lawyers even more than for other professionals. If your lawyer draws back from the edge because of her fear of the consequences, it may be you who is someday left hanging. Advertisement.

Is intuition enough to dilute representation?

By itself, the uneasy intuition that a client might have done something wrong, or could be guilty of the crime charged, should not be enough to dilute the quality of representation. The alternative is to create a lawyer torn between the impulse to punish his client and to advocate for him.