Enron to Form a New Company

NEW YORK -- Enron Corp. Friday said it has decided not to sell its international energy infrastructure businesses, and instead will form a new company comprised of those assets, Reuters reported.

The new company, temporarily dubbed InternationalCo., will have an independent board of directors and will be protected from liabilities associated with the Enron bankruptcy, Enron said.

Meanwhile, Richard M. Ryan of Wisconsin settled a lawsuit with federal regulators Wednesday one day after the Securities and Exchange Commission sued him in U.S. District Court in Chicago for falsely claiming his company planned to buy the scandal-ridden energy trading company Enron, The Associated Press reported

Ryan was president, chief executive and the only known employee of Standard Power and Light of Oakbrook, Ill. On Nov. 30, 2001, Ryan said his company would buy most of Enron's shares for $750 million to $1 billion.

The SEC said Standard, described as a privately owned corporation involved in power plant acquisition and development, had no annual revenues and no substantial assets and was dissolved in May 2002 because it did not file an annual report with Illinois or pay a state franchise tax.

-- NYSSCPA.org News Staff

Posted on 05/9/03