(2006-05-25) — Enron founder Kenneth Lay and former-CEO Jeff Skilling, found guilty today of a combined total of 25 fraud and conspiracy charges in the energy company’s collapse, announced that they would appeal the verdicts, and that they have launched a new joint-venture business.
The new firm, Penrun, will trade a financial instrument called convict futures, which fluctuate depending on the ratio of sentenced-time to time-served.
For example, while Mr. Lay and Mr. Skilling could be sentenced to 20-to-30 years, it’s unlikely that they’ll serve even half of that.
“So, there’s big upside potential for customers who sell short,” said Mr. Lay. “It’s the hottest ticket in America. I can sincerely say to anybody, ‘Sell your gold and buy convict futures’.”
The duo said they already have $75 million in “virtual capital” for the startup, with another $300 million “pretty much guaranteed if we get out before 2010.”
Mr. Skilling encouraged potential Penrun customers “to think outside of the box.”
“This is the best securities buy available today, bar none,” he said. “This is cutting edge stuff.”
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