Corporations and securities brief ~ Enron tapes indicate market rigging Amit Patel at 3:08 PM ET
[JURIST] Leading Friday's corporations and securities law news, Washington state utility Snohomish Public Utility District [official website] has released audiotapes which reveal Enron's [corporate website; JURIST Hot Topic] plan to take a power plant off-line in 2001 to create higher electric prices in western states. The tapes were released as part of an effort to void Enron's $122 million lawsuit seeking payment for electricity. Read the Snohomish press release which includes audio clips. CNN has more.
Adelphia Communications Corp. [corporate website] has filed an amended reorganization plan [Adelphia press release, PDF] in US Bankruptcy Court which outlines how the company will distribute procees from any sale of its assets to creditors. Adelphia is still attempting to determine whether to sell assets or attempt to emerge from Chapter 11 bankruptcy as a stand-alone company. AP has more. In other Adelphia news, the company is seeking to eliminate more than $2 trillion in bankruptcy claims which it claims are a result of duplication. Read Adelphia's SEC filing. CBS MarketWatch has more.
Paper Chase is JURIST's real-time legal news service, powered by a team of 30 law student reporters and editors led by law professor Bernard Hibbitts at the University of Pittsburgh School of Law. As an educational service, Paper Chase is dedicated to presenting important legal news and materials rapidly, objectively and intelligibly in an accessible, ad-free format.