Corporations and securities brief ~ Enron tapes indicate market rigging News
Corporations and securities brief ~ Enron tapes indicate market rigging

[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.

In other news…

  • As previously reported on JURIST's Paper Chase, the Court of Appeals for the District of Columbia [official website] has ruled that federal law does not permit the goverment to seek a $280 billion penalty in its racketeering case against the tobaco industry. Read the opinion [PDF]. AP 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.

Click for previous corporations and securities law news.

THIS DAY @ LAW

UN General Assembly approves Palestine partition plan

The UN General Assembly approved UN Resolution Resolution 181 (II) on November 29, 1947, recommending that the British Mandate for Palestine be split into a Jewish state, an Arab state, and an international zone for Jerusalem. The vote in the assembly was 33 for to 13 against, with 10 abstentions. The resolution sparked a war between Palestinian Arabs and Jews in 1947 and a wider war after Egypt, Syria, Jordan, Iraq, and Lebanon invaded the new State of Israel in 1948. Read Resolution 181 (II).

UN divided Palestine between Arabs and Jews

On November 29, 1947, the UN General Assembly voted to partition Palestine into Jewish and Arab territories, leading to the establishment of a Jewish state the following year. Read UN General Assembly Resolution 181.

Defense Secretary Robert McNamara resigns during Vietnam Conflict

On November 29, 1967, Secretary of Defense Robert S. McNamara announced that he was resigning from his office to accept an appointment as head of the World Bank. The announcement came as the Vietnam Conflict was becoming increasingly unpopular in the United States and abroad.