Enron sells company noted in indictments (to Carlyle)

[UpInArms]

http://www.dfw.com/mld/dfw/business/8107270.htm

HOUSTON - An oil and gas exploration and production company that allegedly was overvalued to make failed energy giant Enron Corp. appear to have met earnings targets has been sold to a pair of private equity funds.

Mariner Energy Inc., a private company that was part of Enron's merchant asset portfolio, announced Thursday it has been sold to Acon Investments LLC and Carlyle/Riverstone Global Energy and Power Fund II in a $271.1 million deal.

<snip>

Houston-based Mariner is noted in a 42-count federal indictment charging former Enron chief executive Jeffrey Skilling and former top accountant Richard Causey with fraud, conspiracy, insider trading and other counts. Both men have pleaded innocent and are free on bond.

The indictment alleges both men were involved in myriad schemes to hide debt and inflate profits at the company before Enron imploded amid revelations of accounting trickery in late 2001. In one scheme, the indictment says, Causey and other senior managers allegedly inflated Mariner's value by $100 million in the fourth quarter of 2000 to pump up Enron's appearance of profitability.

Because Mariner was not publicly traded, it was valued by Enron according to internal valuation models, the indictment said.

...more...

things that make you go "hmmmm...."

[whistle]

1. Is this the same Carlyle of which.....

...the elder George Bush owns a large block of shares in? That means all the little Bushes have shares too. How precious.

[Festivito]

5. Might be GHWBush ownED Carlye stock.

Many months, maybe a year ago, a large withdrawl was made from Carlye and I don't think anyone knew where it went. It was thought Bush was divesting himself.

[silverlib]

2. Unbelievable!

Thanks for posting this. Doubt if I'll hear it on the news. Wonder if Lou Dobb's knows.

[Barrett808]

3. Not too surprising - Enron sold its trading operation to UBS, another Bush

property. Conveniently putting the trading records in Switzerland, almost out of reach of investigators.

[cosmicdot]

4. why is this allowed to happen? will the Democrats speak out on this?

(both rhetorical questions on my part)

Nice of James Baker/Poppy to help Ken Lay out ...
that's what it looks like

and ...
hiding those records as mentioned above

"...Because Mariner was not publicly traded, it was valued by Enron according to internal valuation models...".

where is accounting firm and off-shore based Andersen's dirty little hands?

[ctex]

6. The bankruptcy court required a sale to highest bidder.

Acon & Carlyle/Riverstone offered a better price than the other bidders. The $271 million goes to Enron's creditors.