Eric Berger of the Houston Chronicle does a good job in this article summarizing the structure of Enron‘s plan of reorganization that is scheduled for a confirmation hearing in the New York Bankruptcy Court in April.
I’m been quite involved in the Enron case, initially representing a suitor of Enron’s online trading business, and then representing a former high-level Enron executive in several civil litigation matters and advising another former Enron executive and a former Arthur Andersen partner in regard to matters relating to the case. So, I’ve got a pretty good sense of what’s going on in the case. Inasmuch as Enron’s most recent Disclosure Statement — the document that a chapter 11 debtor distributes to creditors to provide them adequate information on which to make an informed judgment on the reorganization plan — was nearly 2000 pages, summarizing the plan in the context of a short newspaper article is no small feat. So, kudos to Mr. Berger.
One small nit, though. Eric, that’s “substantive” consolidation, not “substantial.”