Timeline of the Enron scandal

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Timeline of the Enron scandal:

Contents

1985

Kenneth Lay seized control in 1985 of HNG/Internorth created by the merger of Houston Natural Gas and the much larger and more diversified InterNorth, which combined four natural gas pipeline companies, Northern Natural Gas, Transwestern Pipeline, Florida Gas Transmission, and Houston Pipeline company.[1] Lay was the third CEO of the combined company, preceded by Sam F. Segnar and Willis Strauss.

1986

Under Lay there was a long succession of business failures and missteps and according to many financial analysts, the company was swimming in debt. Lay sells off several profitable operations including Northern Petrochemical, PEAK anti-freeze, EVAL resins which makes plastic food packaging possible and brought in silent partnerships in Northern Liquid Fuels, Northern Natural Resources and Northern Engineering, Enron Oil Trading and Transport, Enron Exploration and Enron Cogeneration thus hiding burgeoning debt. Many layoffs and assets sales follow.

1987

Lou Borget of Enron Oil Trading is convicted of money laundering and fraud costing Enron shareholders about sixty-four million dollars. Mike Muckleroy, Enron Vice Chairman, later testifies in "The ENRON Movie" that Lay strongly supported and encouraged the Borget operation. Several high level Enron execs "fall on their swords" for Lay including Mick Seidl.

1988

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