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Employee Interests In Bankrupcy: Lessons From Enron, Lorie Johnson
Employee Interests In Bankrupcy: Lessons From Enron, Lorie Johnson
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Enron employees lost over $1 billion in retirement savings when the company failed and filed for bankruptcy protection. Many of these employees also lost their jobs. Enron employees were both visible and vocal about their losses, quickly obtaining the support of both the AFL-CIO and Jesse Jackson’s Rainbow/Push Coalition in their fight to get some redress for their losses. Since Enron was current on its payroll at the time of the bankruptcy filing, employees’ losses consisted of severance payments totaling $145 million and the losses associated with investments in Enron stock through their 401(k) accounts.