Washington (March 11, 2002) - The Securities and Exchange Commission has petitioned a bankruptcy judge to reject Enron's hiring of interim chief executive Stephen F. Cooper claiming the terms of his contract are "inappropriate."
Cooper, on Jan. 29, was tapped by the bankrupt energy trader as interim chief executive and chief restructuring officer. Cooper's contract calls for him to be paid some $1.32 million per annum and a minimum bonus of at least $5 million if he's successful in saving what remains of the company.
In addition, the SEC pointed out that Cooper's Zolfo Cooper LLC, a New York-based consultancy and bankruptcy restructuring specialist, intends to provide Enron with roughly 15 of its associates, all of whom are to be paid annual salaries of $864,000.
— Electronic Accountant Newswire staff
