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December 3, 2009

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Ex-execs reach agreement

Friday, Dec. 26, 2003 | 11:37 a.m.

HOUSTON -- Former Enron Corp. broadband division executives reached a compromise with prosecutors who sought to freeze about $64 million of their assets pending a fraud trial scheduled to begin in October.

Under the agreement, one former executive agreed not to sell or mortgage his house, and restrictions weren't placed on three other defendants' homes, said defense lawyer Lee L. Hamel.

Enron sought bankruptcy court protection in December 2001 after restating $586 million in revenue because of improper accounting tied to off-book partnerships. It was the largest U.S. bankruptcy by debt, with creditors seeking $67 billion.

The government sought to freeze the assets of former Enron Broadband Services Inc. Chief Operating Officer Kevin Hannon, former Vice President Scott Yeager and former executives Kenneth Rice and Joseph Hirko, Hamel said.

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