Enron chief asks judge to authorize fee

Friday, Sept. 3, 2004 | 9:08 a.m.

Enron Corp.'s chief executive asked a judge overseeing the former energy trader's reorganization to authorize a $25 million fee for helping win approval of a plan to exit bankruptcy in July. Stephen F. Cooper and his firm Stephen F. Cooper LLC were hired one month after Houston-based Enron filed for bankruptcy protection in December 2001. Cooper has been paid $63.4 million for his services so far, according to papers filed with the U.S. Bankruptcy Court in New York. The additional $25 million fee requires court approval.

"At the time of Cooper's retention, Enron was in a total free-fall," the company said in court papers. "Cooper's leadership has brought extraordinary results for creditors."

Cooper formulated a plan that helped Enron save at least $1.3 billion and added $6.2 billion in value to Enron's businesses, the company said.

Enron, once the world's largest energy trader, won confirmation of a plan to exit bankruptcy in July. The company will pay creditors an average of 20 cents on the dollar after Cooper finishes selling assets. Holders of shares, including those in the retirement accounts of Enron employees, will get nothing.