Enron settles with ex-CEO's wife Linda Lay

[Generic Other]

Linda Lay and Enron Creditors Recovery Corp agreed to split two annuity contracts, the primary assets in dispute, to settle the eight-year-old case following mediation, according to papers filed Friday with the U.S. bankruptcy court in Manhattan.

Enron sued the Lays over alleged fraudulent transfers that preceded the company's Dec. 2, 2001 bankruptcy: loans that Enron made to Kenneth Lay that he repaid with company stock, and Enron's agreement to buy the annuities from the Lays for $10 million. It is unclear what the annuities are worth now.

In Friday's filing, Enron Creditors Recovery Corp, a successor to Enron, called the settlement fair. It said continuing to litigate might not be best because Kenneth Lay's estate is insolvent and Linda Lay has "extremely limited" assets.

http://in.reuters.com/article/2011/06/20/idINIndia-57799820110620

:wow:

[mfcorey1]

1. Now she can go that secret location where he is and live happily ever after. I do not

believe he is dead.

[valerief]

3. He's dead like Cheney is honest. nt

[Generic Other]

5. Feds had a 43 mill case against Lay when he died

Wiped clean.
I can't find any recent pictures of Linda Lay online other than the funeral pic of the grieving widow.


Just curious what the old bat was up to.

[in_cog_ni_to]

8. Same here. His death was just too damn convenient.

He's alive and well...somewhere.

[valerief]

10. He should be called Ken Lay Low. nt

[Generic Other]

2. This must be the money she is getting...

In February 2000, Mother Jones has learned, the Lays paid about $4 million -- an amount greater than Lay's entire salary from Enron that year -- to buy variable annuities that will, starting in 2007, guarantee the couple an annual income of about $900,000. While stocks and most other ordinary investments are open to attack by creditors, life insurance policies and annuities are protected in many states. Variable annuities of the sort purchased by the Lays are basically tax-deferred investments wrapped in insurance policies.

http://motherjones.com/politics/2002/02/ken-lays-nest-egg

[Generic Other]

4. How the hell did she manage to hold on to this place until 2010?

http://swamplot.com/a-look-inside-ken-and-linda-lays-lonely-highrise-castle-retreat/2010-01-27/

[spanone]

6. amway?

[Safetykitten]

7. The rich. They are different....you know the rest.

[7wo7rees]

9. Didn't he hafta make a stop in Paraguay before he officially left us?