Tags: Lay | Sold | $100 | Million | Enron | Shares

Lay Sold $100 Million of Enron Shares

Saturday, 16 February 2002 12:00 AM

Enron reported Friday that Lay sold more than $100 million of his stock.

Lay sold approximately $20 million in shares after Sherron S. Watkins, an Enron executive who testified before Congress this week, told him the company might go bankrupt "in a wave of accounting scandals."

Previously, disclosure documents showed that Lay had sold on the stock exchange $29.9 million in shares of Enron from January through the end of July.

Yesterday, reports show Lay was even more anxious to sell shares and that he unloaded more than $70 million in shares by selling his stock back to his foundering company.

Kelly Kimberly, Lay’s spokesperson, told the New York Times that Mr. Lay had "remained confident in Enron's stock through late 2001" and said "the vast majority" of the money he received from Enron was used to repay loans that had been secured by his stake in Enron. She denied that Watkins' warning played any role in Lay’s sell-off.

Kimberly also told the Times that Lay and his wife were not planning to file for bankruptcy.

"While they are experiencing liquidity problems, they believe they will be able to work through them," Kimberly said.

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Enron reported Friday that Lay sold more than $100 million of his stock. Lay sold approximately $20 million in shares after Sherron S. Watkins, an Enron executive who testified before Congress this week, told him the company might go bankrupt in a wave of accounting...
Lay,Sold,$100,Million,Enron,Shares
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2002-00-16
Saturday, 16 February 2002 12:00 AM
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