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ANALYSIS
March 2, 2009
Sagging Index no longer reflects what’s going on in the market, some say, Replacements? Google it, to start.
March 2, 2009
Downward price spiral will actually boost the cost of capital for most companies. CFOS, take note.
March 2, 2009
The latest bailout at AIG could be a preview of how the president will deal with Wall Street.
March 2, 2009
No corporate defaults. Big debt offerings. Percolating CP issuance. Things may be looking up in the capital markets.
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July 30, 2007 3:44 PM ET
The spat between Enron Creditors Recovery Corp. and consulting firm Hewitt Associates over screwy calculations of a distribution to former Enron employees has escalated into a full-blown tiff. Hewitt was hired to determine the allocation plan for approximately $150 million that the company agreed to pay to former employees whose retirement plans were decimated by the company’s collapse. Of the nearly $89 million distributed to employees in the first round of payments made last year, $22 million of it was paid to the wrong people—with some getting too much, others too little. Hewitt blamed the mistake on a software glitch, and said it would correct it. Last Friday, lawyers for the successor firm to Enron filed a motion asking U.S. District Court judge Melinda Harmon to force Hewitt to redo its calculations and certify the results within 30 days. “Hewitt has publicly said it would correct the mistake, but they’ve continued to drag their feet,” said Harlan Loeb, a spokesman for Enron. “The second distribution won’t be made until this is corrected.” There’s also the rather touchy subject of asking for money back from employees who in some cases lost most of their retirement savings when Enron’s stock plummeted. In cases where people were overpaid and will not participate in the second distribution, Mr. Loeb said the company would seek a return of the over-allocated funds. Lynn Sarko, a lawyer representing the ex-Enron employees, told an Associated Press reporter that either Enron or Hewitt should pay back the money. Hewitt, which has emphasized that it is not the legal administrator for the fund, said it is working on the problem. “Hewitt is doing the required work we have been asked to perform, and we are committed to completing it as quickly as possible,” the company said in a written statement.
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