Enron, the infamous Texas energy company that collapsed in one of the largest corporate fraud cases in U.S. history, resurfaced on Monday as part of an elaborate prank by the brand's new owners.
“We're back. Can we talk?'' A promotional video showing the Enron logo was played at full volume. Posted in X 23rd anniversary since the company filed for bankruptcy.
“In the modern world, we must accept that change is the only constant. Learn how to adapt. Please forgive,” the video said. “To enable change to occur in the world and within ourselves. We understand this better than anyone, and we are here to lead by example.”
The video, which featured a ballerina dancing on a beach, a boxer sparring in a ring, and a farmer working in a field, turned out to be a parody backed by a T-shirt company.
Trademark documents It shows that an LLC based in Arkansas called The College Company purchased the Enron trademark in 2020 for $275.
Connor Gaydos, co-founder of The College Company, also created Birds Aren't Real with Peter McIndoe. A fake conspiracy theory suggests that the birds are drones created by the government as a surveillance tool, but this is a joke that pokes fun at the conspiracy theory itself. Selling large quantities of “Birds Aren't Real” brand T-shirts To generation Z.
CNN first reported Enron's new owner.
Enron has not commented on the investigation into its current ownership, but Enron Corporation's certificate of incorporation obtained by the Post was filed in Delaware earlier this year.
reddit user They quickly assumed that new Enron marketing efforts, including billboards in Houston, Texas, where the original company was headquartered, were a link to Enron crypto tokens.
In a press release, the company hinted at its future involvement in cryptocurrencies and touted “permissionless innovation” as one of its key pillars going forward.
“Decentralized technology is advancing, and we naturally have a role to play in its future,” the company said in a statement.
A seven-day banner on Enron's website counts down seconds to a “very special” announcement scheduled for next week.
For now, the plan is an elaborate prank that will sell Enron-branded T-shirts, sweatshirts, “dad hats” and water bottles from a shiny Enron website.
The new Enron certainly leans into the scandalous history of its name, and lists “repentance” as one of its core values.
“Acknowledging and taking responsibility for past mistakes reflects our commitment to ethical practices going forward, not just for show,” the company said.
Enron's infamous collapse in 2001 led to executives including Kenneth Lay and Jeffrey Skilling being indicted on fraud-related charges. An independent review published in 2002 revealed how they pocketed millions of dollars in off-the-books schemes and lied to shareholders about the company's profits.
Ray died of a heart attack in 2006 while awaiting sentencing. Skilling was released from federal custody in 2019 after serving 12 years in prison for charges including conspiracy, insider trading, lying to auditors and securities fraud.
Enron also encouraged employees to invest in the company's stock just before the company went bankrupt, causing some employees to lose not only their jobs but their entire life savings. The workers later won an $85 million class action lawsuit settlement.
Trouble began at Enron in August 2001, when Sharon Watkins, then the company's vice president, discovered an accounting scandal and told Lay, Enron's chief executive at the time.
In October of that year, Enron reported a massive third-quarter loss of $618 million and revealed that it had been inflating profits since 1997. Later that month, the company announced it was being investigated by the Securities and Exchange Commission.
The following month, the company announced a $9 billion acquisition by rival energy company Dynegy. But a few weeks later, Dynegy announced it had ended negotiations.
Enron filed for Chapter 11 bankruptcy at the end of the year, and by January 2002, the U.S. Department of Justice began a criminal investigation into Enron's collapse.
