Beautifully engraved Rare Specimen 9 7/8% Note Certificate from Enron Corp.
dated 1998. This historic document was printed by the Security-Columbian United States Banknote Corporation. This item has the printed signatures of the Company’s Chairman of the Board, Ken Lay and, Vice-President and Secretary, and is over 17 years old.
May 25, 2006 - Enron former chief executive Jeffrey Skilling and founder Kenneth Lay were both found guilty Thursday of conspiracy and fraud in the granddaddy of all corporate fraud cases.
On the sixth day of deliberations, a jury of eight women and four men convicted the former executives of misleading the public about the true financial health of Enron, whose collapse in late 2001 symbolized the wave of corporate fraud that swept the United States early this decade.
Ex-Enron CEO Jeffrey Skilling walks away from reporters in Houston after a jury found him guilty of 19 counts of fraud, conspiracy, false statements and insider trading.
Skilling was found guilty on 19 counts of conspiracy, fraud, false statements and insider trading. He was found not guilty on nine counts of insider trading.
Lay was found guilty on all six counts of conspiracy and fraud. In a separate bench trial, Judge Sim Lake ruled Lay was guilty of four counts of fraud and false statements. (Click here for the defendants' reactions)
Both Lay and Skilling could face 20 to 30 years in prison, legal experts say. And Lay will also face an additional hefty term in prison for his conviction in the bank fraud case.
Enron, once the top electricity and natural gas trader and marketer in the U.S., filed for Chapter 11 bankruptcy protection. Enron had global interests in utilities, power plants, and other energy projects, including a 25,000 mile U.S. gas pipeline system. Enron plans to sell up to $6 billion in assets to pay off debt.
Houston-based Enron created and dominated the trading of oil and gas contracts and is a big player in the complex world of commodities and risk management trading. Enron, with extensive gas and oil lines and refineries, had more than $100 billion in sales during 2001.
The company's spectatular collapse began after revelations that its chief financial officer was running partnerships that allowed the company to keep half a billion in debt off its books. In November 2001, Enron restated its earnings back to 1997, eliminating more than $580 million in reported income during that time. Enron is under investigation by the U.S. Securities and Exchange Commission and the U.S. House Energy and Commerce Committee.
History from Wikipedia and
stock certificate research service)
About Specimen Certificates
Specimen Certificates are actual certificates that have never been issued. They were usually kept by the printers in their permanent archives as their only example of a particular certificate. Sometimes you will see a hand stamp on the certificate that says "Do not remove from file".
Specimens were also used to show prospective clients different types of certificate designs that were available. Specimen certificates are usually much scarcer than issued certificates. In fact, many times they are the only way to get a certificate for a particular company because the issued certificates were redeemed and destroyed. In a few instances, Specimen certificates were made for a company but were never used because a different design was chosen by the company.
These certificates are normally stamped "Specimen" or they have small holes spelling the word specimen. Most of the time they don't have a serial number, or they have a serial number of 00000. This is an exciting sector of the hobby that has grown in popularity over the past several years.