Today’s Federal Register is here and contains temporary and proposed regulations under Internal Revenue Code (the “Code”) section 382 and provide guidance on whether a loss corporation has an ownership change where a qualified trust described in Code section 401(a) (a qualified trust) distributes an ownership interest in an entity.
More on the Chao v. Enron Corporation et al. lawsuit filed yesterday . . .
Kirstin Downey for the WashingtonPost reports: “Restitution Sought From Enron Officials.” The article quotes Marc Machiz, a former Labor Department lawyer in charge of pension programs, as stating that “the lawsuit could have ramifications for the “30 to 40″ private lawsuits moving through the courts that allege that executives exhorted workers to buy stock that subsequently fell in value.” The article quotes Mr. Machiz as stating further that workers at many other companies were hurt as badly or almost as badly as at Enron, including those at WorldCom Inc., Global Crossing Ltd., Williams Cos. and Dynegy Inc.
The Associated Press for the Boston Globe reports in this article: “US sues Enron over pension losses: Ex-executives, directors also targeted in attempt to recover millions.”
I am reviewing the DOL Enron complaint filed yesterday and will report on it here shortly. In the meantime, you can read more on the lawsuit here . . .