Hi Roy (of 1:270/615),
On Tue, 17 Jun 03 at 20:01 o'clock, you wrote me:

 AA>> Blockbuster and Enron's video-on-demand trial program
 RJT> Enron?!

David Teather in New York
Thursday March 13, 2003
The Guardian 

Two more arrests were made yesterday in the Enron scandal as US federal
prosecutors continue to unravel the events that led to the energy firm's
bankruptcy over a year ago. 

The men, Kevin Howard and Michael Krautz, who had been senior figures in
Enron's broadband division. They were charged with faking $111m of profits
from a joint venture with film rental chain Blockbuster. 

They surrendered to the Federal Bureau of Investigation in Houston, Texas
and have been accused of securities and wire fraud, conspiracy and making
false statements to authorities. 

The project was an internet video service, codenamed
"Braveheart". Enron booked the profits over 2000 and 2001, even
though it failed to get off the ground and generated no revenues.
Blockbuster pulled out in March 2001. 

The partnership sold part of the venture and the future revenue stream to
the Canadian Imperial Bank of Commerce, allowing Enron to book a profit.
But prosecutors claim the arrangement was invalid because it secretly
guaranteed that CIBC would profit from the venture even it was not
successful. 

Prosecutors have so far secured a handful of indictments against Enron workers. 



...August

--- FMail/Win32 1.60