David Rosenthal: belief

Transcript context

…In the end, I guess InterNorth did have the last laugh. The great city of Omaha wins in the end. Crazy. Okay, one more. I kept harping on the 61¢ earlier. Ben, you read an article that as of 2007, things were still going on with the carcass of Enron. Well, let me tell you what happens in September of 2008 of all times. September of 2008, the post bankruptcy, Shell Corporation of Enron finally finishes. They'd already disposed of all the assets, sold them off. They finally finish settling all the lawsuits that were involved, that it was pursuing. It was pursuing various lawsuits of other parties involved to try and recover some funds for equity shareholders who lost all their money. Ninety-nine percent sure was equity shareholders at this point in time, because I think the creditors had already settled years before. The biggest opportunity to recover dollars for shareholders, they determined over the years, was to sue the banks that participated in all the shenanigans with Enron. Of course, banks have a lot of money. In September 2008, the whole suite of settlements with a whole variety of banks—JP Morgan, Citigroup, various others—come in for a total of $7.2 billion dollars coming into this rotting carcass of Enron, which results in a distribution of $6.79 to every common shareholder. If you had bought Enron equity in those days between the collapse of the Dynegy merger and the bankruptcy, if you had bought for 61¢, you would have had over a 10X return if you are willing to hang on for 7 years. David Rosenthal, you have outdone yourself. Oh, my God, imagine that in 2001–2002. You know what we should go in and buy? Some Enron stock.…

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