Ben Gilbert: belief

Transcript context

…I think the creditors, the people who the company owes money to... Also have to agree. What happens is, John Ray gets brought in as the chief administrative officer who is currently serving the same role over at FTX. He comes in to basically be the administrator while it's in Chapter 11 to come up with a deal. Interestingly enough, there was actually a person who was hired before him, Stephen Cooper. He came up with a plan and got everyone together on the court to generate 17¢ on the dollar. Cooper worked for a consulting firm that managed to get $60 million out before the board realized that he was not the most economical choice for the creditors. They fired him and brought in Ray, who I think was a board member. They redo the board during Chapter 11 also. Ray came in and he basically figured out a way to get twice as much out to creditors. The creditors love John Ray. He was able to get $13 billion out to creditors, which is about 36¢ on the dollar, much better than the 17¢ that Stephen Cooper, that his plan called for. I was reading an article in 2007. It's still not yet been fully sorted out by 2007, so 6 years afterwards. I think what you're referring to with the cents on the dollar is dollars to the creditors, to Enron's debt holders, not to equity holders, not to people who held the stock.…

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