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Investing

Bear Stearns Gets Off Quite Light In Latest Enron Settlement (BSC, LEH, UBS, CSR

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By Douglas A. McIntyre Published
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Reuters is reporting that Bear Stearns (NYSE:BSC) is paying $1 Million as a settlement to Enron creditors to settle a lawsuit related to equity transactions.  The agreement requires bankruptcy court approval.

In exchange for the $1 million, Enron’s creditors and Bear Stearns will withdraw other claims against each other.  This article also notes that Credit Suisse (NYSE:CSR), Lehman Brothers (NYSE:LEH), and UBS (NYSE:UBS) have all previously entered into different settlements with creditors.

The good news here is that will not even be considered a road bump nor even a noticed line-item in the financials at Bear Stearns.  The creditors probably spent more lawyer/hour fees than this to get that settlement.  At least as as far as it pertains the troubled broker, it looks like on this front that Bear won’t have to pay for sins of the farther and farther past and can just worry about its current loan and derivative exposure.

Jon C. Ogg
October 29, 2007

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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