There are some companies whose reputations speak for themselves, such as Enron, Lehman Brothers, Madoff, and Theranos, whose scandals were so disgraceful that they seemed to have no chance of recovery.
Well, you would think so.
On Monday, a “new” Enron issued a press release revealing a “fresh start” to “solve the global energy crisis” in time for the 23rd anniversary of the company’s collapse.
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There’s a new Enron.com website that looks eerily legitimate, with options for “Who We Are,” “Careers,” and “Company Store.” The store sells merchandise (T-shirts, hoodies, vests, sweatshirts) and also has an “employee” portal. There are also new social channels.
The website says there will be a “major” announcement within six days.
Is Enron really back?
That’s doubtful. This re-release appears to be a clever prank to sell the product. Ars Technica suggests that the announcement coming in the next six days could be a cryptocurrency.
Public documents discovered by CNN reveal that an Arkansas LLC called The College Company purchased the Enron trademark in 2020 for $275. Connor Gaydos, co-creator of “Birds Aren’t Real,” a joke that became a conspiracy theory among Millennials and Gen Z, has ties to the LLC.
According to USA Today, the website states that it is a “protected parody” for “entertainment purposes only” under its terms of service.
When CNN reached out to reporters to ask about the new website, New York communications firm Stu Lowther & Co. said it had “more to share soon” and declined further comment.
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What happened to Enron?
Enron, once an energy and consumer goods company based in Houston, Texas, collapsed in 2001 after executives were found to have significantly inflated profits and the company’s financial health.
Executives, including the CEO as CFO, were found guilty of lying to investors and sent to prison. At the time, Enron had more than $60 billion in assets, and the scandal left thousands of victims.
According to Britannica, it was one of the largest bankruptcy filings in U.S. history. The corruption also led to the dissolution of Arthur Andersen LLP, one of the world’s largest auditing and accounting firms at the time.
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