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Enron
Acquired
Enron's Just Like Awkward Accounting
On October 16th, Enron announced $638 million of losses for the first time on their income statement. They say they have to do a restatement of shareholder equity and restate $1.2 billion worth of shareholder equity related to improper accounting in offbooks. There's four entities, Raptor 1, 2, 3, and 4 that are basically used to hide large debt loads. In fact, I think the Raptors start co-signing deals or at least sort of commingling so if one can't pay something off, then the other one's on the hook for it.
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