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Is Enron back? Houstonians aren't laughing at the joke

If its return is comedic, some former employees who lost everything in Enron’s collapse aren’t laughing. Photo by James Nielsen/Getty Images

An elaborate parody appears to be behind an effort to resurrect Enron, the Houston-based energy company that exemplified the worst in American corporate fraud and greed after it went bankrupt in 2001.

If its return is comedic, some former employees who lost everything in Enron’s collapse aren’t laughing.

“It’s a pretty sick joke and it disparages the people that did work there. And why would you want to even bring it back up again?” said former Enron employee Diana Peters, who represented workers in the company’s bankruptcy proceedings.

Here’s what to know about the history of Enron and the purported effort to bring it back.

What happened at Enron?

Once the nation’s seventh-largest company, Enron filed for bankruptcy protection on Dec. 2, 2001, after years of accounting tricks could no longer hide billions of dollars in debt or make failing ventures appear profitable. The energy company's collapse put more than 5,000 people out of work and wiped out more than $2 billion in employee pensions. Its aftershocks were felt throughout the energy sector.

Twenty-four Enron executives, including former CEO Jeffrey Skilling, were convicted for their roles in the fraud. Enron founder Ken Lay’s convictions were vacated after he died of heart disease following his 2006 trial.

Is Enron coming back?

On Monday — the 23rd anniversary of the bankruptcy filing — a company representing itself as Enron announced in a news release it was relaunching as a “company dedicated to solving the global energy crisis.” It also posted a video on social media, advertised on at least one Houston billboard and a took out a full-page ad in the Houston Chronicle

In the minute-long video full of generic corporate jargon, the company talks about “growth” and “rebirth.” It ends with the words, “We’re back. Can we talk?”

In an email, company spokesperson Will Chabot said the new Enron was not doing any interviews yet, but "We’ll have more to share soon.”

Signs point to the comeback being a joke.

In the “terms of use and conditions of sale” on the company's website, it says “the information on the website about Enron is First Amendment protected parody, represents performance art, and is for entertainment purposes only.”

Documents filed with the U.S. Patent and Trademark Office show College Company, an Arkansas-based LLC, owns the Enron trademark. The co-founder of College Company is Connor Gaydos, who helped create a joke conspiracy theory claiming all birds are actually government surveillance drones.

What do former Enron employees think of the company’s return?

Peters said she and some other former employees are upset and think the relaunch was “in poor taste.”

“If it’s a joke, it’s rude, extremely rude. And I hope that they realize it and apologize to all of the Enron employees,” Peters said.

Peters, 74, said she is still working in information technology because “I lost everything in Enron, and so my Social Security doesn’t always take care of things I need done.”

“Enron’s downfall taught us critical lessons about corporate ethics, accountability, and the consequences of unchecked ambition. Enron’s legacy was the employees in the trenches. Leave Enron buried,” she said.

But Sherron Watkins, Enron’s former vice president of corporate development and the main whistleblower who helped uncover the scandal, said she didn’t have a problem with the joke because comedy “usually helps us focus on an uncomfortable historical event that we’d rather ignore.”

“I think we use prior scandals to try to teach new generations what can go wrong with big companies,” said Watkins, who still speaks at colleges and conferences about the Enron scandal.

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A View From HETI

Simon M. King, a Rice University sophomore, served as the first author on a recent study of a new process for recycling lithium-ion batteries. Photo courtesy Rice

Rice University researchers have uncovered a more energy-efficient and faster way to recycle critical minerals from used lithium-ion batteries.

Traditional methods rely on high heat, long processing times and harsh chemicals to recover a small fraction of critical materials from batteries used in everything from smartphones to electric vehicles. However, the team from Rice's Department of Materials Science and Nanoengineering developed a process that uses a water-based solution containing amino chlorides to extract more metals in less time

The team published the findings in a recent edition of the scientific journal Small.

Simon King, a sophomore studying chemical and biomolecular engineering who completed this work as a summer research fellow at the Rice Advanced Materials Institute, served as first author of the study. He worked with corresponding authors Pulickel Ajayan, the Benjamin M. and Mary Greenwood Anderson Professor of Engineering, and Sohini Bhattacharyya, a research scientist in Ajayan’s lab.

By using a hydroxylammonium chloride (HACI) solution, the team achieved roughly 65 percent extraction of key battery metals in just one minute at room temperature, according to the study. The efficiencies grew to roughly 75 percent for several metals under longer processing times.

“We were surprised by just how fast the reaction occurs, especially without the involvement of high temperatures,” King said in a news release. “Within the first minute, we’re already seeing the majority of the metal extraction take place.”

By not requiring high temperatures or long reaction times, Rice predicts the process could have a major impact on cost and the environmental impact of lithium battery recycling. Additionally, the water-based HACI solution makes waste handling easier and lowers certain environmental risks.

In addition to extracting the materials, the team went on to demonstrate that the recovered metals could be recycled and reprocessed into new battery materials.

“A big advantage of this system is that it works under relatively mild conditions,” Ajayan added in the release. “That opens the door to more sustainable and scalable recycling technologies.”

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