There are some companies whose reputations speak for themselves—Enron, Lehman Brothers, Madoff, Theranos—where the scandals were so dishonorable you’d think there would be zero chance of a comeback.
Well, you’d think.
On Monday, a “new” Enron released a press release revealing its “relaunch” to “solve the global energy crisis” just in time for the 23rd anniversary of the company’s collapse.
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There’s a new Enron.com website that looks spookily legit, with “Who We Are,” “Careers,” and “Company Store” options. The store is selling merch (T-shirts, hoodies, vests, sweatshirts), and there’s even an “employee” portal. They also have new social channels.
The website says a “big” announcement is coming in six days.
Is Enron Really Back?
It’s doubtful. The relaunch appears to be an elaborate prank to sell merchandise. Ars Technica suggests the announcement that is coming in six days could be a crypto coin.
Publicly available documents found by CNN reveal that an LLC out of Arkansas called The College Company bought the Enron trademark in 2020 for $275. Connor Gaydos, the co-creator of “Birds Aren’t Real,” a joke that became a Millennial and Gen Z conspiracy theory, is connected to the LLC.
Under the terms and conditions, the website says that it is “protected parody” for “entertainment purposes only,” per USA Today.
When CNN reached out to the press contact on the new website, they received a reply from New York communications firm Stu Loeser & Co that said they’ll “have more to share soon,” and declined further comment.
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What Happened to Enron?
Formerly based in Houston, Texas, Enron was an energy and commodities company that collapsed in 2001 after executives were found to have majorly overstated earnings and the financial health of the company.
Executives, including the CEO as CFO, went to prison after receiving criminal convictions for lying to investors. At the time, Enron held more than $60 billion in assets and the scandal left thousands of victims in its wake.
It was one of the biggest bankruptcy filings in the history of the U.S., per Britannica. The corruption also led to the dissolution of Arthur Andersen LLP, which was then one of the largest auditing and accounting companies in the world.