HOUSTON, June 1 LAWFUEL – Press Release Service — Enron Corp. announced today that it
reached an agreement with Vinson & Elkins LLP to settle all claims in
connection with the Enron Bankruptcy Estate. According to the terms of the
agreement, Vinson & Elkins will pay Enron $30 million in cash, and waive
its claims for prior services of approximately $3.9 million against the
Estate.
“We are pleased with this settlement, and remain focused on continuing
to resolve remaining claims with major financial institutions directly
involved in Enron’s collapse,” said John J. Ray III, Enron’s President and
Board Chairman.
The settlement remains subject to the approval of the United States
Bankruptcy Court for the Southern District of New York.
Enron is represented in this matter by McKool Smith, P.C.
Enron’s Internet address is http://www.enron.com.
CAUTIONARY STATEMENT: Certain statements contained in this press
release are “forward-looking statements” within the meaning of Section 27A
of the Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934, as amended. Forward-looking statements include statements
concerning plans, objectives, goals, strategies, future events or
performance, and other statements that are other than statements of
historical facts. Forward- looking statements are based on the opinions and
estimates of management at the time the statements are made and are subject
to certain risks and uncertainties that could cause actual results to
differ materially from those anticipated in the forward-looking statements.
Important factors that could cause actual results to differ materially from
those in the forward-looking statements herein include, but are not limited
to, political developments affecting federal and state regulatory agencies,
and developments with respect to the bankruptcy of Enron. Except as
required by law, Enron does not undertake any obligation to update any
forward-looking statements.
