3 Stock Set - Enron, Global Crossing, and WorldCom - 2002-2003 dated Fraud Set of 3 Stock Certificates
Inv# GS1378 Stock
Fraud Collection of 3 of the most controversial companies in recent financial history! Each in Excellent Condition. Very Important Set of 3 Stocks.
Enron Corporation was an American company specializing in energy, commodities, and services, headquartered in Houston, Texas. Founded in 1985 by Kenneth Lay through the merger of Lay's Houston Natural Gas and InterNorth, both of which were relatively small regional firms. Prior to its bankruptcy on December 3, 2001, Enron employed around 29,000 individuals and was a significant player in the electricity, natural gas, communications, and pulp and paper sectors, boasting reported revenues of nearly $101 billion in 2000. Fortune recognized Enron as "America's Most Innovative Company" for six consecutive years.
At the close of 2001, it was disclosed that Enron's financial statements were maintained through a systematic, institutionalized, and creatively orchestrated accounting fraud, which has since been referred to as the Enron scandal. Enron has since become a prominent case study of deliberate corporate fraud and corruption. This scandal raised serious concerns regarding the accounting practices of numerous corporations in the United States and contributed to the passage of the Sarbanes–Oxley Act of 2002. Additionally, the scandal had a significant impact on the broader business community, leading to the dissolution of the Arthur Andersen accounting firm, which had served as Enron's primary auditor for many years.
In late 2001, Enron filed for bankruptcy in the Southern District of New York and appointed Weil, Gotshal & Manges as its legal counsel for the bankruptcy proceedings. The bankruptcy was concluded in November 2004, following a court-sanctioned reorganization plan. A newly established board of directors renamed the company Enron Creditors Recovery Corp., focusing on the reorganization and liquidation of certain operations and assets from the pre-bankruptcy Enron. On September 7, 2006, Enron divested Prisma Energy International Inc., its final remaining business, to Ashmore Energy International Ltd. (now AEI).
MCI, Inc. (previously Worldcom and MCI WorldCom) was a telecommunications company. For a time, it was the second largest long-distance telephone company in the United States, after AT&T. Worldcom grew largely by acquiring other telecommunications companies, including MCI Communications in 1998, and filed bankruptcy in 2002 after an accounting scandal, in which several executives, including CEO Bernard Ebbers, were convicted of a scheme to inflate the company's assets. In January 2006, the company, by now renamed MCI, was acquired by Verizon Communications and was later integrated into Verizon Business. Read more at https://en.wikipedia.org/wiki/MCI_Inc.
Global Crossing was a telecommunications company that provided computer networking services and operated a tier 1 carrier. It maintained a large backbone network and offered peering, virtual private networks, leased lines, audio and video conferencing, long distance telephone, managed services, dialup, colocation centres and VoIP. Its customer base ranged from individuals to large enterprises and other carriers, with emphasis on higher-margin layered services such as managed services and VoIP with leased lines. Its core network delivered services to more than 700 cities in more than 70 countries. Read more at https://en.wikipedia.org/wiki/Global_Crossing
A stock certificate is issued by businesses, usually companies. A stock is part of the permanent finance of a business. Normally, they are never repaid, and the investor can recover his/her money only by selling to another investor. Most stocks, or also called shares, earn dividends, at the business's discretion, depending on how well it has traded. A stockholder or shareholder is a part-owner of the business that issued the stock certificates.
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