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Why a People's Utility District? "Enron to Seek Approval for New Bonuses[$29m]"

Why create a People's Utility District?
Here are another 29 million reasons - additional retention bonuses for Enron employees = $29,000,000

Yep, approved by the NY Bankruptcy judge
Why do we need a People's Utility District to purchase & operate PGE?
Read on.

These are not the first multi-million dollar rentention bonuses given to ENRON employees since it declared bankruptcy. Now where does a bankrupt company get millions of dollars for bonuses? You!

These NEW Bonuses = $29 million ($29,000,000) are coming out of YOUR pocket.
PGE is ENRON's source of money. Think of this every time you flip the switch.

Enron may need employees to help it finish collapsing, but why do they deserve numerous million-dollar bonuses? Most people who work for bankrupt companies pray that their paycheck is good - if they get one. They don't get bonuses.

And when was the last time YOU got a bonus from your job?

Oregon Public Power Coalition will be filing the signatures to create the Multnomah County PUD election on February 5th.

We need volunteers to help w/the campaign. Now's your chance TO DO something about it. Contact #: Bill @ 503-916-4102

Help us help you!

This is the story from the 1/24/03 NY Times.


January 24, 2003
Enron to Seek Approval for New Bonuses

HOUSTON, Jan. 23 (AP) The Enron Corporation will ask a bankruptcy court judge next month to approve an additional $29 million in pay for hundreds of employees needed to assist in the company's reorganization and possible liquidation.

Under the proposal, up to 900 crucial employees will be asked to stay until February 2004.

The request comes after retention bonuses awarded in 2002 that were intended to keep the employees through the end of February this year. A hearing on the new bonuses is scheduled for Feb. 6 in New York.

Enron is reviewing bids for its 12 most valuable assets, including Portland General Electric, an Oregon utility acquired in 1997. But even if Enron sells these assets, workers would be needed to wind down other businesses and help respond to multiple investigations into its collapse.

Anthony Sabino, an associate professor of business at St. John's University and an expert in energy and bankruptcy law, said Enron's creditors would probably not embrace another round of bonuses.

Mr. Sabino said the judge, Arthur J. Gonzalez, might wait for Enron to decide whether it will liquidate before approving more bonuses.

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