HOUSTON, Texas (KTRK) — Is one of American history’s most famous corporate downfalls getting a second chance at life?
On Dec. 2, 2001, exactly 23 years ago, Enron declared bankruptcy.
Within hours, one of America’s most exciting energy companies crumpled under its own weight. More than 25,000 lost their jobs and pensions immediately.
Houston’s TV screens were filled with images of workers leaving 1400 Smith, the company’s headquarters, with boxes and bewildered looks.
But now, Enron is back again.
On Monday, the new Enron launched its website, paid for a full-page ad in the Houston Chronicle, published at least two billboards, and produced a gauzy promotional video touting the company.
“No one knows what the hell this is,” quipped Dan Cogdell, famed Houston defense attorney who still keeps in touch with at least three former Enron executives he once represented.
When ABC13 showed him the newspaper advertisement, Cogdell immediately messaged his former clients, asking if they knew anything about it.
Meanwhile, the internet rumor mill is filled with speculation that it is all to prepare for a cryptocurrency product launch.
“I can’t imagine how rebranding or reutilizing the Enron name is going to lead to a Phoenix-like rise from the ashes for the company,” chuckled Cogdell. “I don’t see it. It’s got too much negative Karma associated with it.”
Still, there always seems to be a buyer when it comes to Enron.
The famed crooked E logo once graced the front of Enron’s headquarters and found a buyer in 2002.
In fact, Truman Pham remembers the day when his then-boss bought the infamous logo to put in his computer repair shop.
“I had the check in my hand, and when the truck delivery came in, the boss told me, ‘You got to hand this check to the guy.’ So I had the check in my hand about $54,000,” Pham said.
The sign now sits behind the secretary’s desk at a chiropractor’s office.
It’s too heavy to move, and the computer company is no longer operating. But you can book a back adjustment while staring at the sign.
The neon lights also stopped working a few months ago.
Once ABC13 told him about the website, even Cogdell was begrudgingly intrigued on Monday.
That was enough for him to buy some merch for the new website during our interview.
“I’ve already ordered the puffer vest and some bumper stickers, so we’re going to find out. If it’s a ploy, it worked on me,” he laughed.
Eyewitness News emailed the new Enron for comment; a spokesperson replied that they would have an announcement in seven days.
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