Enron settlements... the gift that just keeps on giving...
Category Everything Else
I don't even try to keep up on the latest Enron settlements any more. Once I got my severance settlement, I figured anything over and above that would be long in arriving and meager if it ever did. About the only one I was even remotely aware of was the class action suits related to the savings and stock ownership plans of former employees. I received the settlement notice in the mail yesterday, along with the calculated allocation totals.
Let's set the stage first...
At the height of the Enron stock run-up, I was holding options and restricted stock that, if fully vested, would have meant potential retirement at 42 and a substantial annual income on interest alone. I *wasn't* fully vested, so it was a paper fantasy. In addition, it was all based on awarded options and stock grants, so it's not like it was my hard-earned retirements dollars at play. By the time the carnage was complete, it actually cost me more to sell the stock than the stock was worth. And the value of the options were long since worthless...
So how do they determine if you're a "damaged party"? Here's the first bullet point:
If you are a class action participant who lost value attributable to Enron stock in the Savings Plan
Sounds like I might be in play there... I can hardly wait to continue reading to see how this sizable settlement will help correct the horrible wrongs that were inflicted upon me and my retirement (yes, that's *very* tongue-in-cheek)... Next line is the payoff:
Your Savings Plan settlement allocation has been calculated at...
ready???
$166.04
That's before IRS withholding, and I have to roll the remainder over to an IRA to avoid the early withdrawl penalty and additional taxes.
sigh...
I'm sure glad I came to grips with the fact that I lost a fantasy and dream, and not 30 years of pension funds that was supposed to carry me through my golden years...
I don't even try to keep up on the latest Enron settlements any more. Once I got my severance settlement, I figured anything over and above that would be long in arriving and meager if it ever did. About the only one I was even remotely aware of was the class action suits related to the savings and stock ownership plans of former employees. I received the settlement notice in the mail yesterday, along with the calculated allocation totals.
Let's set the stage first...
At the height of the Enron stock run-up, I was holding options and restricted stock that, if fully vested, would have meant potential retirement at 42 and a substantial annual income on interest alone. I *wasn't* fully vested, so it was a paper fantasy. In addition, it was all based on awarded options and stock grants, so it's not like it was my hard-earned retirements dollars at play. By the time the carnage was complete, it actually cost me more to sell the stock than the stock was worth. And the value of the options were long since worthless...
So how do they determine if you're a "damaged party"? Here's the first bullet point:
If you are a class action participant who lost value attributable to Enron stock in the Savings Plan
Sounds like I might be in play there... I can hardly wait to continue reading to see how this sizable settlement will help correct the horrible wrongs that were inflicted upon me and my retirement (yes, that's *very* tongue-in-cheek)... Next line is the payoff:
Your Savings Plan settlement allocation has been calculated at...
ready???
$166.04
That's before IRS withholding, and I have to roll the remainder over to an IRA to avoid the early withdrawl penalty and additional taxes.
sigh...
I'm sure glad I came to grips with the fact that I lost a fantasy and dream, and not 30 years of pension funds that was supposed to carry me through my golden years...
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Comments
Posted by Duffbert At 18:54:49 On 24/08/2006 | - Website - |
Posted by Ben Langhinrichs At 20:38:34 On 22/08/2006 | - Website - |
Posted by Christopher Byrne At 07:44:30 On 23/08/2006 | - Website - |
And I hope Mr. McMahon doesn't mistake it for a napkin as he's riding over to my house to deliver it. :)
Posted by Duffbert At 04:38:29 On 23/08/2006 | - Website - |
Posted by Brian Benz At 09:37:07 On 24/08/2006 | - Website - |
Just don't spend it all in one place...
Posted by Ray "The Lion King" Bilyk At 21:20:34 On 23/08/2006 | - Website - |
Posted by Andrew Pollack At 21:58:10 On 22/08/2006 | - Website - |