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Pay Up!

It is bad enough when your husband dies, but it is even worse when you are left with astronomical condo fees! The widow of Enron Corp. founder Kenneth Lay faced $109,000 in condo dues on her up-scale Houston high rise. Linda Lay paid the dues after her request to the federal court to dismiss the lawsuit was denied. Linda’s assessment was based on her 3% ownership of the 34 story building. She owns a 12,827 square foot condo on the 33^rd floor that is valued at over $4 million, 10 parking spaces and 4 storage units.

Linda is also in the midst of fighting the federal government to seize $13 million from her late husband’s estate. Kenneth, who was convicted of fraud, conspiracy, and lying to banks in May 2006, died from heart disease while the case was under appeal. Enron, which was once the nation’s seventh- largest company, fell to bankruptcy in late 2001. It looks like the years of accounting tricks could not hide Enron’s debt anymore than Linda Lay’s unpaid dues.

Posted by Veronica Perreault on 06/11/2008 01:37 PM

Comments (4)

enron, houston, real estate, condo, condocom, investment, taxes

Post is included in group: Posts to Localism
Post is included in group: Dedicated Bloggers

4 Comments on Pay Up!

JUN

2008

True! True! Maybe they could disburse the funds to the stockholders that depended on the misinformation and fell into financial devastation.

So much for the innocent spouse rules. I guess that only applies to taxes. I feel bad for her because she was just the wife of the crook and now she has to pay for his crimes. I don't like what he did but the woman shouldn't have to pay. I am sure some of his money was legit and she should be entitled to that portion of money and the rest should be taken from her. A 12,000 sq ft condo worth 4 million is a nice assett and perhaps instead of crying over her spilled milk she can just sell it and start from scratch. Maybe find herself and honest guy.

Hmmmm, I've always been skeptical of the "innocent spouse" defense....Maybe she honestly didn't know what he was up to, but I kind of doubt it. And if it comes to a question of balancing out the needs of the "innocent" spouse vs. the "innocent" investors and employees of Enron, then I would error on the side of the investors and employees....Just my opinion.

Bob Mitchell

ValueList Real Estate Services, Inc.

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