The Dwindling Wealth of Kenneth Lay and Jeffrey Skilling

Following the collapse of Enron Corp., Kenneth Lay and Jeffrey Skilling were still wealthy. (It seems they cashed in their stock options at just the right time.)

According to an August 2001 balance sheet, Lay owned many non-Enron stocks totaling $17 million, several vacation properties, 13 vehicles, a $10 million condominium in the River Oaks neighborhood, $2 million in furnishings for the condominium, and other real estate investments totaling $8.5 million.

Skilling’s current wealth is estimated at $57 million in assets, while Lay is estimated to have somewhat less. Since Skilling was convicted of insider trading related to a $15 million Enron stock sale, the government may try to seize that amount. Skilling also faces a claim on his assets by his defense team, and a potential liability related to shareholder civil suits.

Lay has spent an estimated $20 million on his defense, while Skilling is estimated to have spent $40 million. Some of these costs were covered by Enron’s liability insurance.