SEC Challenges Terms Of Enron Hire

The SEC said in a submission to a New York bankruptcy court Friday that his terms of employment are 'inapproriate in the context of a Chapter 11 bankruptcy case.'

The SEC are thought to be concerned about the size of Cooper's salary at $1.3m and questioned the need to allow him to hire 15 associates at $874,000 each. They have also objected to the $5m bonus that Cooper is entitled to in the event that creditors agree to a restructuring or liquidation arrangement.

The bankruptcy court will consider the SEC objections later this week.

Mr Cooper is a partner in corporate restructuring firm Zolfo Cooper and has an outstanding 30 year track record with turnaround situations.