God rest his soul, but why was Lay's conviction thrown out? THE TRUTH

[dajoki]

MSNBC
http://www.msnbc.msn.com/id/15306994/

Judge throws out convictions of Enron’s Lay
Fraud ruling vacated since company’s founder died before he could appeal

Updated: 2 hours, 13 minutes ago
HOUSTON - A federal judge Tuesday vacated the conviction of Enron’s late founder Kenneth Lay, wiping out a jury’s verdict that he committed fraud and conspiracy in one of the biggest corporate scandals in U.S. history.

Lay was convicted of 10 counts of fraud, conspiracy and lying to banks in two separate cases on May 25. Enron’s collapse in 2001 wiped out thousands of jobs, more than $60 billion in market value and more than $2 billion in pension plans.

<<snip>>

U.S. District Judge Sim Lake, in a ruling Tuesday, agreed with Lay’s lawyers that his death required that his conviction be erased and his indictment dismissed. They cited a 2004 ruling from the 5th U.S. Circuit Court of Appeals that found that a defendant’s death pending appeal extinguished his entire case because he hadn’t had a full opportunity to challenge the conviction and the government shouldn’t be able to punish a dead defendant or his estate.

“On behalf of his estate, I’m really quite pleased with the ruling and glad this brings to a close the criminal proceeding against Mr. Lay,” said Samuel Buffone, the attorney for Lay’s estate. “The judge engaged in a fair and reasoned application of 5th Circuit law.”

Tuesday’s ruling thwarts the government’s bid to seek $43.5 million prosecutors allege Lay took by participating in Enron’s fraud. The government could still pursue those claims in civil court, but they would have to compete with any other litigants also pursuing Lay’s estate.

[aquart]

1. "God Rest his soul"? Uh, no.

This one is in Hell listening to the Enron tapes over and over and over and over and over.

If he's dead. There wouldn't be manager on that Paraguay property, would there?

Bad aquart. Too suspicious.

[TomInTib]

2. If I die, will the IRS forgive my debt?

In the interest of non-flammability, I will not even mention how much they think that I owe them.

If I die, will they forgive my debt or will they pursue my Significant Other and my other heirs?

[dajoki]

3. That is basically what I'm asking...

Who's responsible?

[sueh]

4. I read somwhere...

(probably on DU) that they would go after Skilling for Lay's share if Lay's conviction got vacated. Does that ring a bell with anybody?