NEW YORK (AP) -- In a disclosure that outraged former employees, Enron Corp. reported that its 144 senior managers were paid $744 million in the year before the energy company's collapse, including more than $150 million for former chairman Kenneth Lay.
Enron outlined the compensation in a filing late Monday with federal bankruptcy court in New York -- documents that provide a glimpse into the company's finances as it spiraled into the biggest bankruptcy in the nation's history.
The large sums of payments and stock paid to the managers do not indicate any wrongdoing. Former employees could try to recover some of the money if they show preferential payments were made before the bankruptcy, obstructing creditors from getting their fair share.
Representatives of former workers and shareholders responded angrily after the disclosure, accusing Enron's senior managers of essentially raiding the company's coffers while leaving their clients with a pittance.
"It's outrageous. My clients find it outrageous and it's just more evidence that people at the top knew that they better get while the getting was good," said Eli Gottesdiener, an attorney representing 24,000 participants in Enron retirement plans who lost as much as $1 billion as the company's stock slid.
Enron disclosed in the 1,436-page filing that top employees received $309.5 million in salary, bonuses, long-term incentives, loan advances and other payments. They also exercised stock options and received stock valued at $434.5 million.
Lay received $152.7 million in payments in stock -- more than 11,000 times the maximum amount the company's laid-off workers will likely get in severance.
Lay, one of the many top executives who has been criticized and scrutinized since Enron's rapid collapse, received $81.5 million in loan advances, among other payments, and exercised $34.3 million in stock options.
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