Cooper faces Enron challenges

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§ Cooper was sent in to solve Sunbeam's Y2K problems.

Cooper, a former partner with accounting firm Touche Ross & Co. who is now managing principal at New York- and Los Angeles-based Zolfo Cooper, is known as a blunt talker with creative solutions for the most troubled companies.

He made his mark with his role in the wrenching reorganizations of Macy's parent company Federated Department Stores Inc. (NYSE:FD - news), appliance maker Sunbeam Corp. (OTC BB:SOCNQ.OB - news) and construction firm Morrison Knudsen. He is also currently vice chairman and chief restructuring officer of Laidlaw Inc. (Toronto:LDM.TO - news) ,parent of bus company Greyhound.

Cooper is the lead Ga???ron's acting chief executive and chief restructuring officer, following the resignation of Kenneth Lay as chairman and CEO last week, industry sources said. The Enron board is expected to decide as soon as Tuesday, they said.

Cooper could not be reached for comment.

Yahoo!

-- Anonymous, January 30, 2002

Answers

American Alliance seeks a declaration that it is not required to provide $10 million of directors and officers liability coverage to Sunbeam because Sunbeam falsely disclosed that it knew of no basis for any claims when, in fact, a number of shareholder suits were imminent, and also because Sunbeam failed to provide disclosures requested by the insurer regarding its Year 2000 compliance status. The lawsuit does not specifically state that the shareholder suits involve any Y2K-related issues or that Sunbeam has otherwise been notified of any Year 2000 claims. Implicit in the suit’s allegations, however, is the concept that full disclosure of a business’ Y2K status is highly material to the underwriting process.

INSURANCE COVERAGE DISPUTES

-- Anonymous, January 30, 2002


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