ENRON'S James V. Derrick
• James V. Derrick, general counsel: Sold 230,660 shares
for $12.6 million.
Executive Bio
JAMES V. DERRICK, JR.
Executive Vice President and General Counsel
Enron Corp.
James V. Derrick, Jr. was named executive vice president and general counsel of Enron in July 1999. Previously, Mr. Derrick had been senior vice president and general counsel since June 1991. Mr. Derrick is also a member of Enron's Management Committee.
Before joining Enron, Mr. Derrick had been in a private practice at Vinson & Elkins, one of the largest law firms in the country, since 1971.
Mr. Derrick received a bachelor's degree with honors in government in 1967 from the University of Texas at Austin. Mr. Derrick received a juris doctorate degree. with honors in 1970 from the University of Texas School of Law and was associate editor for the Texas Law Review. Mr. Derrick was adjunct professor of law at the University of Texas School of Law, Austin, Texas from 1984 to 1990
http://www.enron.com/corp/pressroom/bios/jimderrick.html=============================================
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6B Report for EcoElectrica LP
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... Raul A. Perez Directors - James V. Iaco, Jr. Mark Irwin David L. Haug James V. Derrick,
Jr. CPUC Contact: James A. Kelly, 626-302-2284 Intended Function: Owns ...
http://www.apfn.org/enron/s-ca-edison.pdf
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UT dean's Enron ties questioned
Law school official chairs panel that is auditing same company that has contributed millions to the university.
By JANET ELLIOTT
Copyright 2001 Houston Chronicle Austin Bureau
AUSTIN -- When University of Texas Law School Dean William Powers Jr. was named to Enron's board of directors Oct. 31, it was a move designed to boost the beleaguered company's credibility.
Enron made the announcement the same day it reported that the Securities and Exchange Commission had opened a formal investigation into questionable financial transactions, including partnerships used to hide losses. Powers was named chairman of a special committee to do an internal investigation and respond to the SEC.
The committee was given power to take disciplinary action against any Enron employee, officer or director determined to have improperly participated in the transactions.
"We had a need to have an independent board member chair this special committee," company spokeswoman Karen Denne said at the time.
But some ethics experts now are criticizing Powers' independence given the law school's close ties with top Enron officials, including General Counsel James V. Derrick Jr.
Derrick has served in key fund-raising positions for the law school. And Enron also has made donations to the law school as well as to the business school.
Charles Elson, director of the Center for Corporate Governance at the University of Delaware, said Powers should have been advised not to join the board because of the connections between UT and Enron.
"It doesn't look good," said Elson, a former professor of corporate law. "A board member doesn't want to be accused of having a connection with management."
Elson said directors are supposed to be independent enough to look out for shareholders. Other than owning stock and accepting a small salary, directors should be free of substantial financial ties to the corporation.
Elson, a former law professor, said he can understand why Enron wanted Powers as a director.
"A law school dean is someone with perceived integrity, objectivity and intelligence. He would add weight to their defense efforts," said Elson.
Powers' office referred all calls to Enron.
Denne said Enron's board of directors considered the relationship between the company and the university.
"The board believed that Dean Powers' qualifications, independence and stellar reputation outweighed any prior relationship that Enron has had with the university," she said.
Since Powers joined the board, Enron has collapsed into bankruptcy and laid off more than 4,500 employees. And Powers is not the only UT insider whose independence has been questioned.
John Mendelsohn is president of the UT M.D. Anderson Cancer Center and a member of Enron's audit committee. M.D. Anderson has received almost $600,000 in donations from Enron and its CEO, Kenneth Lay.
Another member of the audit committee is Wendy Gramm, the wife of Sen. Phil Gramm, R-Texas. Wendy Gramm is the director of the Mercatus Center at George Mason University, which has received $50,000 in Enron contributions over five years. Scholars with the center comment on environmental and other government regulations.
In May 1998, Enron donated $250,000 to fund a special faculty position in international law at UT. Over the past five years, Enron also has donated $3.5 million to UT's business school.
Enron paid its final installment of $50,000 for the Enron Fund for the Study of Comparative and International Law on Jan. 31.
Powers added a handwritten note on a Feb. 21 letter to Derrick acknowledging the contribution. "Thank you for all you do for us!" Powers wrote.
Derrick was a trustee of the Law School Foundation until he resigned concurrently with Powers' appointment to the Enron board. Denne said Derrick resigned to ensure there was no perceived conflict with Powers' new role.
Juan Zabala, executive director of the Law School Foundation, said trustees work to secure major donations for the law school and also manage its $70 million endowment fund.
In addition, Derrick is the immediate past president of the executive committee of the law school's alumni association. The association conducts annual fund-raising drives for the law school.
In the first eight months of this year, Derrick sold 160,000 shares of Enron stock for $6.8 million. He has been named in shareholder lawsuits alleging he and other Enron officials knew the value of the company's stock was overinflated and would eventually fall but did not share that information publicly with other shareholders.
Powers also has been named to a second Enron board committee that is investigating shareholder litigation. That assignment raises the possibility of another conflict, as the state is expected to have at least $70 million in claims against Enron.
The Texas Attorney General's Office is considering whether the state should file a lawsuit or join one of the dozens of class-action lawsuits that have been filed against Enron.
The Teachers Retirement System has lost around $50 million and the Employees Retirement System has reported losing more than $20 million in Enron investments.
Jeff Boyd, deputy attorney general for litigation, said he has met with a New York lawyer who is representing Enron shareholders but that no decision has been made to hire outside counsel. Boyd said that even if the state pension funds don't file a lawsuit, they could still recoup losses from other successful shareholder lawsuits.
Cris Feldman, an attorney with Texans for Public Justice, which tracks corporate power and money in Texas politics, said Powers may have to vote on matters adverse to the state's interest.
"That would seem to be a conflict of interest for a public employee," said Feldman.
Patricia Ohlendorf, UT-Austin vice president for legal affairs, said she hasn't discussed any potential conflicts with Powers.
"If he found himself in a position in which he thought there might be a conflict, I'm sure he would handle it in the appropriate manner," said Ohlendorf.
http://www.chron.com/cs/CDA/story.hts/special/enron/1185623
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FERC to focus on Enron's role in Calif. energy crisis
Bush appointed 2 Lay choices to commission
By PATTY REINERT
Copyright 2002 Houston Chronicle Washington Bureau
WASHINGTON -- Federal energy regulators Thursday launched an investigation into whether Houston's embattled Enron Corp. helped prolong last year's electricity crisis in California by unfairly manipulating wholesale power prices.
STORY... http://www.chron.com/cs/CDA/story.hts/special/enron/1235674===========================================
The Texas Union Alumni Connection
Life Member: James V. Derrick, '67, Houston
http://www.utexas.edu/student/txunion/alumni/tuac/?tuac=members=========================================
The University of Texas-School of Law
Alumni Association Executive Committee 2001-2002
Past-President
James V. Derrick, Jr.
1970
Houston, Texas
http://www.utexas.edu/law/depts/alumni/aaec.html
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The Center for American and International Law is fortunate to have been led throughout its existence by many outstanding attorneys, judges, law professors and law enforcement officials who have contributed their time and talents as members of The Center's many boards and committees
Trustee:
James V. Derrick, Jr.
Executive Vice President & General Counsel
Enron Corp.
Houston, Texas
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[while the people on life support and emergency needs of electricity in California DIED in the blackouts in the summer of 2001...ENRON's executives gave enourmous contributions to such things as Hobby Organizations.....]
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Hobby Newsletter_IV.1=======================================================
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May 12, 2000 ADVICE 1452-E (U 338-E) PUBLIC UTILITIES ...
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... ADVICE 1452-E (U 338-E) - 3 - May 12, 2000 James V. Derrick, Jr. Director Contact
for CPUC: James A. Kelly, (626) 302-2284 Intended Function: Owns and operates ...(page was removed got it in Google cache)
Page 1 James Houston, (partners representative)James A. Kelly, (626) 302-2284James A. Kelly, (626) 302-2284James A. Kelly, (626) 302-2284James G. NemethJames Wong, Jr.James A. Kelly, (626) 302-2284on the 40thcalendar day after the date filed, which is June 21, 2000.