Betting on recovery

Below, in a vast steel and glass atrium, auctioneers appointed by the officialreceivers, PricewaterhouseCoopers (PwC), briskly sold off Enron’s computerhardware and office furniture. PwC was doing this on behalf of Enron’screditors. The appetite of buyers for second-hand Aeron chairs, Cisco routersand flat screen monitors, here and at other places across the world, would helpdetermine the recovery rate these creditors would ultimately receive on their$67 billion of defaulted loans and bonds.

We

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