(CNN) - A Houston theater company is taking on the most serious of subjects, setting a tragic story to a musical tune, in a play simply titled "Enron: The Musical."

Mark Fraser, a 49-year-old playwright in Houston, said each of the 28 songs in his musical were take-offs from Broadway musical hits, but he wrote the lyrics to tell the story of the real-life Enron scandal, from the perspective of ex-Enron employees, and "demonizing ex-executives."

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For example, the first song in the two-act satirical musical is titled "The Sound of Shredding," sung by an actor playing former Arthur Andersen lawyer David Duncan, to the tune of the classic favorite "The Sound of Music."

One of Fraser's favorites is the song "Primetime for Skilling," a take-off from "Springtime for Hitler," from the Broadway show and now big screen remake, "The Producers."

The Stages Repertory Theatre in Houston held two workshop showings of the musical in its early stages late in the summer of 2005. A representative for the playhouse says there have been no concrete plans to stage the musical on a regular basis. Rob Bundy, the artistic director of Stages, admits the work still needs to be fine-tuned before it hits the stage.

"If it was ready, I would put it up now," he told CNN.

The main characters in the musical are the key players in the corporate scandal: former Enron executives Kenneth Lay, Jeffrey Skilling and Andrew Fastow.

"They gave so much material in real life I didn't have to alter what actually happened because it was ridiculous enough," Fraser told CNN.

Lay and Skilling are both on trial in Houston federal court for a number of charges related to the 2001 bankruptcy and collapse of Enron, one of the country's largest companies in the late 1990s. Fastow pleaded guilty in 2004 to multiple criminal charges and is set to serve 10 years in prison for his role in the fall of Enron.

When asked how he would feel if Lay and Skilling attended a showing of the play, Fraser responded, "I would love to have them there, I think it would be great."

"If they're not bitter about it and have a sense of humor, they will laugh at some of this stuff," he added.

Representatives for Lay, Skilling and Fastow could not be reached for comment.

From CNN News Assistant Katy Byron in New York

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