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Enron eyes new CEO
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January 25, 2002: 7:10 a.m. ET
Reorganization expert Cooper is frontrunner for CEO position, report says.
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NEW YORK (CNN/Money) - Bankruptcy reorganization specialist Stephen Cooper is the frontrunner to takeover as acting CEO of troubled Enron Corp., a newspaper reported Friday.
If chosen, Cooper, a managing principal at consulting firm Zolfo Cooper, would replace Kenneth Lay, who resigned Wednesday, according to The Wall Street Journal.He previously worked for Federated Department Stores Inc. and Morrison Knudsen Corp., among others.
Separately, the Journal reported that banker J.P. Morgan Chase & Co. could stand to lose up to $1 billion resulting from its relationship with Enron.
Mahonia Ltd., an energy-trading business established by J.P. Morgan, the nation's No. 2 bank, nearly a decade ago, conducted about 60 percent of its trading with Enron, the report said.
According to the Journal, it is unclear who owns Mahonia, and J.P. Morgan's role in the partnership is under scrutiny by several of the company's insurers.
The revelations come a day after lawmakers grilled executives from Arthur Andersen as they probed the accounting firm's role in the destruction of Enron Corp. documents. 
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