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Enron president says it can return from bankruptcy

Enron Corp president Jeff McMahon said on Thursday the former energy trading giant could return from bankruptcy.

"I believe that Enron can emerge from bankruptcy by returning to its roots," McMahon said in remarks prepared to be delivered at a congressional hearing on the collapse of what was once the seventh largest company on the Fortune 500 list.

In other prepared remarks, Enron executive Richard Buy said an internal inquiry report compiled by Enron's board of directors was "wrong."

"At least insofar as it pertains to me, that report is in several important respects wrong," said Buy, who added in his statement that he would refuse to answer questions at the hearing.

In addition, Thomas Bauer, a partner at Big Five accounting firm Andersen, said former audit client Enron withheld information from him on transactions involving Chewco, one of many off-the-books partnerships Enron used.

"It recently has become clear that, in 1997, when the Chewco transaction was conceived, Enron withheld information from me and misled me on the accounting issues related to Chewco. I knew nothing of this at the time," Bauer said in testimony to be delivered at the House subcommittee hearing.

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