Why is my bank bouncing my checks?

In your opinion, will Enron ever get back on its feet? I have over 1,000 shares that I did not sell. Not ready to cash in as of yet.
-- Michael, Deerfield Beach, Fla.

We don't usually comment on the outlook for individual stocks, but we'll go out on a limb on this one. Even if parts of the company once known as Enron live on, chances are little to none that any surviving business would use that name. In any case, if you owned the shares before November 17, 2004, you can’t cash them in. They’re worthless.

That was the date Enron entered bankruptcy proceedings, at which point the company's shares were “canceled.” In return — as with any bankruptcy — shareholders are assigned a portion of any of the proceeds left over after the company pays off all its bills and other debts — including bond holders, who are always in line ahead of shareholders in a bankruptcy.

In Enron’s case, the company says it is “very unlikely” there will be anything left over for shareholders. (For more on the subject, check out Enron's’ Web site, which at this writing is still standing.)

But before you use those Enron shares to wallpaper the bathroom, keep an eye on a civil suit scheduled to get underway in October. If you bought or acquired stock in Enron or Enron-related companies between September 9, 1997 and December 2, 2001, you’re part of the class action lawsuit that's trying to get back money lost by investors, according lead attorneys for the case.

And there's a good chance there will be at lease some money to go around. Those lawyers have already reached a settlement with three of the banks that helped set up the financial shuffle that brought Enron down. Last month, those banks ponied up $6.6 billion to settle shareholder claims against them. Another $500 million had already been paid by banks and Enron directors. Other banks have yet to settle.

For more on the lawsuit, and details on how the money will be distributed, check out the Web site set up by the lead attorneys for shareholders.

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