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Breaking News from CNBC's Scott Cohn: Skilling Strikes Deal For Early Release

Wednesday, 8 May 2013 | 3:13 PM ET

When: Today, Wednesday, May 8

Where: CNBC's "Power Lunch"

Following is breaking news from CNBC's Scott Cohn. Here is the link to Cohn's story on CNBC.com: http://www.cnbc.com/id/100705535. Additionally, here is a link to the embeddable video: http://video.cnbc.com/gallery/?play=1&video=3000167036.

All references must be sourced to CNBC.

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SCOTT COHN: TYLER, CNBC HAS LEARNED THAT FORMER ENRON CEO JEFF SKILLING COULD BE OUT OF PRISON IN 2017, ROUGHLY 10 YEARS EARLY UNDER AN AGREEMENT THAT HAS JUST BEEN PRESENTED TO A FEDERAL JUDGE, THE SAME JUDGE THAT TRIED HIS CASE BACK IN 2006. REMEMBER THAT SKILLING, WHO WAS THE CEO OF ENRON FOR ABOUT SIX MONTHS IN 2001, RESIGNED ABRUPTLY BEFORE THE COMPANY WENT INTO SPECTACULAR BANKRUPTCY WAS SENTENCED INITIALLY TO 24 YEARS IN PRISON. UNDER THIS PROPOSED AGREEMENT HIS SENTENCE WOULD BE REDUCED TO ABOUT 10 YEARS AS OPPOSED TO 24. HE WOULD GIVE UP ALL OF HIS RIGHTS TO APPEAL THE CASE; HE WAS PLANNING TO ALLEGE MISCONDUCT BY THE JUSTICE DEPARTMENT'S ELITE ENRON TASK FORCE THAT WILL BE DROPPED. AND PERHAPS MOST IMPORTANTLY FOR VICTIMS OF THE ENRON COLLAPSE, SOME $40 MILLION IN RESTITUTION THAT HE WAS ORDERED TO FORFEIT WILL NOW BE FREED UP FOR DISTRIBUTION TO THE VICTIMS. SKILLING IS IN A FEDERAL PRISON IN CURRENTLY IN ENGLEWOOD, COLORADO. UNDER THIS AGREEMENT HIS 19 CRIMINAL CONVICTIONS WOULD STAND BUT SKILLING WOULD GET OUT OF PRISON AT AROUND 63 YEARS OLD INSTEAD OF 74 YEARS OLD UNDER THE PREVIOUS SENTENCE. NO COMMENT YET FROM THE JUSTICE DEPARTMENT OR FROM SKILLING'S LONGTIME DEFENSE ATTORNEY DANIEL PETROCELLI. WE'LL KEEP YOU POSTED AND MORE DETAILS ABOUT THIS ALSO ON CNBC.COM.


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