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Enron's Former CEO Denied Bid to Be Freed on Bail

Former Enron CEO Jeff Skilling
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Former Enron CEO Jeff Skilling

A federal appeals judge has denied former Enron CEO Jeffrey Skilling's motion to be freed on bail while the appeals court considers whether to grant him a new trial.

U.S. Circuit Judge Edward Prado, a member of the three-judge panel considering Skilling's case, issued the one-sentence ruling late Friday, offering no explanation.

In June, the Supreme Court ordered the appeals court to re-consider Skilling's case, after the high court struck down a central legal theory in the government's case—that Skilling deprived Enron shareholders of his "honest services."

Skilling's legal team argued he should be freed on bail pending the decision whether to grant him a new trial, noting that Skilling has already served more than three and a half years in prison. He was convicted in 2006 on 19 criminal counts, including conspiracy, fraud and insider trading.

Skilling's lead attorney, Daniel Petrocelli, was not immediately available for comment on the ruling.