What do Enron and Puff Daddy have in common?

They both hope to have profitable second chances with a new name.

After the biggest bankruptcy in history, Enron is trying to wipe the slate clean, as Opco Energy Co.

"If you are going out and trying to sell shares it's probably good to not have that name associated with you," said Forbes.com's Dan Ackman.

The new company will own power plants, electric utilities, natural gas pipelines. Partnerships and energy futures trading floors are gone. Gained? Potentially new investors.  And the real story about its value? $10 billion.

While it can run with the new name, it can't hide from a legacy of corruption.

"A core part of Enron was always profitable, which was never involved offshore partnerships and they are going to operate it in a profitable way," said Judge Andrew Napolitano, senior FOX News judicial analyst. "This makes creditors very happy."

A name change is nothing new. Other battered companies have looked for a new lease under a new identity. Andersen Consulting is now Accenture. Phillip Morris is still trying to be Altria. 

The question is, how well does that really work in a crisis?

"In a way, it's cleaning and clearing the slate and giving the company a fresh start could possibly work," said Peter Mirijinian, PR and crisis communications expert.

Although some have compared all this to rearranging the deck chairs on the Titanic, Enron is returning to its roots. And those roots weren't all bad when it was a company with natural-gas pipelines and power plants: honest, real assets, without the smoke and mirrors.