Word: bunker
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...life denouement to one of the grandest money-losing speculations of recent history, and it provided a blunt reminder that even billionaires can get in over their heads. With their dreams of cashing in on last winter's silver boom now transformed into mushrooming debts of $980 million, Bunker, Herbert and Lamar Hunt have been struggling all spring to fend off ruin. Papers on file last week in the Dallas County Courthouse, and elsewhere around the country, showed just how desperate their plight has become, as well as the extent of their fabled wealth...
Bullionaire Bunker Hunt, for example, anted up 69,485 head of cattle from ranches in seven states and more than 700 Thoroughbred race horses, including some with appropriate names like Goofed, Extravagant and Overdrawn. Bunker also kicked in 65 Krugerrands, 60 bags of silver coins, 1,000 Austrian gold Ducats and 3,000 Austrian gold Coronas, plus some odds and ends like a renowned collection of porcelain birds and an oil painting of himself...
Those bashful bullionaire brothers W. Herbert and Nelson Bunker Hunt showed up in public last week for the first time since their speculative bubble burst on "Silver Thursday," March 27. The Hunts were testifying before two congressional subcommittees looking into their metal market machinations over the past year. As the brothers told the tale, they were just worrying, like most Americans, about the worsening economy. As Bunker Hunt has reportedly said, "A billion dollars is not what it used to be." Inflation had destroyed their faith in the dollar, so early in 1979 they began putting even more of their...
...Hunts had corralled so much of the world's silver and how deeply they went into debt during the silver crash. The brothers' foggy memory on some of these points last Friday caused sharp exchanges with Subcommittee Chairman Benjamin Rosenthal. When asked about his total wealth, Bunker Hunt replied in a manner that recalled J.P. Morgan's famous quote that people who have to ask the cost of the annual upkeep of yachts cannot afford them. Said he: "I don't have the figures in my head. People who know how much they're worth...
...care package for themselves. In January and February a ten-bank consortium loaned a subsidiary of the Bache Group, the brothers' main broker, at least $233 million, which was backed by 17.5 million oz. of silver. By early April Placid Oil, the Dallas oil company owned jointly by Bunker, Herbert and the four Hunt children of their father's first marriage, was negotiating a nine-year $1.1 billion loan...