Word: bunkerism
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CHEAPEST ROUTE TO BANKRUPTCY Texas tycoons William Herbert and Nelson Bunker Hunt paid $1 each to ride the New York City subway when they came to town to face a civil suit in U.S. District Court. A federal jury found that the former billionaires, along with their brother Lamar, had tried to rig the silver market in 1980 and assessed them damages of $130 million...
...Dallas last week were no down-and-outers. The long list of possessions mentioned in the filing included Hawaiian real estate, half interest in a Vail, Colo., ski lodge, two Cadillacs, a Mercedes-Benz and a 13,649-piece Byzantine coin collection. But the petitioners, oil heirs Nelson Bunker and Herbert Hunt, realized that their fabled wealth -- still about $1 billion even after many years of financial setbacks -- was in danger of being wiped out by their burgeoning legal problems...
Last month a federal jury found that Bunker and Herbert, along with their brother Lamar, had conspired to corner the silver market in 1980. The court ordered them to pay a judgment of more than $130 million to a Peruvian mineral-marketing company that lost money in the debacle. The verdict could hurt the Hunts' chances in two class actions filed by 17,000 other silver investors. While appealing the judgment, the Hunts are required to post a $225 million bond, which might force them to hold a garage sale of some of their most prized belongings. The brothers hope...
During the New York trial, Bunker Hunt testified that he began accumulating silver in 1973 as a hedge against inflation, "to invest in something I could get my hands on." By late 1979, the brothers had acquired more than 180 million oz. of bullion and coin. Prices rocketed to euphoric heights, hitting a peak of $50.35 per oz. in January...
...nicknames of the landmarks that dot the holy land are as familiar as the wind to golfers: the Swilken Burn, the Principal's Nose, the Beardies, the Coffins, Hell Bunker, the Road Hole, Granny Clarke's Wynd, the Valley of Sin. An elderly caddie named Alex, who wears a checkered cap but otherwise has the grace not to be too picturesque, checks them off as you go. Every calamity has its accompanying parable: "This bunker you're buried in is the Bob Jones bunker. Unable to escape it, he stormed off the property and pledged never to return. Of course...