Word: charterer
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Nearly every businessman believes that new corporate conglomerates went out with the miniskirt. Not Raymond Mason. Says the 53-year-old chairman of the Charter Co., who has hitched together an unlikely troika of oil, insurance and communications enterprises into the 74th firm on the FORTUNE 500 list: "You get safer by getting bigger...
...Charter is moving from big to magna. It has agreed to buy the ailing Commonwealth Oil Refining Co., which operates a 160,000 bbl.-per-day Puerto Rico refinery, for $650 million. And last week it was completing plans to build a 100,000 bbl.-per-day refinery in Alaska, as well as sewing up the rights to 75,000 bbl. per day of North Slope crude...
...Charter in many ways epitomizes the oil companies that President Carter has railed against for plowing oil profits into non-energy-related investments like hotels and department stores, which are totally unrelated to U.S. energy needs. Oil provided 95% of company profits in 1979, but earlier this year the firm used some of that money to pay a rumored $35 million for the ailing Philadelphia Bulletin (circ...
...lush 75-acre estate. Starting out with a motley collection of Florida mortgage, banking and land-developing firms, Mason in 1968 bought 60 small gas stations that eventually led to his acquiring $70 million worth of key Signal Oil & Gas properties two years later. From 1969 to 1974 Charter assets jumped 1184%, as the voracious Mason gobbled up other properties, including Ladies' Home Journal and Redbook magazines and Louisiana and Southern Life Insurance...
...many problems in government and management and so many people out there who want us to address them that we end up having to turn them down very often." Allison recalls a governor who was so impressed with the K-School's executive training programs that he wanted to charter a special one, just for his state's employees. "It would be nice if we could accomodate everyone, but we simply can't keep up with the demand," says Allison...