Word: hunted
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Dates: during 1980-1989
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...Placid Oil Co. and its creditor banks. On the surface, the squabble over corporate bankruptcy seemed mundane. In fact, the rancorous debate was anything but routine. For Placid is not just any oil company. It is the crown jewel of the financial empire built by the legendary Texan H.L. Hunt and ruled today by his beleaguered sons and heirs. Behind the legal posturing was nothing less than a desperate struggle to save the remnants of one of America's most fabled fortunes...
...what could be a serious blow to the Hunt clan, the craggy-faced Barefoot Sanders ruled that Placid must shift its petition for bankruptcy relief from a New Orleans court to Dallas. The banks wanted the case to be heard in Dallas, in Sanders' jurisdiction, but the Hunts hoped to avoid the judge. Sanders, a liberal Democrat who ran unsuccessfully for the U.S. Senate, has never been friendly with the conservative Republican Hunts. The Hunts may fear that having Sanders on the case could hurt their chances of holding on to what is left of their dwindling assets, which have...
...three Hunt brothers who are the principal heirs of Papa H.L. -- Nelson Bunker, now 60, William Herbert, 57, and Lamar, 54 -- estimated their combined net worth to be between $5 billion and $6 billion. Last August they admitted that their fortune had fallen to about $2 billion. Since then, oil prices have plunged more than 50%, and it is now difficult to say what all those idle Hunt rigs and energy reserves are worth. The brothers still have many millions stashed in personal holdings -- from bank accounts to racehorses and rare coins -- but they may no longer be able...
...filed for Chapter 11 protection two weeks ago, the company listed debts of $979.3 million against assets of $2.05 billion. The move was a last-resort effort to prevent the company's 23 lenders, including Houston's Texas Commerce Bank and RepublicBank of Dallas, from foreclosing on such Hunt assets as oil and gas leases and real estate. Thus the banks and the Hunts are now battling for control of the family's remaining wealth...
...ruling that the Hunts must move their bankruptcy case to Dallas, Judge Sanders said that since the majority of the Hunt creditors are based in Texas, their claims should be heard in that state. Jerry Jones, a lawyer for the banks, had earlier argued that "we do not want to be charging around the United States to collect our debts." Some observers speculate that the Hunts may have wanted their case to be heard in a New Orleans court because they believed they would find a more sympathetic judge there. The Hunts, however, . deny that charge. Their lawyers maintain that...