Word: indianas
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Dates: during 1940-1949
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...Aruba island refinery in the Dutch West Indies. For 1932, Amoco and subsidiaries turned in a net profit of $4,149,200, up 1,075% from the year the Pan Am deal was made. But meanwhile Louis Blaustein awakened one morning to find his worst fears confirmed: Standard of Indiana, after quietly buying up Pan Am stock, was in control of the production and refining end of his business...
...began to feel the squeeze. First its domestic crude supplies and pipe lines were sold to a Standard of Indiana subsidiary. Next, in 1932, all Pan Am's foreign holdings were sold. The purchaser: Standard of New Jersey, which got the famed Lago properties and the Aruba refinery (now the heart of Standard of New Jersey's foreign production), a fleet of 29 tankers, plus refineries in Mexico, Germany. Amoco became dependent once more on Standard of New Jersey for its oil and gas, was right back where it had started...
Louis Blaustein protested, and there was a compromise. Pan American Petroleum & Transport was reorganized, combined with Amoco. The Blausteins traded their holdings for a 28% interest in Pan Am, and Louis Blaustein became its president. Standard of Indiana, in control with 70%, promised to see to it that Pan Am got new production and refining facilities of its own. But in 1937, Louis Blaustein resigned from Pan Am's presidency, Jacob gave up the chair of executive vice president; they sued as minority stockholders...
...Blaustein claim: that Standard of Indiana, with the connivance of Standard of New Jersey, had prevented development of Pan Am as an integrated com pany, had caused Pan Am to lose millions of dollars...
...looked down on as potent a battery of lawyers as ever appeared in one court: famed Elder Statesman Henry Lewis Stimson for the Blausteins, ex-Presidential Nominee John W. Davis for Standard of New Jersey, Chief Justice Hughes's onetime law partner Ralph Scott Harris for Standard of Indiana, and others. For 70 trial days and 10,361 pages, the testimony rolled in. Then Sam Rosen man sat down to think it out. His decision, wrapped up in 182 pages: Standard of New Jersey was not liable; but Standard of Indiana must account for its profits...