Word: keck
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Superior's Chairman William Keck does just as well. With 51% of Superior's 422,264 shares, he and his family will get $413 million in stock. The swap is nontaxable, since no cash changes hands. The only tax is on the income from their 5,168,500 shares of Texaco. Annual income, at Texaco's current $2.35 payout: $12.4 million...
...Fight. For old Bill Keck, it was the end of a long fight to stay independent in an age of integration and merger. A California wildcatter who first struck it rich in 1922, he steadfastly refused to go into refining and marketing, or merge with anyone who did. But now, at 79, he is growing weary of the fight and realizes that a producer must have markets to remain strong. Says a Keck aide: "It has simply become too difficult to do business. Without refinery facilities, we have no import quotas of our own and are entirely at the mercy...
...Lobbyist John Neff "acted with consummate indiscretion in making his promiscuous contacts" in Washington, South Dakota, Iowa and Montana. On one occasion, "while Mr. Neff succeeded in not violating any law here, he appears to have had every intention to do so." Superior Oil's President Howard B. Keck was not responsible for the specifics, but he showed "remarkable laxity" in delegating the expenditure of his "personal funds." As for mild Senator Case, who has never quite squared himself with the Senate leadership for calling attention to the whole mess, the committee could muster up only the lamest kind...
...McCarthy, badly hurt in Wisconsin by his vote for the gas bill, found it necessary to explain a $2,000 contribution he received in 1952 from a man named N. B. Keck. Joe professed uncertainty as to whether his donor was the H. B. Keck who is president of Superior Oil, but said that, in any event"I assume he was contributing because of my fight against Communism...
...favorably disposed toward the gas bill. He therefore went to the Shoreham Hotel, where he talked to Elmer Patman, an attorney for Superior Oil, and recommended the contribution to Case. Patman peeled off $2,500 from a "personal" fund, which he handled for Superior's President Howard Keck of Los Angeles. Later, Neff flew to South Dakota and turned 25 old $100 bills over to Kahler for delivery to the Senator's campaign fund...