Word: mccandish
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Dates: during 1970-1979
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...theory, Oilman John McCandish King should be a pauper. He has lost his $170,000-a-year job as chairman of King Resources, a mineral exploration firm. That company has been forced into bankruptcy, and creditors are seeking to have Colorado Corp., a holding company that is 90% owned by King, declared bankrupt also. The Internal Revenue Service has slapped liens on his property for $5,300,000 in back taxes. Creditors, former investors, and tax authorities are suing him in at least six states to collect what is left of his personal fortune, which was once estimated...
...John McCandish King is a storybook example of the go-getting American entrepreneur, a man who is willing to take the big risk to get the big reward and knows how to use technology and the tax laws. Starting with a $1,500 investment in an Oklahoma oil-drilling venture, he has amassed a personal fortune recently estimated at $480 million. Though the stock-market skid has somewhat deflated his holdings, he does not have to worry where his next oil well is coming from. At 43, he is a big bear...
Rescuers. The first offer to aid I.O.S. came from a longtime Cornfeld associate, Denver Millionaire John McCandish King, 43, chairman of King Resources, an oil and mineral exploration and development company. I.O.S. has invested millions in mutual-fund money in the company's oil and mineral ventures, but King's terms last week were harsh. For a reported $40 million injection of cash and notes, he demanded the I.O.S. presidency and complete control. The 35% of I.O.S. stock owned by Cornfeld and his chief lieutenants would be held in a voting trust controlled by King...
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