Word: mecom
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Team owner John Mecom Jr. of Houston and the wealthy. Pritzker family of Chicago have been trying to make a multi-million deal for weeks...
DIED. John W. Mecom Sr., 70, former oilfield roustabout whose success at turning abandoned wells into profitable operations, along with his initiative hi developing new fields in locales from Louisiana to Saudi Arabia, once ranked him with independent Oil Tycoons J. Paul Getty and H.L. Hunt; of a heart ailment; in Houston. An unpretentious man who never had a chauffeur (but who occasionally donned a chauffeur's cap to drive his wife around in a limousine), "Big John" at times was estimated to be worth more than $200 million, but in 1970 filed two bankruptcy petitions. Out of that...
...also hit by a wave of fund redemptions that forced him to suspend some operations. Several big-thinking Texans were deflated. James Ling, whose merger magic had expanded a tiny electrical firm into a $3.75 billion conglomerate, Ling-Temco-Vought Inc., was deposed by nervous bankers. Oil Millionaire John Mecom petitioned for bankruptcy...
...just sold, for about $1,000,000, a cattle ranch in Nevada and published a new book, Unknown Oman. Last week, after a brief cruise in the Greek Isles, he flew to New York on the spur of the moment, went to Texas to dine with Oilman John Mecom, continued on to San Francisco and Honolulu. Next, he contemplates going to Viet Nam, where he is an accredited war correspondent for Scripps-Howard...
...handshake quickly separated into fists of contention. Friends of Mecom say he had understood that six months from the date of the original deal-which was last week-he was to be ready with another payment of $14 million. Creekmore associates say the Endowment always made it clear that it wanted no part of long-term financing. Whatever the agreement had actually been, the Endowment and Creekmore gave Mecom its interpretation when he arrived with his cashier's check for $14 million. He offered to double the amount. They said that he could have 48 hours to raise...