Word: mesa
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Dates: during 1980-1989
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...existing management is another defense. In Delaware, certain defensive tactics, like issuing rights or options to buy shares of a company, can be approved by directors alone, without a vote by shareholders. Gulf reincorporated in Delaware from Pennsylvania, thus shielding itself at least for now against a raid by Mesa Petroleum's T. Boone Pickens Jr. Many experts question the legality of shark repellents. Dissident shareholders challenge them, charging that they amount to changing the rules in the middle of the game...
...business is gruesome enough: an assembly-line crematorium that makes up in volume what it cuts in price. But Harbor Lawn Mount Olive Mortuary, Cemetery and Crematory in Costa Mesa, Calif., is accused of even grislier practices. To handle its backlog of bodies, former employees claim, the mortuary crammed corpses five at a time into gas ovens built for one. The jumbled ashes were allegedly dumped into 30-gal. trash cans. Then, says Bob Kilburn, a funeral refrigeration-supply manufacturer who installed a cooler at Harbor Lawn three years ago, "they'd scoop up ashes with a pail...
...civil war among the shareholders of Gulf Oil, the leaders of the opposing camps both speak with Southern accents, but there the similarities end. The challenger, Chairman T. Boone Pickens Jr., 55, of Mesa Petroleum in Amarillo, is a dashing, salty Texas oilman who delights in telling earthy jokes. The defender, Gulf Chairman James E. Lee, 61, is a bald, straitlaced native of Mississippi who sometimes leads prayers before gatherings of his board of directors. While Lee has spent his whole career plodding through Gulfs corporate ranks, Pickens is a free-spirited dealmaker whose company has bought and sold stakes...
...with the Securities and Exchange Commission, the Pickens group indicated some changes they might like to make at Gulf to build the stock's value. Among them: selling oil and gas holdings to shareholders in the form of a royalty trust. This device, first used in 1979 at Mesa, would have the effect of avoiding double taxation (first as corporate profits, then as shareholder dividends...
Pickens disclaimed any interest in winning such a seat: "I'm already on too many boards." He accused the company of attempting to shut off Mesa's credit by threatening to withdraw its business from banks where Mesa borrows money...