Word: mesa
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Next to racquetball, playing poker and flying in his Learjet, there are few pastimes that Texas Oilman T. Boone Pickens Jr., 55, enjoys more than swooping down on vulnerable companies and giving their managers the willies. During the past 16 months, Pickens has earned $105.7 million for his company, Mesa Petroleum, by buying up large amounts of undervalued stocks and selling them at a handsome profit, sometimes back to the company whose stock he bought. Early this year, for example, he bought a large stake in Superior Oil, then in September sold it back to Superior for a $31.8 million...
...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...
Sergio López-Mesa San Pedro, Calif...
...black-and-white tomcat named Jober, who owes one of his nine lives to a $19 accident policy. When Jober was hit by a car and suffered a fractured skull, the policy covered $200 of its $354 hospital bill. Jober's owners, Lou and Fran Bruno of Costa Mesa, Calif., admit they would otherwise have had second thoughts about having the expensive treatment. Said Bruno: "We were so happy to be able to tell the vet to go ahead and do what he could...
...supporters in the struggle is T. Boone Pickens, chairman of Mesa Petroleum and a takeover artist. Mesa already owns a reported 3.2 million shares in Superior and plans to vote them for Day's proposals in May. Pickens sees the Superior fight as a sign of things to come. Says he: "We are entering an era of stockholder awareness...