Word: mesa
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...March 9 Stanford surgeons performed a heart-lung transplant, only the fourth such operation ever and the first since 1971. The patient was Mary Gohlke, 45, a newspaper executive from Mesa, Ariz. She had been suffering from pulmonary hypertension, a condition in which high blood pressure in the vessels of the lungs impairs breathing and eventually damages the heart. Dr. Bruce Reitz and his Stanford team severed the aorta and trachea and cut through the heart's right atrium to remove the heart and lungs. "The whole thing comes out as a package," explains Reitz. Then they replaced...
...distance tower the Abajo Mountains. Spread out below is an immense rock garden, burnished red and brown and buff. The sun bursts through the clouds, first lighting the Six-Shooter Peaks, then Cathedral Butte. The Colorado and Green rivers meander deep in the shadows, carving their signatures into the mesa with canyons 1,200 ft. deep. Five miles away, the joined rivers let out a thunderous roar, but up here all is silence. The space is awesome, the stillness complete, the solitude absolute...
Mastermind of the tax tactic is Mesa Chairman T. Boone Pickens Jr., 52, who majored in geology at Oklahoma State and started his own oil-producing firm in 1954 on a shoestring investment of $2,500. He has built Mesa into a company with 1979 revenues of $270 million and has amassed a personal fortune of more than $70 million. The biggest beneficiary from tax breaks on Mesa's trust fund will be Pickens. He owns 500,000 shares worth $20.5 million...
Other imitators of Mesa have already appeared. Southland Royalty of Fort Worth will soon put 50% of its $3 billion in oil and gas holdings into trust. Within a week after that announcement was made, South land's stock rose 46%, to $102. In a variant of Pickens' idea, Houston Oil & Minerals set up a trust combining older wells and an interest in 40 major prospects, mostly how the Gulf of Mexico. Instead of giving the shares to its stockholders, how ever, thereby Oil & Minerals sold them on the open market. The firm thereby raised $60 million, which...
...analysts believe that several other companies, including General American the of Texas and Marathon Oil of Ohio, are likely to follow the Mesa or Houston examples. As the exploration boom heats up, many firms may be anx ious to jettison old wells and concentrate on wild-cat drilling. One uncertainty about the trusts: the Internal Revenue Service has yet to rule on the tax benefits that will shower on shareholders. Until then, Texas tycoons will continue drilling through this large loophole...