Word: murchison
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Dates: during 1960-1969
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...With the Murchison brothers of Texas and others, he is building a 2,000-acre island-city off St. Petersburg, a dazzling tropical paradise connected by causeway with the mainland. He is also investing in a $4,500,000 "yachtel" called Porto-O-Call. Its restaurant will seat 1,300 people -but most of them will be up dancing to the music of Guy Lombardo...
Only half-jokingly, Clint Murchison once laid down a maxim that "a man is worth twice what he owes...
Estes was frank about telling people what his ambition was: he wanted to get as rich as the Murchisons, the most famous of Texas' big-rich clans. He had some theories about how to get Murchison-rich. One of his basic concepts was that he could profit by handing out presents-a car, a suit of clothes, a thousand dollars in cash-since the recipient would be under an obligation to do him future favors. Another notion was that when a debt gets big enough, the creditor acquires an interest in the survival and prosperity of the debtor...
...merger of the Norfolk & Western (of which it owns 32.7%) and the Nickel Plate; 2) after a titanic proxy fight, control of Alleghany Corp.-the holding company that controls the Central-passed from Robert Young's associate, Financier Allan P. Kirby to the Texas brothers, Clint and John Murchison, and Perlman found himself working for new bosses who insisted that the solution to the problems of the Eastern railroads lay in merger. Reopening negotiations, the two lines called in a trio of prestigious investment banking houses-Morgan, Stanley & Co., the First Boston Corp. and Glore, Forgan & Co.-which spent...
Last May when Texans John and Clint Murchison Jr. (TIME cover, June 16) ousted Wall Street Millionaire Allan Kirby from control of Alleghany Corp., Kirby growled ominously: "The Murchison boys are way out on a limb." Last week Kirby. who still holds the biggest single block (33⅓%) of Alleghany'sl common stock, reached for his saw. In a letter to the SEC, Kirby protested the Murchisons' proposal to split and reclassify the stock of Minneapolis' Investors Diversified Services, a $4 billion mutual fund complex currently controlled by Alleghany. Kirby clearly feared that if the Murchisons were...