Word: oilman
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Dates: during 1980-1989
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Prince of the Panhandle. T. Boone Pickens has few regrets about his raiding career. "Our motives were sincere," says the Amarillo, Texas, oilman. "We believed we could run those companies better than they were being run." Pickens, 61, never managed to acquire such energy giants as Gulf Oil, Phillips Petroleum and Unocal, all of which he attacked in the mid-'80s. Yet he enriched himself by acquiring stock in the companies and then selling the shares at a profit, making nearly $400 million on his Gulf raid alone...
...drew gasps as well, since it was the most ever offered for an airline and was almost 50% higher than the price of AMR shares just before the bid. But the airline industry is in the grip of takeover fever. After fending off bids from Los Angeles oilman Marvin Davis, the management and employees of No. 2-ranked United in Chicago are attempting to take their company private for an estimated $6.7 billion. And last June an investor group led by Los Angeles financier Alfred Checchi paid $3.6 billion for No. 4-ranked Northwest Airlines. Of the four largest...
Other than luck, what an oilman needs most is persistence. Marvin Davis has plenty of both. The bulky son of a dress manufacturer from Newark, Davis made his first billion dollars in less than 20 years as a Denver-based wildcatter with a salesman's knack for raising capital and a blessed instinct for drilling gushers. Now, amid the takeover frenzy gripping the airline industry, Davis has set his cap for a giant carrier...
What sounds like a fictional thriller about a globe-trotting takeover artist is the real-life adventure of T. Boone Pickens, the Amarillo oilman and corporate raider. Pickens was in prime form last week as he challenged corporate officers at the annual meeting of Koito Manufacturing, a Tokyo-based automotive-lighting maker in which he controls a 20% share. "Do you treat all owners this way? Or is it just American shareholders?" Pickens asked, grilling the nervous Japanese board members...
Davis still tells friends that Goldwyn never got his name straight, referring to him as "Marvin." That slight dogs the Paramount chief to this ( day: he is often confused with Marvin Davis, the Denver oilman who is making a bid for Northwest Airlines. As the struggle for control of Time Inc. heats up, Martin Davis' relative obscurity is likely...