Word: oilman
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...grown. The Mesa Petroleum chairman announced that his investor group, which now holds 13.6% of Unocal, is seriously considering an effort to gain control of the company. Pickens' group last week asked Unocal to postpone its annual shareholders meeting, scheduled for April 29, by two months so the | Texas oilman could assemble his own slate of directors to run against the current board. Unocal curtly refused...
Here's the story. A famous Hollywood studio--let's call it 20th Century- Fox --is in trouble. The 300-lb., bear-hugging Denver oilman who bought it in 1981--Marvin Davis might be a good name for him--has presided over a festival of flops with titles like Rhinestone, The Buddy System, A Night in Heaven, Blame It on Rio and Turk 182! Last September he brought in the super-star mogul of Paramount Pictures--let's give him the name Barry Diller--to turn things around. But meanwhile the losses keep on mounting: $85 million in the last...
...Texas oilman has reaped his vast payoffs through the mastery of the takeover battle, a colorful form of corporate warfare fought with dollars, stock and shareholder votes. The campaigns are as vivid as the terminology of their tactics (see box). A takeover raider typically launches his attack by buying a significant percentage of a firm's stock and offering to pay other shareholders more than the current market level for their securities. The goal is to get enough shares--typically 51%--to win control of the company and the ability to run it. Management and the raider frequently get into...
After a year of knocking about without financial backing, Pickens secured a $100,000 line of credit, half of which came from his wife's uncle. With it, he formed Petroleum Exploration, his first company. "I've worked with a lot of geologists," remembers Lawton Clark, an independent Denver oilman who joined Pickens in that venture, "but I've never seen anyone as well prepared. He just knew what there was to be known." Pickens describes those hardscrabble early days as a period of "pickin' with the chicken...
...York City in the form of legal fees and payments for other services. Midway through the evening a chimpanzee on roller skates suddenly appeared. Garbed in Gulf filling-station livery, the ape wheeled into the room, sat down next to Pickens and began licking his face. Quipped the startled oilman in reference to Gulf's chairman: "James Lee was never this friendly...