Word: rios
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Dates: during 1930-1939
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...there was a report that Harry Sinclair had been elected board chairman of a West Texas Company called Rio Grande Oil, which had a branch in California. Rio Grande soon slid to the brink of receivership and Oilman Sinclair denied that he had anything to do with the company. Just ten months later, however, Harry Sinclair's new Consolidated Oil Corp. acquired control of Rio Grande with the help of Elisha Walker's Interstate Equities Corp. in a deal which has since aroused the curiosity of the Securities & Exchange Commission. Thus, at about the time Richfield was succumbing...
About this time Harry Sinclair borrowed a Fokker from his new Rio Grande company, flew to California for an oilmen's dinner in his honor. "Gentlemen," said he, looking brawny President Kenneth Raleigh Kingsbury of Standard Oil of California in the eye, "I am in California and I am in to stay." Richfield's next half-dozen abortive reorganization plans came alternately from Standard Oil's Kingsbury and Consolidated's Sinclair. As soon as the prospects seemed good for selling out to one company the other company would raise the bid. Sinclair's last offer...
...since 1930, Harry Sinclair and Harry Doherty finally got together. Cities Service Co., which owned 25% of Richfield bonds, 14% of the bonds of Richfield's California subsidiary, Pan American Petroleum, and a majority of the Richfield preferred and common stocks, sold them all to Sinclair's Rio Grande Oil for a half interest in that company. In an immensely better tactical position to make use of the Richfield holdings than Doherty had been in 1931, Harry Sinclair proceeded to sponsor through Kuhn, Loeb & Co. a merger between Richfield and now prosperous Rio Grande...
Approved last September by two-thirds of the bondholders and creditors and last week by long-suffering Federal Judge William Parry James in Los Angeles District Court, the reorganization provides for a new company, Richfield Oil Corp., to which Rio Grande will contribute assets of between $15,000,000 and $20,000,000. Underwritten by Rio Grande, by Consolidated Oil and by Cities Service will be an issue of $10,000,000 in debentures, available to Richfield and Pan American bondholders and creditors through subscription certificates given them along with shares of stock in the new company. Underwritten by Kuhn...
...organization committee hastened to assure Mr. Hurley that it very much wanted Mr. Sinclair on the board. Other board members will be President F. R. Coates and Vice President W. Alton ("Pete") Jones of Cities Service, President H. R. Gallagher of Consolidated Oil, President Charles S. Jones of Rio Grande Oil, Richfield's longtime Receiver McDuffie and representatives of banking and creditor interests, including Cinemagnate Joseph Michael Schenck...