GETTY/RESERVE
MACDONALD EARNS GETTY $4,000,000,000; FEE UNPAID
The train clicks along in the darkness as the dim light shines on financial papers with pages of stocks seemingly never-ending. This was after a limo ride and luncheon meeting at the exclusive cafe, Fentons, in Toronto, with the Chairman of Rank Organization's Canadian holdings, Derrick Montague. I had initially advised the previous Rank Canada, Chairman, Peter Caspari, on the development of Sheppard Center, a huge office/residential development located in the north area of Toronto. Mr. Montague agreed with my suggestion that if I were to present an oil company ... that Rank may evaluate it for possible acquisition. This was when I decided to take a train ride out west. I pondered the ongoing flow of data until I came across a company listed under the energy sector named Canadian Reserve. It seemed like a good name. I'd have to check the data further ... on this one as well as several that I had added to my list of possible candidates for a take-over. Coseka Resources, Trimac, Numac and other corporate names reflected potential; yet until further research went into their assets and financial structure, they would only be names on a long list of companies. I liked the sound of Canadian Reserve/Reserve Oil & Gas Company and since it was going to be presented to Rank, they could hopefully relate to it. Each stop on the route provided an opportunity to obtain more financials, to allow me to scan the markets. Then, upon arriving in Calgary, I was able to get the Annual Report from Canadian Reserve showing where their assets were and what the financial picture was like. It seemed as though they had vast holdings in the Pembina area of Alberta, which was one of the biggest deposits of oil in North America. After doing further research into the geological areas ... I was impressed with the holdings and the financials looked solid. Canadian Reserve was worth $140,000,000 and would certainly make a nice division to own. I called Petro-Canada and spoke with Maurice Strong, founder and Chairman of Petro-Canada, as well as Joel Bell, V.P. I also called Conrad Black's, Argus Corporation and spoke with Mr. Edmison, Vice-President at Argus. I decided to make a call to Roman Corp./Denison Mines and after speaking with Charles Parmalee, V.P., I asked Tony Fell, from Dominion Securities, to please relay data over to Mr. Parmalee and Mr. Steven Roman. I had met with Tony Fell, Chairman of Dominion Securities while in Toronto and indicated that I may be launching an oil company take-over and he stated that he would help in any way he could. A call to my Harvard Law Honor grad., legal adviser … Eric Haessler, agreed to meet with me in Vancouver in August and we eventually met at the Bayshore Inn as we pondered the legalities that would have to faced before a meeting I had arranged in Denver with the President of Reserve, Paul D. Meadows. Eric suggested that we have a subsequent meeting in Seattle where he owned a forestry corporation and I initially booked a flight from Seattle to Denver for September 6th … but Eric insisted we drive to Portland. Eric, as my legal adviser, was kind enough to allow me to use his corporate offices in Portland to handle any last minute details, in preparation for my four o'clock, September 9, 1977, meeting in Denver. Upon my arrival at the Reserve offices in Denver, I met with Mr. Meadows and Mr. Green, V.P. of Reserve, whereupon we discussed the possibility of me presenting Reserve with an acquisition bid. I then flew to Los Angeles and after speaking with Mr. Montague from Rank, he said he was flying to London, England and would present the situation to Rank; but it may be something that Rank would be unable to acquire at this time. He did mention that he was aware of the wealthy Winssinger family in Bakersfield, who may be interested in such an entity. After several calls, I was able to speak with the Winssinger family, whereupon, I arranged an appointment to meet with them; at one o'clock Oct. 4, 1977. Eric Haessler and I met at the Bakersfield airport and a young gentleman from the family, met us at the airport. As we drove across the landscape, the driver pointed to the horizon and stated that they owned all the land up to the mountains, as oil rigs pumped oil from the land as we drove on. They too declined to make a bid, and stated that they were interested in Beverly Hills. Then; back to Los Angeles. After several days, on Oct. 10, 1977, I decided to call Getty Oil Company to speak with their executive level, to see whether they might be interested in acquiring Reserve. I put together data and had it relayed to Harold Berg, Chairman of Getty Oil, as well as to Robert Talboy, a key executive in charge of production. I later called each office and confirmed its arrival and spoke with Robert Talboy, on Oct. 11, 1977 at one o'clock, at great length, as he stated that Getty Oil Company would evaluate the data on Reserve. At two o'clock, on Oct. 11, 1977, I called the Denver office of Reserve, President, Mr. Meadows; minutes later, the offices of Eric Haessler, my attorney and immediately thereafter, called the Los Angeles office, of Reserve, Chairman, John R. MacMillan, to establish that Reserve was officially presented to Getty Oil Company. Mr. MacMillan was somewhat shocked to hear that Reserve was put on the street, as it were ... but I assured him that it was handled with the ultimate level of dignity. Meanwhile, Denison Mines from Toronto, decided to make a bid at $27.50 U.S., a share ... worth $525,000,000. Shortly thereafter, Getty Oil Company offered Denison Mines, $10,000,000 to withdraw their bid in anticipation of a bid for Reserve. Getty made its $620,947,000 acquisition bid for Reserve only after Reserve definitively agreed to be acquired by Denison Mines of Toronto. Getty was worth $6,500,000,000 in 1982 and based on the eventual Texaco Inc. take-over of Getty Oil Company, at $10,000,000,000 and with subsequent market value increase of Reserve and re-instated to 2008 for inflation … Reserve earned the Getty shareholders more than $4,000,000,000 in profit. This earned Gordon Getty, $402,000,000; J. Paul Getty II, (KBE), $402,000,000; Ronald Getty $402,000,000; the three Getty nieces, Anne Getty Earhart, Claire Getty Perry & Caroline Getty; $402,000,000 and J. Paul Getty Trust, $880,000,000.
The train clicks along in the darkness as the dim light shines on financial papers with pages of stocks seemingly never-ending. This was after a limo ride and luncheon meeting at the exclusive cafe, Fentons, in Toronto, with the Chairman of Rank Organization's Canadian holdings, Derrick Montague. I had initially advised the previous Rank Canada, Chairman, Peter Caspari, on the development of Sheppard Center, a huge office/residential development located in the north area of Toronto. Mr. Montague agreed with my suggestion that if I were to present an oil company ... that Rank may evaluate it for possible acquisition. This was when I decided to take a train ride out west. I pondered the ongoing flow of data until I came across a company listed under the energy sector named Canadian Reserve. It seemed like a good name. I'd have to check the data further ... on this one as well as several that I had added to my list of possible candidates for a take-over. Coseka Resources, Trimac, Numac and other corporate names reflected potential; yet until further research went into their assets and financial structure, they would only be names on a long list of companies. I liked the sound of Canadian Reserve/Reserve Oil & Gas Company and since it was going to be presented to Rank, they could hopefully relate to it. Each stop on the route provided an opportunity to obtain more financials, to allow me to scan the markets. Then, upon arriving in Calgary, I was able to get the Annual Report from Canadian Reserve showing where their assets were and what the financial picture was like. It seemed as though they had vast holdings in the Pembina area of Alberta, which was one of the biggest deposits of oil in North America. After doing further research into the geological areas ... I was impressed with the holdings and the financials looked solid. Canadian Reserve was worth $140,000,000 and would certainly make a nice division to own. I called Petro-Canada and spoke with Maurice Strong, founder and Chairman of Petro-Canada, as well as Joel Bell, V.P. I also called Conrad Black's, Argus Corporation and spoke with Mr. Edmison, Vice-President at Argus. I decided to make a call to Roman Corp./Denison Mines and after speaking with Charles Parmalee, V.P., I asked Tony Fell, from Dominion Securities, to please relay data over to Mr. Parmalee and Mr. Steven Roman. I had met with Tony Fell, Chairman of Dominion Securities while in Toronto and indicated that I may be launching an oil company take-over and he stated that he would help in any way he could. A call to my Harvard Law Honor grad., legal adviser … Eric Haessler, agreed to meet with me in Vancouver in August and we eventually met at the Bayshore Inn as we pondered the legalities that would have to faced before a meeting I had arranged in Denver with the President of Reserve, Paul D. Meadows. Eric suggested that we have a subsequent meeting in Seattle where he owned a forestry corporation and I initially booked a flight from Seattle to Denver for September 6th … but Eric insisted we drive to Portland. Eric, as my legal adviser, was kind enough to allow me to use his corporate offices in Portland to handle any last minute details, in preparation for my four o'clock, September 9, 1977, meeting in Denver. Upon my arrival at the Reserve offices in Denver, I met with Mr. Meadows and Mr. Green, V.P. of Reserve, whereupon we discussed the possibility of me presenting Reserve with an acquisition bid. I then flew to Los Angeles and after speaking with Mr. Montague from Rank, he said he was flying to London, England and would present the situation to Rank; but it may be something that Rank would be unable to acquire at this time. He did mention that he was aware of the wealthy Winssinger family in Bakersfield, who may be interested in such an entity. After several calls, I was able to speak with the Winssinger family, whereupon, I arranged an appointment to meet with them; at one o'clock Oct. 4, 1977. Eric Haessler and I met at the Bakersfield airport and a young gentleman from the family, met us at the airport. As we drove across the landscape, the driver pointed to the horizon and stated that they owned all the land up to the mountains, as oil rigs pumped oil from the land as we drove on. They too declined to make a bid, and stated that they were interested in Beverly Hills. Then; back to Los Angeles. After several days, on Oct. 10, 1977, I decided to call Getty Oil Company to speak with their executive level, to see whether they might be interested in acquiring Reserve. I put together data and had it relayed to Harold Berg, Chairman of Getty Oil, as well as to Robert Talboy, a key executive in charge of production. I later called each office and confirmed its arrival and spoke with Robert Talboy, on Oct. 11, 1977 at one o'clock, at great length, as he stated that Getty Oil Company would evaluate the data on Reserve. At two o'clock, on Oct. 11, 1977, I called the Denver office of Reserve, President, Mr. Meadows; minutes later, the offices of Eric Haessler, my attorney and immediately thereafter, called the Los Angeles office, of Reserve, Chairman, John R. MacMillan, to establish that Reserve was officially presented to Getty Oil Company. Mr. MacMillan was somewhat shocked to hear that Reserve was put on the street, as it were ... but I assured him that it was handled with the ultimate level of dignity. Meanwhile, Denison Mines from Toronto, decided to make a bid at $27.50 U.S., a share ... worth $525,000,000. Shortly thereafter, Getty Oil Company offered Denison Mines, $10,000,000 to withdraw their bid in anticipation of a bid for Reserve. Getty made its $620,947,000 acquisition bid for Reserve only after Reserve definitively agreed to be acquired by Denison Mines of Toronto. Getty was worth $6,500,000,000 in 1982 and based on the eventual Texaco Inc. take-over of Getty Oil Company, at $10,000,000,000 and with subsequent market value increase of Reserve and re-instated to 2008 for inflation … Reserve earned the Getty shareholders more than $4,000,000,000 in profit. This earned Gordon Getty, $402,000,000; J. Paul Getty II, (KBE), $402,000,000; Ronald Getty $402,000,000; the three Getty nieces, Anne Getty Earhart, Claire Getty Perry & Caroline Getty; $402,000,000 and J. Paul Getty Trust, $880,000,000.
posted by GRANT MACDONALD at
6:12 AM
