Charter Company Jacksonville, Florida is a conglomerate with more than 180 Fortune 500 subsidiaries for 11 years starting in 1974 and ranked 61st in 1984. The company filed for bankruptcy protection in late 1984, finally sold all of his business and bought Spelling Entertainment Inc. to form Spelling Entertainment Group Inc.
Video Charter Company
Histori
The Charter Company started in Jacksonville, Florida in 1949 by Jacksonville natives, Raymond Knight Mason, just graduating from college. The company roots come from Mason Lumber Company , founded in 1919.
Edward Ball, a powerful figure in Florida's business and politics for decades, is Mason's friend and mentor. Ball worked for Alfred I. du Pont for nine years as a business associate before the death of du Pont in 1935, then managed the trust assets for 46 years.
The charter begins with a group of Florida mortgages, banks and companies that develop the land. The company then bought 60 small gas stations in 1968.
In 1970, Charter purchased a $ 70 million petroleum operation from the Signal Company. Included in the deal is a small petrol refinery in Houston, Texas that needs renewal, a series of gas stations in the Southeast and some tanker contracts in question. Four years later, when the Arab oil embargo struck, the Charter cashed in.
Also in 1970, the congress revoked exceptions allowing charity trust to control the bank, forcing the du Pont Trust to escape the Florida National Bank Group, which the Charter bought. The charter also owned 8.4% of St. Paper Company. Joe, one of the biggest assets in du Pont Trust, while St. Joe has 22% Charter. The two companies exchanged shares in 1972 with the intent to join.
Senator Joseph Tydings is an investment partner in the Charter since 1964 with a $ 2 million equity. At one time, Tydings was the largest Charter shareholder outside the Mason family. A Life Magazine article in 1970 suggested that senators use its influence to aid the Charter in business transactions, but no laws are violated.
In 1975, the Charter purchased Red Books from Norton Simon Inc. In 1978, the Charter acquired Downe Communications, the publisher of Ladies' Home Journal . The charter had had a controlling stake in Downe for several years previously. A year earlier, Downe got Bartell, a magazine publisher like Sport .
The Charter recognizes that in 1978 and 1979 two of its oil executives had discussions with fugitive Robert Vesco; Mr. Vesco and Mr. Mason held a business discussion as far back as 1971. Vesco lives in the Bahamas and refused a request that he return to the United States to face charges that he cheated investors of millions of dollars. The Senate Judiciary Committee is investigating the relationship between Billy Carter, President Jimmy Carter's brother, Vesco, and the Libyan state.
Carey Energy Corporation, with $ 550 million in assets, was acquired by Charter in 1979 for $ 4 million is cash, $ 16 million in preferred Charter convertible and consulting work for Edward M. Carey pays $ 200,000 per year. Carey Energy's main asset is a 65% ownership in the Bahamas Refinery and New England Petroleum Company, a distribution of fuel oil based in Brooklyn that sells fuel produced by refineries up and down on the Atlantic coast.
In 1980, the Charter decided to buy the Commonwealth Oil Refining Co and their Puerto Rican refinery, which processed 160,000 bbl (25,000 m 3 ). per day, for $ 650 million. The company also has plans to build 100,000 bbl (16,000 m 3 ). refinery per day in Alaska to process 75,000 bbl (11,900 m 3 ). per day of the promised North Slope oil.
Maps Charter Company
Operation
The company is divided into three lines: Oil Purification, Insurance and Communications.
Raymond Knight Mason
Mason has an eccentricity reputation, but employees say he has his "own way." Mason has two special properties, both of which were obtained through his friend, Ed Ball. Epping Forest is a former estate of Alfred I. du Pont and Jessie Ball du Pont, Ball's sister. Mason's house, still owned by Mason, is a castle in Ballynahinch, County Galway, Ireland, and once owned by Ed Ball.
Performance
The company had sales of about $ 5 billion in 1981, while their revenue was $ 0.06 per share, the lowest point in a decade. The decline was due to the abundance of oil, which lowered prices.
That year, Jack Donnell began to eliminate some of the communication and publishing properties and cut the list of subsidiaries to levels that could work with the company. The charter had a net income of $ 53.89 million, or $ 2.01 per share in 1983. In 1984, the company reported a net loss of $ 749.34 million, $ 685 million in which the company was associated with discontinued operations, filing for bankruptcy and provision for expected losses. about the disposal of assets partially offset by gains on assets sold.
Problems
The 1980s began with revenue falling dramatically, and everything went from bad to worse.
Copter crash
The charter company experienced a tragedy in the early hours of July 29, 1982 when four senior executives were killed in Ireland when their helicopter crashed on the way from Mason castle to Shannon Airport. Killed are Jack T. Donnell, 53, president and director of Charter operations and three from Charter Oil: Dudley K. Parker, 49, president; Barry L. Green, 34, executive vice president; and Jay L. Lammons, 43, senior vice president.
Zeke Zechella, who had joined the Charter in 1980 after leaving Offshore Power Systems, was named president of Charter, replacing Donnell.
Claim
The lawsuit filed on December 16, 1983 seeks redress of more than $ 1.8 billion. Charter Company dba Charter Oil Company of Jacksonville is one of four companies named as defendants.
Independent Petrochemical Corporation (IPC), is a wholly owned subsidiary of Charter Oil. On several occasions, and as a courtesy to customers, IPC regulates the disposal of waste oil by St. John's oil crusher. Louis, Bliss Oil, on the understanding that Bliss will bring the oil to the dump. In fact, after President Bliss Oil tasted oil to check on its suitability for other uses and found a suitable flavor, Bliss sprayed it as a dust suppressor at various locations throughout Missouri. Spraying occurs for at least two months, with each spray lasting about 30-40 minutes. Waste oil contains dioxins and dioxins, a chemical compound known as carcinogens. The disposal of dioxin-contaminated oil is the basis of claims against IPC by the federal government, the State of Missouri, and over 1,600 private plaintiffs. Personal suits seek $ 4 billion of aggregate in compensation and equal amounts in punitive damages. IPC enters a settlement covering all claims covering more than $ 100 million paid to the federal government for the cleaning of various sites in Missouri.
Bankruptcy
When Edward M. Carey sold Carey Energy Corporation to the Charter in 1979, his comment was: "Being in the oil business like having a bear in the tail, you have to keep feeding it You have to feed it to do it."
At that time, Carey's bear (Carey Energy) has been in a prolonged mood as he can not feed him (sourcing crude oil sources for refineries). Five years later, the bear was hungry and angry again.
One of the main reasons for the bankruptcy of the Charter is the financial market. Oil prices fell sharply and companies lost their ability to get trade credits, so they could not buy crude oil (feeding bears) and it forced the Charter into Chapter 11, according to Mason.
The Charter Company and 43 subsidiaries (including IPC) filed for protection under Chapter 11 of the bankruptcy law on April 20, 1984. In connection with Bankruptcy filing, the company laid off 200 people in its offices in Jacksonville - representing nearly 50% - and the same amount in Houston.
Mason sold Epping Forest to Herb Peyton in 1984 and resigned as Chairman of the Charter. Company president Zeke Zechella retired the following year. Most of the company's subsidiaries were sold before emerging from court protection in 1987. Creditors receiving Charter shares represent 50.5% ownership in the company in payment for the Charter of debt. Carl Lindner gained control of the Charter in bankruptcy court. One important element of the Charter's bankruptcy is shareholder equity. Normally, the company's shares would be worthless, but Jacksonville lawyer Stephen Busey, who represents the Charter in legal proceedings, stated that it is not uncommon for shareholders to get as much value as the Charter shareholders do.
Long end, pulled out
The charter disappeared from the headlines of Jacksonville and former employees found positions in other businesses when bankruptcy broke out in 1988. Carl Lindner American Financial Corporation , which owns 53% of Charter shares, moved the company from Jacksonville to Cincinnati, Ohio.
In early 1992, the Charter announced an agreement to sell all remaining oil operations in purchasing management. The transaction left the Charter with one business, 82% stake in Entertainment Spelling, a television production company that produced more than a dozen popular drama series. On March 31, 1992, Spellings and Charter agreed to join. On October 5, 1992, the Charter Company was renamed Spelling Entertainment Group, Inc. and update the NYSE ticker symbol from "CHR" to "SP." Viacom bought the remaining Spelling Entertainment that it did not have in 1999, effectively incorporating the last part of the Charter Company into its larger corporate structure.
The current American Cable Company Charter of Communications really has nothing to do with the Charter Company.
References
External links
Source of the article : Wikipedia
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