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The Taking of Getty Oil: Pennzoil, Texaco, and the Takeover Battle That Made History
A larger-than-life account of family, greed, and a courtroom showdown between Big Oil rivals from the New York Times–bestselling author of Private Empire.
Pulitzer Prize–winning author Steve Coll is renowned for “his ability to take complicated, significant business stories and turn them into quick-reading engaging narratives” (Chicago Tribune). Coll is at the height of his talents in this “riveting” tale of one of the most spectacular—and catastrophic—corporate takeovers of all time (Newsday).
As the head of a sprawling oil empire, J. Paul Getty was once the world’s richest man. But by 1984, eight years after his death, Getty’s legacy was in His children were locked in a bitter feud over the family trust and the company he founded was riven by boardroom turmoil. Then Pennzoil made an agreement with Getty’s son, Gordon, to purchase Getty Oil. It was a done deal—until Texaco swooped in to claim the $10 billion prize.
What followed was an epic legal battle that pit “good ole boy” J. Hugh Liedtke of Pennzoil against the Wall Street brokers behind Texaco’s offer. The scandalous details of the case would shock the business world and change the landscape of the oil industry forever.
With a large cast of colorful characters and the dramatic pacing of a novel, The Taking of Getty Oil is a “suspenseful” and “always intriguing” chronicle of one of the most fascinating chapters in American corporate history (Publishers Weekly).
Pulitzer Prize–winning author Steve Coll is renowned for “his ability to take complicated, significant business stories and turn them into quick-reading engaging narratives” (Chicago Tribune). Coll is at the height of his talents in this “riveting” tale of one of the most spectacular—and catastrophic—corporate takeovers of all time (Newsday).
As the head of a sprawling oil empire, J. Paul Getty was once the world’s richest man. But by 1984, eight years after his death, Getty’s legacy was in His children were locked in a bitter feud over the family trust and the company he founded was riven by boardroom turmoil. Then Pennzoil made an agreement with Getty’s son, Gordon, to purchase Getty Oil. It was a done deal—until Texaco swooped in to claim the $10 billion prize.
What followed was an epic legal battle that pit “good ole boy” J. Hugh Liedtke of Pennzoil against the Wall Street brokers behind Texaco’s offer. The scandalous details of the case would shock the business world and change the landscape of the oil industry forever.
With a large cast of colorful characters and the dramatic pacing of a novel, The Taking of Getty Oil is a “suspenseful” and “always intriguing” chronicle of one of the most fascinating chapters in American corporate history (Publishers Weekly).
671 pages, Kindle Edition
First published August 31, 1987
271 people are currently reading
1421 people want to read
About the author
Steve Coll
16 books917 followersSteve Coll is President & CEO of New America Foundation, and a staff writer at The New Yorker magazine. Previously he spent 20 years as a foreign correspondent and senior editor at The Washington Post, serving as the paper's managing editor from 1998 to 2004.
He is author six books, including The Deal of the Century: The Break Up of AT&T (1986); The Taking of Getty Oil (1987); Eagle on the Street, based on the Pulitzer Prize-winning account of the SEC's battle with Wall Street (with David A. Vise, 1991); On the Grand Trunk Road: A Journey into South Asia (1994), Ghost Wars: The Secret History of the CIA, Afghanistan and Bin Laden, from the Soviet Invasion to September 10, 2001 (2004); and The Bin Ladens: An Arabian Family in the American Century (2008).
Mr. Coll's professional awards include two Pulitzer Prizes. He won the first of these, for explanatory journalism, in 1990, for his series, with David A. Vise, about the SEC. His second was awarded in 2005, for his book, Ghost Wars, which also won the Council on Foreign Relations' Arthur Ross award; the Overseas Press Club award and the Lionel Gelber Prize for the best book published on international affairs during 2004. Other awards include the 1992 Livingston Award for outstanding foreign reporting; the 2000 Robert F. Kennedy Memorial Award for his coverage of the civil war in Sierra Leone; and a second Overseas Press Club Award for international magazine writing.
Mr. Coll graduated Phi Beta Kappa, Cum Laude, from Occidental College in 1980 with a degree in English and history. He lives in Washington, D.C.
He is author six books, including The Deal of the Century: The Break Up of AT&T (1986); The Taking of Getty Oil (1987); Eagle on the Street, based on the Pulitzer Prize-winning account of the SEC's battle with Wall Street (with David A. Vise, 1991); On the Grand Trunk Road: A Journey into South Asia (1994), Ghost Wars: The Secret History of the CIA, Afghanistan and Bin Laden, from the Soviet Invasion to September 10, 2001 (2004); and The Bin Ladens: An Arabian Family in the American Century (2008).
Mr. Coll's professional awards include two Pulitzer Prizes. He won the first of these, for explanatory journalism, in 1990, for his series, with David A. Vise, about the SEC. His second was awarded in 2005, for his book, Ghost Wars, which also won the Council on Foreign Relations' Arthur Ross award; the Overseas Press Club award and the Lionel Gelber Prize for the best book published on international affairs during 2004. Other awards include the 1992 Livingston Award for outstanding foreign reporting; the 2000 Robert F. Kennedy Memorial Award for his coverage of the civil war in Sierra Leone; and a second Overseas Press Club Award for international magazine writing.
Mr. Coll graduated Phi Beta Kappa, Cum Laude, from Occidental College in 1980 with a degree in English and history. He lives in Washington, D.C.
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Displaying 1 - 30 of 34 reviews
July 3, 2017
Perhaps readers who are interest in the minute details of mergers/takeovers might like this book. For me the book overwhelmed me with details without explaining the significance of this takeover.
The book started off with some promise. It took me back to the nineteen eighties, where big money could be made by restructuring companies and taking tem over. TV shows like Dallas made the oil industry seem glamorous. The initial conflict between Gordon Getty, the bumbling son, of the famous Getty and the Getty Board of Directors had a potential to be interesting.
However, the author did not persuade me that the takeover of Getty oil was a subject worthy of four hundred pages of reading. As the author himself pointed out, that to Americans all oil companies seem the same. I never understood why it was so important, except to the parties who were directly affected, of who controlled Getty oil.
Today’s companies go out of business, merge and are taken over all the time. The book did not make me care about what happens to Getty oil.
Part of the problem is that the book does not provide a history of Getty oil. It is hard to care about the change of control of a company that the reader does not know much about.
The book claims that this takeover battle made history but I did a pretty thorough reading of the first two hundred pages and the author did not provide me with the information of why this takeover was historically significant. I skimmed over the rest of the book because I found it boring. Usually, I try to give books that I get for review a thorough reading.
I received a free copy of this book in exchange for an honest review.
The book started off with some promise. It took me back to the nineteen eighties, where big money could be made by restructuring companies and taking tem over. TV shows like Dallas made the oil industry seem glamorous. The initial conflict between Gordon Getty, the bumbling son, of the famous Getty and the Getty Board of Directors had a potential to be interesting.
However, the author did not persuade me that the takeover of Getty oil was a subject worthy of four hundred pages of reading. As the author himself pointed out, that to Americans all oil companies seem the same. I never understood why it was so important, except to the parties who were directly affected, of who controlled Getty oil.
Today’s companies go out of business, merge and are taken over all the time. The book did not make me care about what happens to Getty oil.
Part of the problem is that the book does not provide a history of Getty oil. It is hard to care about the change of control of a company that the reader does not know much about.
The book claims that this takeover battle made history but I did a pretty thorough reading of the first two hundred pages and the author did not provide me with the information of why this takeover was historically significant. I skimmed over the rest of the book because I found it boring. Usually, I try to give books that I get for review a thorough reading.
I received a free copy of this book in exchange for an honest review.
January 30, 2018
I'll add a review later.
August 27, 2015
Steve Coil, a correspondent for the Washington Post has painstakingly reconstructed telephone conversations, meetings and written memoranda to set out the events leading to the litigation between Pennzoil and Texaco. Coil has maintained his reporter’s objectivity, not condemning anyone but staying neutral throughout the book. The book was originally published in 1987.
The first part of the book is about the Getty family and their inner fights. The middle of the book is about Getty oil and its corporate officers and board members and their relationship with Gordon Getty. The last part of the book is about the trial.
Three and a half years of haggling and infighting preceded the legal judgment. Gordon Getty, one of the J. Paul Getty’s sons became sole trustee of the Sarah C. Getty Trust, which owned 40% of Getty Oil’s stock. Gordon Getty maneuvered for control of the company in opposition of the company management and his family. Pennzoil thought they did a takeover in January of 1984 in an agreement in principle to buy the bloc of Getty Stock, then the following week Texaco offered more money and bought the same stock.
On November 1985 a Houston court awarded a ten billion dollar judgment against Texaco to Pennzoil. It is the largest damages award yet made in an American business case.
The book by Coil reads like a novel with lots of drama, family conflicts and business fighting. I found the book most interesting. I read this as an audiobook downloaded from Audible. Steven Cooper narrated the book.
The first part of the book is about the Getty family and their inner fights. The middle of the book is about Getty oil and its corporate officers and board members and their relationship with Gordon Getty. The last part of the book is about the trial.
Three and a half years of haggling and infighting preceded the legal judgment. Gordon Getty, one of the J. Paul Getty’s sons became sole trustee of the Sarah C. Getty Trust, which owned 40% of Getty Oil’s stock. Gordon Getty maneuvered for control of the company in opposition of the company management and his family. Pennzoil thought they did a takeover in January of 1984 in an agreement in principle to buy the bloc of Getty Stock, then the following week Texaco offered more money and bought the same stock.
On November 1985 a Houston court awarded a ten billion dollar judgment against Texaco to Pennzoil. It is the largest damages award yet made in an American business case.
The book by Coil reads like a novel with lots of drama, family conflicts and business fighting. I found the book most interesting. I read this as an audiobook downloaded from Audible. Steven Cooper narrated the book.
June 6, 2023
Second-to-none narrative and journalistic quality that should be a staple in any corporate finance syllabus
October 2, 2020
As a business nerd, I was drawn into this tale of personal and professional drama whose actions had profound effects on the M&A market in the late 1980's. The inner workings and high-stakes games between major stockholders, executives, investment bankers, and lawyers receiving exorbitant amounts of money for wounding and destroying companies while professing to save them, reveals the ugliness of greed and fragility of oversized egos among the elites. When the reader thinks the story cannot get more confounding or convoluted, the next chapter will open a door into the deeper mire of the events. Thankfully, the writer does an excellent job of keeping the reader on the path and despite the interwoven tales of intrigue and host of characters, I never felt lost or confused.
The more business experience and knowledge you have, the more likely you are to appreciate the nuances and complexities of what happened in the businesses and courtroom. The author does a good job of explaining some of the arcane information and technical jargon of Wall Street and Madison Avenue without making the story too simplistic for non-business experts. I think this is a great strength of the book because, beyond the narrative, a business person can learn much about what to do, and not to do, as a fiduciary, member of the board of directors, or executive. It should make one wise to the behavior and words that might reflect duplicity in others.
Beyond the book itself, the author had an excellent essay in the back of the book on the ethical use of dramatic dialogue in narrative non-fiction. He discusses his views on the proper and improper use of constructed dialogue including manipulating a reader by constructing a dialog that reflects the writer's bias. He provides great insight into the process of careful and ethical construction of non-fiction dialog that would be helpful to writers and non-fiction readers alike.
The more business experience and knowledge you have, the more likely you are to appreciate the nuances and complexities of what happened in the businesses and courtroom. The author does a good job of explaining some of the arcane information and technical jargon of Wall Street and Madison Avenue without making the story too simplistic for non-business experts. I think this is a great strength of the book because, beyond the narrative, a business person can learn much about what to do, and not to do, as a fiduciary, member of the board of directors, or executive. It should make one wise to the behavior and words that might reflect duplicity in others.
Beyond the book itself, the author had an excellent essay in the back of the book on the ethical use of dramatic dialogue in narrative non-fiction. He discusses his views on the proper and improper use of constructed dialogue including manipulating a reader by constructing a dialog that reflects the writer's bias. He provides great insight into the process of careful and ethical construction of non-fiction dialog that would be helpful to writers and non-fiction readers alike.
May 19, 2020
Destruction of Getty Oil
I had read a bio of J Paul Getty and his complex life, which was quite interesting. I decided to read this to find out what happened to the company his father had built and he had carefully managed and grew over the years. I could see why Gordon was not his choice to handle the trust alone. Undoubtedly, J Paul would be angry and disappointed at how the company was destroyed. The management team had done an admirable job of running the company, but with the death of an influential company lawyer, things quickly grew out of control. Gordon's lack of business instinct led to situations that out the company in danger. He was unaware and didn't care. I felt sympathy for Sid Peterson, the exec in charge, trying to protect the company and manage Gordon's increasingly unusual requests wanting to "enhance shareholder value." His misguided efforts led to numerous lawyers ( for him, for the company, for the trust, then the merger and valuations). It finally reached the point where the company was forced to find a buyer and fend off takeover attempts. Predatory businessmen and lawyers came for the feeding frenzy. You need a scorecard to keep track of all the players. Gordon, the Getty Trust, Getty Museum, other family members, the board of directors of Getty Oil, Pennzoil, Texaco and an army of lawyers. This led to one of the largest mergers and largest lawsuit damages at the time. This was a long book even for me to get through. The first half flew, my favorite parts being the board vs Gordon. It bogged down for me during the trial. I read this book using immersion reading. Narration by Steven Cooper was straightforward and rote.
I had read a bio of J Paul Getty and his complex life, which was quite interesting. I decided to read this to find out what happened to the company his father had built and he had carefully managed and grew over the years. I could see why Gordon was not his choice to handle the trust alone. Undoubtedly, J Paul would be angry and disappointed at how the company was destroyed. The management team had done an admirable job of running the company, but with the death of an influential company lawyer, things quickly grew out of control. Gordon's lack of business instinct led to situations that out the company in danger. He was unaware and didn't care. I felt sympathy for Sid Peterson, the exec in charge, trying to protect the company and manage Gordon's increasingly unusual requests wanting to "enhance shareholder value." His misguided efforts led to numerous lawyers ( for him, for the company, for the trust, then the merger and valuations). It finally reached the point where the company was forced to find a buyer and fend off takeover attempts. Predatory businessmen and lawyers came for the feeding frenzy. You need a scorecard to keep track of all the players. Gordon, the Getty Trust, Getty Museum, other family members, the board of directors of Getty Oil, Pennzoil, Texaco and an army of lawyers. This led to one of the largest mergers and largest lawsuit damages at the time. This was a long book even for me to get through. The first half flew, my favorite parts being the board vs Gordon. It bogged down for me during the trial. I read this book using immersion reading. Narration by Steven Cooper was straightforward and rote.
February 20, 2021
A thrillingly novelistic account of what was then the largest merger of the merger-manic 1980s between Pennzoil and Getty Oil, newly under the control of inscrutable heir Gordon Getty. Coll takes you inside the boardrooms, private planes, and tony private homes where deals are struck - and fall apart. Which might be a bit dull but for the backdrop of the Getty family and its notorious dysfunction. Strangely, though, the breathless pace stalls right where you’d think it would pick up: the monthslong trial over the merger that is finally agreed (or not, as the case may be). There’s little drama or suspense, and we’re missing the most important and enigmatic character in this story: Gordon Getty. And therein lies one more quibble. Coll suggests variously that Gordon is dull and extremely bright, clumsy and tactical. Having spent several hundred pages examining his conduct in excruciating detail, I wanted to know: which is it? That question isn’t answered, and it’s a bit frustrating to be left hanging on the basic nature of our central character. Still a book well worth reading, particularly for those interested in law or business.
December 30, 2019
The events of this book happened in the 1980s, but the story could have easily been written today. Men with more money than they could possibly ever spend, locked in a struggle for control and power. Around them, the advisors, those who would make fortunes off this struggle, and at the end, a courtroom drama, where any $10 billion dollar deal was always going to end up.
Steve Coll, writing in narrative nonfiction before people like Mark Bowden made it popular, makes this a compelling read, even if, unlike me, you aren't interested in J. Paul Getty, the oil company he built, the legacy he left, or the fortunes of oil companies. Even if you know the broad outlines of the case before diving it (which I didn't) you'll find this book gives you the whole story, from beginning to end, so that you can understand how much changed, and how much stayed the same through all the events of the story.
Steve Coll, writing in narrative nonfiction before people like Mark Bowden made it popular, makes this a compelling read, even if, unlike me, you aren't interested in J. Paul Getty, the oil company he built, the legacy he left, or the fortunes of oil companies. Even if you know the broad outlines of the case before diving it (which I didn't) you'll find this book gives you the whole story, from beginning to end, so that you can understand how much changed, and how much stayed the same through all the events of the story.
May 11, 2024
A pretty good book by Coll, but not for everyone. A look at the unraveling of Getty Oil after the death of J. Paul Getty, and the disaster that it brought on to Texaco, who ended up “winning” the bidding and taking control of Getty Oil. They paid a heavy price for that as Penzoil, who believed they had a deal to acquire, ended up suing. Penzoil ended up in a Texas Court after a major act of malpractice by Texaco’s lawyers got the case bounced out of Delaware.
The story really focuses in on Gordon Getty, who ended up in de facto control through a somewhat byzantine structure set up by his father J Paul. Even though Gordon might have had the right instinct in seeking alternatives to maximize shareholder value he was simply out of his depth on the specifics. He compounded that problem by having rich boy contrarian impulses. He knew he wanted more value but when his ideas were shown to be unworkable he simply dug in, because he could. He went behind managements back and essentially put the company In play by speaking to other major players in the oil industry, including Carl Icahn and others like him who started to salivate at the thought of acquiring Getty. His ignorance essentially led to a deal with Penzoil, followed by a withdrawal and a deal with Texaco. The guy should have been embarrassed, but with his attitude and wealth embarrassment simply does not enter the picture.
In light of several other books on Wall Street takeovers and flagrant lawbreaking this effort is somewhat tame, but definitely worth a read if big business takeovers are your thing. If Coll writes it I am inclined to read it.
The story really focuses in on Gordon Getty, who ended up in de facto control through a somewhat byzantine structure set up by his father J Paul. Even though Gordon might have had the right instinct in seeking alternatives to maximize shareholder value he was simply out of his depth on the specifics. He compounded that problem by having rich boy contrarian impulses. He knew he wanted more value but when his ideas were shown to be unworkable he simply dug in, because he could. He went behind managements back and essentially put the company In play by speaking to other major players in the oil industry, including Carl Icahn and others like him who started to salivate at the thought of acquiring Getty. His ignorance essentially led to a deal with Penzoil, followed by a withdrawal and a deal with Texaco. The guy should have been embarrassed, but with his attitude and wealth embarrassment simply does not enter the picture.
In light of several other books on Wall Street takeovers and flagrant lawbreaking this effort is somewhat tame, but definitely worth a read if big business takeovers are your thing. If Coll writes it I am inclined to read it.
November 17, 2018
This is a fantastic book and describes the story of what lead up to the take over of Getty Oil. Steve Coll does a fantastic job of describing what took place in the board room and the tension between the board and Gordon Getty. The place where the book falls short of details is in the aftermath following the civil lawsuit. It's almost as though the author assumes that we know what the outcome was but not the full story behind it. Still, it is a fantastic read and Steve Coll did a tremendous job piecing together this incredible story.
July 6, 2024
Steve Coll painstakingly narrates an account of a takeover, apparently one of the largest of its times. He goes into some detail: about the motives of each of the players, the social backgrounds of the participants, and at times uses direct speech to make the account interesting. The writing and the story of Gordon Getty reminded me of Succession at times and I'd be lying if I said I didn't find myself humming the title theme.
August 20, 2020
Great read for any corporate lawyer
FAbulous reflection on the intense worlds of corporate deal making which today must be even more intense with the instant response capabilities of the internet. WHEN do any of these attorneys in the trenches get time to sleep when a deal is in. The making?
FAbulous reflection on the intense worlds of corporate deal making which today must be even more intense with the instant response capabilities of the internet. WHEN do any of these attorneys in the trenches get time to sleep when a deal is in. The making?
January 20, 2021
This is a good book following the twists and turns of an extraordinary business takeover battle, looking into worlds (business, legal, the super-rich) that most of us never get to see. The catastrophic blunders made at various stages and the strange collection of characters involved makes the book consistently entertaining reading.
March 31, 2023
Really good, well researched book
This was a really good book. It was well researched and the author did a good job of bringing the characters involved to life where you understood decisions that without context might not make sense. Overall, it was well worth the time I put into reading it and would recommend it to others.
This was a really good book. It was well researched and the author did a good job of bringing the characters involved to life where you understood decisions that without context might not make sense. Overall, it was well worth the time I put into reading it and would recommend it to others.
June 7, 2023
Great read and honestly gets better as it goes on, especially if you don’t know the ending. If you’re interested in mergers and court arbitration when things go wrong, this is an awesome book.
The descriptions of the squabbles between different parties at the beginning of the book get a bit tiresome mid way through but it gets exciting again toward the end. Would recommend the read!
The descriptions of the squabbles between different parties at the beginning of the book get a bit tiresome mid way through but it gets exciting again toward the end. Would recommend the read!
November 1, 2017
Excellent book
Not nearly as well known as Barbarians at the gate or similar works, but that’s unfortunate. Writing is excellent and a fiction writer would be hard pressed to come up with a plot sharing this level of intrigue.
Not nearly as well known as Barbarians at the gate or similar works, but that’s unfortunate. Writing is excellent and a fiction writer would be hard pressed to come up with a plot sharing this level of intrigue.
July 8, 2019
This book did well explaining the complex circumstances of the Getty take-over. I found this interesting as I have lived through corporate mergers (stressful) as an oil company employee. I even knew some folks who worked for Getty, and I visited Getty's offices in LA once. The author writes in an engaging and clear style which make the complicated legal matters accessible.
June 20, 2024
This was an outstanding book - you feel like you are going through the events day by day and are there for each twist and turn. The author does an outstanding job of bringing the characters to life and what is going on inside each organization. Super read
February 4, 2018
If you enjoyed Barbarians at the Gate...
...then you will definitely enjoy this book. LBO intrigue over Getty Oil but with a surprise twist at the end.
...then you will definitely enjoy this book. LBO intrigue over Getty Oil but with a surprise twist at the end.
July 1, 2018
Excellent account of a major business deal and the 80s takeover culture.
June 8, 2019
I have really enjoyed this book. It reads like a novel, full of larger-than-life characters and exciting turns. A fun takeover battle read.
May 1, 2021
A little slow to start out with, this is a great tale for any student of business and commerce.
December 15, 2021
Must read for anyone interesting in business books, the energy industry, Houston history and very good, well researched storytelling.
July 26, 2022
Good book if you are into corporate business. Author provides enormous detail and brings the main characters to life. If you are not into business this may not be the book for you.
February 11, 2025
A page turner on a landmark transaction that changed mergers and acquisitions and civil litigation. Filled with colorful characters, it is reminiscent of “Barbarians at the Gate.”
March 16, 2025
S-Tier — better than Barbarians at the Gate.
July 21, 2025
A nightmare I wouldn’t wish on my worst enemy.
August 11, 2024
Steve Coll at its best…
July 25, 2021
$10b buys a good story
The more advanced the civilization, the longer its lawsuits.
Getty Oil is about capitalist and legal sausage making. For capitalism, acquisitions show a system’s ability to transfer ownership of one fictional to another to reasonably allocate resources among competing projects. From a legal perspective, tying up loose ends to satisfy a myriad of stakeholders shows a system capable of working through edge cases and getting to at least the perception of procedural fairness. But every mechanism increasing specialization and complexity introduces risk. Eventually something blows up.
The taking of Getty Oil is the most spectacular such blowup, where tripartite negotiations broke down and led to a $10b settlement that completely destroyed the buyer. This includes the primary actors such as Mr. Getty, a wealthy scion who had more money than brains, the management team that may have executed quarterly earnings reports well, but totally missed on the financial ocean they operated in. In the end the narrative is driven by the sore loser whose emotions led him on a crusade to destroy the company he was trying to acquire. It hasn’t exactly been pleasant over these last four years, but it was something that had to be done. Cole shines a spotlight on the intermediary financial and legal advisors, one such firm earned $10m for 79 hours of work. Of course everybody is following their own emotions and interests more than those of the fictional entities they represent: Years latter, what they remembered most about the pebble beach meeting was that an exceptional golfing opportunity had been wasted.
Cole’s narrative first covers the events chronologically, then retreads through the legal case that resulted. In the first telling, you know that Cole has revealed details important to the subsequent legal case, but like the participants in the lawsuit, it wasn’t until afterwards that we understand which details matter. In the end, the most honorable players lost the most. This book is an elucidating encapsulation of how modern capitalism and the legal systems work, I learned a ton.
The more advanced the civilization, the longer its lawsuits.
Getty Oil is about capitalist and legal sausage making. For capitalism, acquisitions show a system’s ability to transfer ownership of one fictional to another to reasonably allocate resources among competing projects. From a legal perspective, tying up loose ends to satisfy a myriad of stakeholders shows a system capable of working through edge cases and getting to at least the perception of procedural fairness. But every mechanism increasing specialization and complexity introduces risk. Eventually something blows up.
The taking of Getty Oil is the most spectacular such blowup, where tripartite negotiations broke down and led to a $10b settlement that completely destroyed the buyer. This includes the primary actors such as Mr. Getty, a wealthy scion who had more money than brains, the management team that may have executed quarterly earnings reports well, but totally missed on the financial ocean they operated in. In the end the narrative is driven by the sore loser whose emotions led him on a crusade to destroy the company he was trying to acquire. It hasn’t exactly been pleasant over these last four years, but it was something that had to be done. Cole shines a spotlight on the intermediary financial and legal advisors, one such firm earned $10m for 79 hours of work. Of course everybody is following their own emotions and interests more than those of the fictional entities they represent: Years latter, what they remembered most about the pebble beach meeting was that an exceptional golfing opportunity had been wasted.
Cole’s narrative first covers the events chronologically, then retreads through the legal case that resulted. In the first telling, you know that Cole has revealed details important to the subsequent legal case, but like the participants in the lawsuit, it wasn’t until afterwards that we understand which details matter. In the end, the most honorable players lost the most. This book is an elucidating encapsulation of how modern capitalism and the legal systems work, I learned a ton.
August 22, 2017
A ‘big oil’ battle of the past that could have equally appeared as a television soap opera is brought to light in this concise book, which considers the battle for Getty Oil that took place in the mid-1980s.
It is a relatively light read that cuts to the chase, providing an informative insight into a massive court battle, opening family arguments, corporate history and much more in the process. The author writes in an accessible style, giving insider perspectives and focussed analysis that is buoyed by suspense and an interesting back story. This is far from a dry read about a corporate dispute.
On one hand, it felt as if it was a big of a slow burner, but once the fuse was lit there was no stopping it. No prior knowledge was assumed and the author has done a good job in drilling down to the core facts and activities, leaving any dry or overly technical observations to other books to consider. Thus, it can be a very good travel companion, something not too light, not too heavy but ultra-informative and a damn good story to boot.
Why not make this part of your next holiday reading, if you have no immediate need for this intelligence?
It is a relatively light read that cuts to the chase, providing an informative insight into a massive court battle, opening family arguments, corporate history and much more in the process. The author writes in an accessible style, giving insider perspectives and focussed analysis that is buoyed by suspense and an interesting back story. This is far from a dry read about a corporate dispute.
On one hand, it felt as if it was a big of a slow burner, but once the fuse was lit there was no stopping it. No prior knowledge was assumed and the author has done a good job in drilling down to the core facts and activities, leaving any dry or overly technical observations to other books to consider. Thus, it can be a very good travel companion, something not too light, not too heavy but ultra-informative and a damn good story to boot.
Why not make this part of your next holiday reading, if you have no immediate need for this intelligence?
Displaying 1 - 30 of 34 reviews