The Murchisons: The Rise and Fall of a Texas Dynasty
Wolfe tells a riveting tale of the rising fortunes and ultimate downfall of the Murchison family, quintessential high rollers. Clint Murchison Sr. erupted from East Texas during the rough-and-tumble years of oil drilling in the 1930s, and spent his life "doing deals." Wolfe gives a colorful description of a quiet, unpretentious man whose financial acumen and brilliant use of leverage helped him build a multimillion-dollar conglomerate. His sons Clint Jr. and John shared their father's wizardry, adding to their investment firmament the Vail, Colo., ski resort and the Dallas Cowboys. However, the family's style of loose management and easy credit based on a handshake was ill-suited to the late 1970s, when oil prices toppled and interest rates soared. In her first book, Wolfe, former society editor of the Dallas Morning News , gives a superb glimpse of the personal lives and family dynamics of these millionaires whose bankruptcy in 1985 stunned both the state of Texas and the nation's financial community. Photos not seen by PW.Copyright 1989 Reed Business Information, Inc.