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Article: El Paso Share Price Loser in Wyatt-Wise Duel.(William A. Wise and Oscar S. Wyatt dispute)(Brief Article)(Statistical Data Included)
- Article from:
- The Oil Daily
- Article date:
- July 12, 2002
CopyrightCOPYRIGHT 2002 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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El Paso Share Price Loser in Wyatt-Wise Duel
In the verbal sparring match between El Paso Chairman William A. Wise and Oscar S. Wyatt, one of the company's largest stockholders, over the energy merchant's strategy and operating and financial policies, the stock price is the biggest loser.
When El Paso acquired Coastal Corp. -- the energy producer and trader founded and chaired by Wyatt -- in a share swap, El Paso shares peaked at about $75 shortly after the deal was completed in 2001. But the shares began to tumble along with the entire energy merchant sector in the wake of the Enron collapse and for the past month have traded around $20.
The ...