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Article: Huge Wyatt-Wise strategy feud not a help to El Paso's stock.
- Article from:
- Natural Gas Week
- Article date:
- July 15, 2002
- Author:
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 Chairman William A. Wise and Oscar S. Wyatt, one of the company's largest stockholders, last week renewed their verbal sparring match over the energy merchant's strategy and operating and financial policies.
Their jousting match took place through an exchange of letters that El Paso filed as an 8-K with the Securities and Exchange Commission (SEC). So far, the stock price is the loser.
Wyatt is the founder and former chairman of Coastal Corp., which El Paso acquired in early 2001 in a stock swap. El Paso shares peaked at about $75 shortly after the deal was completed, but then began falling along with the entire energy merchant group in the ...