Nelson Bunker Hunt

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Nelson Bunker Hunt
Born (1926-02-22) February 22, 1926 (age 88)
El Dorado, Arkansas, U.S.
Died October 21, 2014(2014-10-21) (aged 88)
Dallas, Texas, U.S.
Nationality American
Occupation
  • Oil & Mining
  • Racehorse owner
Political party
Republican
Parents
Awards

Nelson Bunker Hunt (February 22, 1926 - October 21, 2014) was an American oil company executive. He was known as a former billionaire whose fortune collapsed after he and his brother William Herbert Hunt tried but failed to corner the world market in silver.[1] He was also a thoroughbred horse breeder.[2]

Personal[edit]

Hunt was born in El Dorado, Arkansas but lived most of his life in Dallas, Texas.[3] He was the son of Lyda Bunker and oil tycoon H. L. Hunt and the brother of Lamar Hunt, founder of the American Football League and Kansas City Chiefs.

Business career[edit]

Nelson Bunker Hunt played a very significant role in the discovery and development of the oil fields in Libya, which would later be nationalized by Muammar al-Gaddafi.[4]

He owned the Dallas based Titan Resources Corp, which is involved in the exploration of oil in North Africa.[5] He was chairman of Hunt Exploration and Mining Company (HEMCO).[citation needed]

Silver manipulation[edit]

Main article: Silver Thursday

Beginning in the early 1970s, Hunt and his brother William Herbert Hunt began accumulating large amounts of silver. By 1979, they had nearly cornered the global market.[6] In the last nine months of 1979, the brothers profited by an estimated $2 billion to $4 billion in silver speculation, with estimated silver holdings of 100 million troy ounces (3,100,000 kg).[7]

During the Hunt brothers' accumulation of the precious metal, prices of silver futures contracts and silver bullion during 1979 and 1980 rose from $11 an ounce in September 1979 to $50 an ounce in January 1980. Silver prices ultimately collapsed to below $11 an ounce two months later. The largest single day drop in the price of silver occurred on Silver Thursday.[1]

Hunt filed for bankruptcy under Chapter 11 of the Federal Bankruptcy Code in September 1988, largely due to lawsuits incurred as a result of his silver speculation.[1]

In 1989 in a settlement with the United States Commodity Futures Trading Commission, Nelson Bunker Hunt was fined US$10 million and banned from trading in the commodity markets as a result of civil charges of conspiring to manipulate the silver market stemming from his attempt to corner the market in silver.[1] This fine was in addition to a multimillion-dollar settlement to pay back taxes, fines and interest to the Internal Revenue Service for the same period.[1]

Politics[edit]

He has been extremely active in conservative political causes[8] and as of 2008 is a member of the Council of the John Birch Society.[3]

He was one of the main sponsors of the conservative organization Western Goals Foundation founded in 1979 by General John K. Singlaub, journalist John Rees, and Democratic Congressman from Georgia Larry McDonald. During the mid-1980s, Bunker Hunt contributed almost half a million U.S. dollars to "The National Endowment for the Preservation of Liberty" (NEPL),[9][10] a conservative fundraising organization later heavily implicated in the Iran-Contra affair.[11] Hunt is past Chairman of the Board of the Bible Society of Texas and the past Chairman of, and significant contributor to Campus Crusade for Christ International's "Here's Life" Campaign (1976–80),[12][13] as well as providing a $3.5 million loan guarantee for the 1979 Campus Crusade film Jesus.[14]

Thoroughbred horse racing[edit]

The United States National Thoroughbred Racing Association (NTRA) has awarded Hunt the title of "legendary owner-breeder".[15] Overall, Hunt bred 158 stakes winners and either bred or owned 25 champions.[16]

In 1955, Hunt bought his first thoroughbreds and by the 1970s his breeding program had become one of the world's largest and most productive. Winner of the U.S. Eclipse Award for Outstanding Breeder in 1976, 1985, and 1987, he owned the 8,000-acre (32 km2) Bluegrass Farm in Lexington, Kentucky, and raced thoroughbreds in Europe and North America. Among his horses, Hunt bred or raced Vaguely Noble, Dahlia, Empery, Youth, Exceller, Trillion, Glorious Song, Dahar and Estrapade.[2]

In 1973 and 1974, Hunt was the British flat racing Champion Owner and in 1976 won the Epsom Derby.[2]

Hunt's bankruptcy forced him to liquidate his thoroughbred operations. A 1988 dispersal sale of 580 horses at Keeneland Sales brought in $46,911,800, at that time the highest amount in the history of thoroughbred auctions.[2] In 1999, he returned to thoroughbred ownership, spending a total of $2,075,000 on 51 juveniles and yearlings. At the time Hunt said, "At my age, I don't plan to do any breeding or buy a farm, I just want to have some fun and try to get lucky racing".[15]

References[edit]

  1. ^ a b c d e Eichenwald, Kurt (1989-12-21). "2 Hunts Fined And Banned From Trades". New York Times. Retrieved 2008-04-13. 
  2. ^ a b c d Bowen, Edward L. (2004). Legacies of the Turf: A Century of Great Thoroughbred Breeders. Lexington, KY, United States: Eclipse Press. pp. pp249–262. ISBN 1-58150-117-X. 
  3. ^ a b "Nelson Bunker Hunt". The John Birch Society, Inc. Retrieved 2008-07-05. [dead link] (Archived by WebCite)
  4. ^ Greenwood, C. J. (1984). International Law Reports 66. Cambridge University Press. p. 340. ISBN 0-521-46411-0.  Missing |last1= in Authors list (help)
  5. ^ Ethiopia, U.S. Billionaire's Titan Resources Signs Oil Accord, by Jason McLure, www.bloomberg.com, 8/21/08
  6. ^ Gwynne, S. C. (September 2001). "Bunker HUNT". Texas Monthly (Austin, Texas, United States: Emmis Communications Corporation) 29 (9): p78. 
  7. ^ "Bunker Hunt's Comstock Lode". Time Magazine (Time Inc.) 115 (2). 1980-01-14. 
  8. ^ Tuccille, Jerome (2004). Kingdom: The Story of the Hunt Family of Texas. Beard Books. p. 311. ISBN 1-58798-226-9. 
  9. ^ Walsh, Lawrence E. (1993-08-04). "Final report of the independent counsel for Iran/Contra matters". I: Investigations and Prosecutions. Retrieved 2008-07-05. 
  10. ^ Hamilton, Lee H.; Inouye, Daniel K. (1995). Report of the Congressional Committees Investigating the Iran/Contra Affair. DIANE Publishing. pp. 93–94. ISBN 0-7881-2602-4. 
  11. ^ Berke, Richard L. (1987-04-09). "Investigators say group raised $2 Million for Contra Arms Aid". New York Times. Retrieved 2008-07-05. 
  12. ^ Diamond, Sara (1989). Spiritual Warfare: The Politics of the Christian Right. Boston, USA: South End Press. pp. p53. ISBN 0-89608-361-6. 
  13. ^ Harrington Watt, David (1991). A Transforming Faith: Explorations of Twentieth-century American Evangelicalism. Rutgers University Press. p. 19. ISBN 0-8135-1717-6. 
  14. ^ Van Biema, David (2003-06-30). "The Life of Jesus in 830 Languages". Time Magazine (Time Inc.) 161 (26): p42. 
  15. ^ a b "Nelson Bunker Hunt". National Thoroughbred Racing Association. 2006-05-30. Archived from the original on 2008-02-01. Retrieved 2008-04-13. 
  16. ^ Blood-Horse.com - February 14, 2005

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