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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: jim_p who wrote (64692)	4/15/2000 7:39:00 PM
From: hdrjr	Read Replies (1) \| Respond to of 95453

Jim P, You may remember the Delta Drilling story back in the late 70's or early 80's, I am not sure. At the time the Tyler, Texas company was one of the largest drillers in the world. Even Bill Clements' company Sedco used Delta to train their employees. My uncle had worked for Delta, at the time a family owned business, for close to thirty years. He had always accepted a lower salary in return for shares of the company. When they went public he received close to $1 mil in shares, not options. But as I recall, he could not do anything with those shares for nine months. Nine months later the stock price had cratered and he ended up with little to nothing. In steps the IRS, he then owed taxes on close one million, and no stocks to pay for it. To this day, twenty to twenty five years later, he is still taking the $3000 a year loss on his taxes. He claims he will live to be 180 years old just to right all the debt off. He was only one of about 50 employees as I recall. I told him recently that the oil industry owes our family a break, hope it comes thru. His next new car is on me. hdr