| Nelson Bunker Hunt | |
| Born | February 22, 1926 El Dorado, Arkansas, U.S. |
|---|---|
| Occupation | Businessman: Oil & Mining Racehorse owner/breeder |
Nelson Bunker Hunt (born February 22, 1926) is an American oil company executive. Events 1495 - King Charles VIII of France enters Naples to claim the city's throne Year 1926 ( MCMXXVI) was a Common year starting on Friday (link will display the full calendar of the Gregorian calendar. El Dorado (pronounced to rhyme with 'tornado' (IPA doˈreɪdoʊ or dəˈreɪdə is a city in Union County, Arkansas, USA. The United States of America —commonly referred to as the Events 1495 - King Charles VIII of France enters Naples to claim the city's throne Year 1926 ( MCMXXVI) was a Common year starting on Friday (link will display the full calendar of the Gregorian calendar. The United States of America —commonly referred to as the Petroleum ( L petroleum, from Greek πετρέλαιον, lit He is arguably most well known as a former billionaire whose fortune collapsed after the failure of an attempt by him and his brother William Herbert Hunt to corner the world market in silver[1], but also as a successful thoroughbred horse breeder[2]. In Finance, to corner the market is to purchase enough of a particular Commodity to allow the price to be manipulated whether undertaken by an individual or a company Silver (ˈsɪlvɚ is a Chemical element with the symbol " Ag " (argentum from the Ancient Greek: ἀργήντος - argēntos gen
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Personal
Hunt was born in El Dorado, Arkansas and currently lives in Dallas, Texas. El Dorado (pronounced to rhyme with 'tornado' (IPA doˈreɪdoʊ or dəˈreɪdə is a city in Union County, Arkansas, USA. Texas ( is a state geographically located in the South Central United States and is also known as the Lone Star State. [3] He is the son of Lyda Bunker and oil tycoon H. L. Hunt. Petroleum ( L petroleum, from Greek πετρέλαιον, lit Haroldson Lafayette Hunt Jr ( February 17, 1889 – November 29, 1974) known throughout his life as "H He has been married to Caroline Lewis since 1951, and has four children, 14 grandchildren and two great-grandchildren. [3]
Business career
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. Libya ( ليبيا ar-Latn Lībiyā; Libyan vernacular: Lībya; Amazigh:) officially the Great Socialist People's Libyan Arab Muammar Abu Minyar al-Gaddafi 1 (معمر القذافي) (born 7 June 1942) also known as Colonel Gaddafi
He is chairman of Hunt Exploration and Mining Company (HEMCO).
Silver Thursday
Beginning in the early 1970s the Hunt brothers began accumulating large amounts of silver. By 1979, they had nearly cornered the global market[4]. In the last nine months of 1979 the brothers earned an estimated $2 billion to $4 billion in silver speculation, with estimated silver holdings of 100 million oz. [5]
During Hunt's attempts to manipulate the prices of silver futures contracts and silver bullion during 1979 and 1980 silver prices rose from $11 an ounce in September 1979 to $50 an ounce in January 1980. In Finance, a futures contract is a standardized Contract, traded on a Futures exchange, to buy or sell a certain Underlying instrument Silver prices ultimately collapsed to below $11 an ounce two months later[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 charges stemming from his attempt to corner the market in silver, leading to a commodity crash known as Silver Thursday[1]. The United States of America —commonly referred to as the The Commodity Futures Trading Commission (CFTC is an Independent agency of the United States Government. In Finance, to corner the market is to purchase enough of a particular Commodity to allow the price to be manipulated whether undertaken by an individual or a company A commodity is anything for which there is demand but which is supplied without qualitative differentiation across a market Silver Thursday was an event that occurred in the financial markets on Thursday 27 March 1980. This 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].
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]. Chapter 11 is a chapter of the United States Bankruptcy Code, which permits reorganization under the Bankruptcy laws of the United States The United States Constitution (Article 1 Section 8 Clause 4 authorizes Congress to enact "uniform Laws on the subject of Bankruptcies throughout
Politics
He is active in right-wing leaning political causes and is a current member of the Council of the John Birch Society[3]. The John Birch Society is a political education and action organization founded by Robert W 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)[3][6] as well as providing a $3. Campus Crusade for Christ is an Interdenominational Christian organization that promotes Evangelism and discipleship in over 190 countries around 5 million loan guarantee for the 1979 Campus Crusade film "Jesus". Jesus (alternately called The Jesus Film) is a 1979 Motion picture which depicts the life of Jesus Christ according primarily [7]
Hunt has also been associated with the International Association for the Advancement of Ethnology and Eugenics and has donated millions to Christian World Liberation Front, Moral Majority, Christian Broadcasters Network, and Strategies to Eliminate Poverty (STEP). The International Association for the Advancement of Ethnology and Eugenics (IAAEE was a prominent group in the promotion of Eugenics and segregation, and the first The Moral Majority was a political organization of the United States which had an Agenda of evangelical Christian -oriented political Lobbying
Thoroughbred horse racing
The United States National Thoroughbred Racing Association (NTRA) has awarded Hunt the title of "legendary owner-breeder"[8]. The NTRA is a broad-based coalition of horse racing interests consisting of leading thoroughbred racetracks owners breeders trainers and affiliated horse racing associations charged with increasing
In 1955, Hunt bought his first Thoroughbreds and by the 1970s his breeding program had became 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 Bluegrass Farm in Lexington, Kentucky and raced Thoroughbreds in Europe and North America. Eclipse Award for Outstanding Breeder is an American Thoroughbred Horse racing honor for breeders. Lexington (officially Lexington-Fayette Urban County is the second-largest city in Kentucky and the 68th largest in the United States. Among his horses, Hunt bred or raced Vaguely Noble, Dahlia, Empery, Youth, Exceller, Trillion, Glorious Song, Dahar and Estrapade. Vaguely Noble (1965-1989 was an Irish-bred Thoroughbred racehorse who competed in the United Kingdom and France. Dahlia (1970-2001 was an American-bred Hall of Fame Thoroughbred racehorse who won major races in France, England, Exceller ( 1973 - 1997) is widely considered one of the best horses to race in the United States to not win a year-end championship Glorious Song (1976-2003 was a Hall of Fame Thoroughbred racehorse who was a Champion in Canada and the United States and who became an important [2]
In 1973 and 1974, Nelson Bunker Hunt was the British flat racing Champion Owner and in 1976 won England's most prestigious race, the Epsom Derby. The Champion Owner of Flat racing in Great Britain is the owner whose horses have won the most prizemoney during a season The Derby Stakes, known colloquially as The Derby or internationally as the Epsom Derby, is considered one of the most prestigious flat Thoroughbred horse races [2]
Hunt's bankruptcy forced him to liquidate his thoroughbred operations. A 1988 dispersal sale of 580 horses at Keeneland brought in $46,911,800, at that time the highest amount in the history of Thoroughbred auctions [2]. History Keeneland was founded in 1935 as a nonprofit racing/auction entity on 147 acres of farmland west of Lexington which had been owned by Jack Keene 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"[8].
See also
References
- ^ a b c d e Eichenwald, Kurt. Silver like other Precious metals may be used as an investment "2 Hunts Fined And Banned From Trades", New York Times, 1989-12-21. Year 1989 ( MCMLXXXIX) was a Common year starting on Sunday (link displays 1989 Gregorian calendar) Events 69 - The end of the Year of the four emperors: Following Galba, Otho and Vitellius, Vespasian Retrieved on 2008-04-13. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1111 - Henry V is crowned Holy Roman Emperor. 1204 - The Fourth Crusade sacks Constantinople
- ^ a b c d Bowen, Edward L. (2004). Legacies of the Turf: A Century of Great Thoroughbred Breeders. Lexington, KY, United States: Eclipse Press, pp249-262. ISBN 158150117X.
- ^ a b c d Nelson Bunker Hunt. The John Birch Society, Inc. . Retrieved on 2008-04-13. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1111 - Henry V is crowned Holy Roman Emperor. 1204 - The Fourth Crusade sacks Constantinople
- ^ Gwynne, S. C. (2001-09). "Bunker HUNT and his brother, Herbert, are in the money yet again. Did someone say something about bankruptcy?". Texas Monthly 29 (9): p78. Austin, Texas, United States: Emmis Communications Corporation.
- ^ "Bunker Hunt's Comstock Lode" (1980-01-14). Time Magazine 115 (2). Time Inc. .
- ^ Diamond, Sara (1989). Spiritual Warfare: The Politics of the Christian Right. Boston, USA: South End Press, p53. ISBN 0896083616.
- ^ Van Biema, David (2003-06-30). "The Life of Jesus in 830 Languages". Time Magazine 161 (26): p42. Time Inc. .
- ^ a b Nelson Bunker Hunt. National Thoroughbred Racing Association (2006-05-30). Year 2006 ( MMVI) was a Common year starting on Sunday of the Gregorian calendar. Events 1416 - The Council of Constance, called by the Emperor Sigismund a supporter of Antipope John XXIII burns Jerome of Prague following Retrieved on 2008-04-13. 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common Events 1111 - Henry V is crowned Holy Roman Emperor. 1204 - The Fourth Crusade sacks Constantinople
- Nelson Bunker Hunt at the NTRA
- Nelson Bunker Hunt profile at NNDB
- "H.L. Hunt's Boys and the Circle K Cowboys" by Larry LaBorde
- Production Capitalism vs. Financial Capitalism: a Norwegian "workshop" from 1998 that puts the "Silver Bubble" in context
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