Word: bernet
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...Soviet troops at the war's end. When Bernard died in 1994, his sister Lili and his sons Simon and Nick took up the quest. By chance, they stumbled onto one of the family's Renoirs, an orchard scene entitled Le Poirier, in an old auction catalog of Parke-Bernet, the corporate predecessor of Sotheby's. That painting is now in London, where the family is trying to get it back. As for the Degas, it turned up in the catalog for a 1993 exhibition at the Metropolitan Museum that listed the owner as Daniel Searle, a trustee...
...lengthy tussle. It might try to take over smaller Pennzoil, though the price would be about $5 billion and Texaco would have to take on a huge debt. Despite Pennzoil's initial refusal, an out-of-court compromise is also possible. Oil-Industry Analyst Alan Edgar of Schneider, Bernet & Hickman in Dallas believes that Texaco might let Pennzoil have for $3.5 billion the Getty properties it originally sought. That would be about $2 billion below market value...
...Rapidly falling prices would deal another blow to the U.S. energy belt. Banks and drilling companies there have seen the value of their energy investments tumble with previous drops in the price of oil and natural gas. Says Alan Edgar, a petroleum analyst for the Dallas investment firm Schneider, Bernet & Hickman: "The bankers have got to be nervous. Next year will be the worst for the oil patch...
...simply no more oil fields worth the struggle. Said Pickens: "We had more cash flow than investment opportunities. We want to give the money back to shareholders, and this is the best way to do it." Energy analysts agreed. Said Alan Edgar of the Dallas investment firm of Schneider, Bernet and Hickman: "They'd run out of targets." While Mesa will be out of the raiding business, Pickens may not be. His 9% share of Mesa could be worth $130 million to $150 million when the company is transferred to a limited partnership. That should be ammunition aplenty...
...movements cannibalized for spare parts and their cases melted down, old wristwatches, particularly models made from the early 1920s through the '40s, have come into their own. Auction houses are getting "record prices" for vintage Rolexes and collectible Cartiers, according to Daryn Schnipper, a watch expert at Sotheby Parke Bernet. Sotheby's had four major auctions in New York in 1984 that prominently featured wristwatches; another, just last week, established several new highs including a record for a 1935 Cartier Tank...