Word: networker
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Dates: during 1990-1999
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...Bush merged his company with Spectrum 7, an oil-drilling firm run by two supporters of his father, Bill DeWitt and Mercer Reynolds. It was a good fit. Arbusto had oil prospects; Spectrum had a network of investors. The merger doubled the size of Bush's operation, and the Spectrum people wanted to upgrade his image with fancy furniture and a company car, but Bush wouldn't hear of it. "Those were the doodah days in Midland," says O'Neill's wife Jan, "and a lot of people couldn't resist--jets, boats, cars. George didn't go for that...
...plunge, and it happened right on schedule in January 1986. As prices cratered, those who had been using their oil reserves as collateral defaulted to the banks. Midland's economy folded like a bad poker hand. Bush had always followed conservative business practices, and since he'd had his network of investors to tap, his debt exposure was less than that of many others. He took a 25% pay cut, and his staff took smaller ones. But soon he realized that unless he found a buyer, it was just a matter of time before Spectrum died...
...Bush was also made a Harken director and retained as a consultant at $80,000 a year--$5,000 more than he had made at Spectrum. He got generous stock options, and Harken hired some of his employees. As for the dozen who weren't hired, Bush worked his network hard and, impressively, found oil jobs for all of them...
...with second-tier managements. Take PCQuote.com which filed last Wednesday to raise $100 million. It competes in the already jammed area of financial data, which includes TheStreet.com Reuters and others. "How new is that? Let's go watch paint dry," sniffs David Menlow of the research firm IPO Financial Network...
...players themselves aren't always quite what you'd expect. Kesselring, 32, for instance, is an Ohio computer-network engineer with a wife and three kids. "We all play together," he says. "For us, Everquest has pretty much replaced...