ustxtxb_obs_1976_07_02_50_00014-00000_000.pdf

14 The Texas Observer MARTIN ELFANT SUN LIFE OF CANADA LIFE HEALTH DENTAL 600 JEFFERSON SUITE 430 HOUSTON, TEXAS La Fonda de la Noche Southwestern Cuisine Liberal Food Conservative Prices 2405 Nueces I Aa’ lAk / e 474-7562 watch subsequent issues for . BILLIE CARR REPORTS Paid Pol. Adv. by Billie Carr Expense Fund 2418 Travis, Houston, Texas. Bob and Sara Roebuck Anchor National Financial Services 1524 E. Anderson Lane, Austin bonds stocks insurance mutual funds optional retirement program At Id % We we print with the union label Also: Multi-copy service Lecture notes Collegiate Advertising 901 W. 24th St., Austin 477-3641 Call Today! 516,159 actually figures out to 60.6 percent. Yarbrough said that the law suits pending against him all stem from his purchase and subsequent sale of controlling interest in the Commercial Bank of Victoria. But weeks after promising a full report on the suits, he declined to release one, saying the media would only distort it. Briefly, the suits which Yarbrough faces are: Rex L. Cooper and Douglas W. Ford, both of Houston, claiming fraud and negligence by Yarbrough in handling their investments in gold and shares of banks. After deliberating for four days, the jury on June 15 awarded Cooper and Ford $97,350 in damages, but the jury cleared Yarbrough of most of the fraud allegations. The plaintiffs had sought more than $500,000 in actual and exemplary damages. $$$ A suit in federal district court in Houston by David J. Wheeler of Missouri asking $90,000 from Yarbrough and a codefendant for alleged mishandling of a gold and silver sale. $$$ A state suit in Harris County alleging non-payment of promissory notes totaling $30,525 by Yarbrough and Richard Hogue Evangelism, Inc. It is brought by First Bank of Houston. $$$ A state suit in Harris County by Metropolitan National Bank. It claims Yarbrough failed to make good two notes and asks $19,184 in damages. $$$ A state suit in Harris County alleging failure to repay a $10,000 loan made by Howard C. Luna to Yarbrough. Yarbrough is countersuing Luna for allegedly trying to extort his property through threats. $$$ A state suit in Galveston County alleging Yarbrough did not pay a $25,000 promissory note to the State Bank of Hitchcock. $$$ A state suit in Galveston County seeking to set aside Yarbrough’s deed to land valued at some $200,000. The plaintiff, W. Moody & Co. Bankers, lost in the trial court, but the case has been remanded by an appeals court. $$$ A state suit in Victoria County by the Bank of Victoria, which is now the Commercial Bank of Victoria, claiming nonpayment on a $200,000 promissory note by Yarbrough. $$$ A state suit in Harris County by Joanne Badeaux Masters. It alleges failure by Yarbrough to repay a $25,000 loan. $$$ A Harris County court suit claiming Yarbrough did not pay for book shelves built in his law office. $$$ A Harris County court suit alleging failure to pay for rental of an airplane by Yarbrough. $$$ A Harris County court suit claiming Yarbrough failed to pay for repairs to heavy equipment. $$$ A Harris County court suit alleging Yarbrough did not pay for temporary personnel services. $$$ A Travis County court suit by the State of Texas seeking repayment of more than $1,500 on outstanding student loans Yarbrough made at the University of Texas Law School. The Dallas Times Herald reported that Yarbrough admitted in a 1970 trial on another matter that he “lied repeatedly” to get the loans. $$$ The latest and only one filed after his election, a state suit in Harris County by Allied Bank of Texas \(formerly Continental $71,883 on a $125,000 promissory note. Yarbrough is also the subject of an investigation by the State Securities Board. It reportedly concerns gold and silver transactions. Back in 1971, the FBI investigated a scheme in which Yarbrough was hired by a Houston dentist on a 10 percent commission to sell $1.9 million in IBM stock. The stock was stolen, but Yarbrough says he didn’t know that. A complaint against Yarbrough is also on file with the Houston Bar Association, and the general counsel for the State Bar of Texas, Davis Grant, was an observer at the Cooper-Ford trial. 1 Dialogue I Emotional on oil Tom Girard’s emotional distribe against and wondering whether Tom has thought through the premise he is advocating. He uses the old cliche words “manipulation,” “misinformation,” “collusion,” “power,” talks about big salaries and private jets, but offers no really solid arguments as to how breaking up the oil companies will help me, the consumer. I fail to see how fractionalizing the vertically integrated and efficient oil companies will result in more than a lot of smaller, inefficient oil companies which are going to have to charge me higher prices for their products. He seems perturbed that the oil industry is opposed to divestiture. I would hope that he would be disturbed if his business were about to be carved up. He also talks as if the U. S. oil industry somehow controls OPEC and *what it charges for oil. If the U. S. oil industry has such control over OPEC, would it permit these countries to take over its holdings in such countries as Saudi Arabia and Venezuela? The OPEC nations know that if major U.S. oil companies are broken up, we will be more at their mercy, not less. Mr. Girard also fails to note the economic consequences of destroying America’s oil industry. And the consequences in terms of 15