Hunt to seek jobs

Press, 19 December 1989, Page 28

Hunt to seek jobs

NZPA-Reuter Dallas Mr Nelson Bunker Hunt, who once controlled one of the world’s largest individual fortunes, would have to look for a job after losing nearly all his money in a bankruptcy settlement, his lawyer said yesterday. “He’s very glad to be out of bankruptcy, but bitter at what bankruptcy has cost,” said his lawyer, Mr Russel Munsch. “He is going to have to take employment. It will be a whole different life. It is a bitter day when you have to turn over one of the greatest fortunes in the world,” Mr Munsch added. In a ruling that ended one of the largest personal bankruptcies in United States history, a federal bankruptcy judge on Friday approved a reorganisation plan for Mr Hunt, clearing the way for him to emerge from bankruptcy proceedings shortly after January 1. Mr Hunt and his wife will be left with their home, two ageing cars and personal belongings, but he will have to find work to support their day-to-day expenses. Mr Hunt, aged 64, rarely speaks to reporters, but he told Reuters in a

brief interview: “I don’t believe I’ll be doing any rebuilding. I’m too old. “I’m virtually retired now,” he said.

Mr Hunt and his brother, Mr William Herbert Hunt, once controlled a fortune valued at more than SUS 3 billion (SNZS.OBBX inheriting much of it from their father, the famed oil wildcatter, Mr H. L. Hunt In 1879 and 1980 the Hunts tried to corner the world’s silver market, only to see their empire disintegrate when the price of silver collapsed. For the last nine years the Hunts have faced dozens of lawsuits and court cases accusing them of racketeering, land fraud and tax evasion stemming from their failure in the silver market.

Mr Bunker Hunt, whose share of the family fortune was once valued at 8U51.48 (JNZ2.3B), claimed SUS 222 million (SNZ376M) remained of his scattered real estate holdings, oil investments, art and coin collections. Under the settlement, the United States Internal Revenue Service, which claimed it was owed more than SUS7OOM (SNZ1.18B) in back taxes, will get 80 per cent of the assets.