E. Pierce Marshall
E. Pierce Marshall | |
|---|---|
| Born | January 12, 1939 |
| Died | June 20, 2006 (aged 67) |
| Nationality | American |
| Alma mater | Pomona College |
| Occupation | Petroleum industry executive |
| Known for | Beneficial owner of 16% of Koch Industries via trusts |
| Spouse | Elaine Tettemer Marshall |
| Children | 2 |
| Relatives | J. Howard Marshall III (brother) |
| Family | J. Howard Marshall (father) Anna Nicole Smith (stepmother) |
Everett Pierce Marshall (January 12, 1939 – June 20, 2006) was an American
Early life and education
Marshall attended
Career
Marshall began his career at
In 1969, Marshall moved to Houston to work with his father.[1]
At his brother's wedding in 1974, he and his brother were each given shares representing a 4% stake in
In 1980, the 4 sons of Fred C. Koch fought over control of Koch Industries, founded by their father. J. Howard Marshall III sided with Bill Koch and Frederick R. Koch, while Pierce and his father sided with Charles Koch and David Koch resulting in J. Howard Marshall buying back the shares he had previously given J. Howard Marshall III.[2] The company purchased the remaining shares of Bill, Frederick and others in 1983.[2]
From 1979 to 1981, he was Vice President of Finance of International Oil and Gas Corporation. During 1982, he managed his own investments. In 1983, he joined Weber, Hall, Sale and Associates, a stock brokerage firm in Dallas. In August 1986, he became the president of Electron Corporation, an iron foundry based in Littleton, Colorado. He also served as chairman since 1981, when his father-in-law died.[3]
He led Electron through a successful turnaround, saving over 300 jobs in Colorado and Oklahoma.[1] When the health of his father, J. Howard Marshall, began to deteriorate in 1993, he ceased his securities brokerage business, delegated his responsibilities at Electron and assumed operational responsibilities at Marshall Petroleum.
His father died in 1995, leaving the family fortune in trusts for the benefit of Pierce and leaving his brother, J. Howard Marshall III, and his father's widow, Anna Nicole Smith, out of the will and testament. Smith and Marshall III sued, and Pierce and his father's estate were defendants in several cases including Marshall v. Marshall and Stern v. Marshall, which both reached the Supreme Court of the United States. In the end, the courts ruled that Marshall III and Smith had no rights to the estate. Although Pierce did not like the spotlight and dealing with lawyers, he refused to settle the cases because he believed he was fighting a crusade to honor the final wishes of his father.[4]
Death
Marshall died on June 20, 2006, at the age of 67 as a result of septic shock brought on by a combination of Staphylococcus and Streptococcus infections that were resistant to drugs.[4] His shares in Koch Industries then passed to trusts for the benefit of his wife, Elaine Tettemer Marshall, and his children, Preston Marshall and E. Pierce Marshall Jr.
Personal life
Marshall married Elaine Tettemer Marshall in 1965 and they had two sons: Preston Marshall and E. Pierce Marshall Jr.[4]
Marshall always said that his shares in Koch Industries were worth less than amounts indicated in published reports since the company had no plans to become a public company and they were therefore illiquid.[4]
Marshall was a motorsports enthusiast and competed in the last running of the
References
- ^ Culver Military Academy. Spring–Summer 2009.
- ^ a b c Fisher, Daniel (March 4, 2013). "The Oilman, The Playmate, And The Tangled Affairs Of The Billionaire Marshall Family". Forbes.
- ^ "MARSHALL v. COMMISSIONER". United States Tax Court. December 10, 1986.
- ^ a b c d Fairbank, Katie (August 6, 2006). "Survived by Ex-Stepmom Anna Nicole Pierce Marshall Died An Unlikely Celebrity". The Washington Post.
- ISBN 0-7603-1090-4.