Spectrum 7
Encyclopedia
Spectrum 7 was an oil company started by William DeWitt
and Mercer Reynolds
.
In 1984, Spectrum 7 merged with George W. Bush
's Arbusto Energy
. After the merger, Bush became the Chairman and CEO of Spectrum 7.
In 1986, after reporting a net loss of $1.5 million the previous year, Spectrum 7 was purchased by Harken Oil and Gas
for $2.2 million, at the time one-third owned by noted investor George Soros
.
Years later Soros, who then, as now, was one of the world's most powerful financial market players, offered a reason why Harken bought the failing Spectrum 7. According to The Nation
s Washington editor David Corn, who happened to run into Mr. Soros at a party recently and asked him why Harken had bought Mr Bush's company.
William DeWitt, Jr.
William O. DeWitt, Jr. is an American businessman and currently the managing partner and chairman of the St. Louis Cardinals. He served on the President's Foreign Intelligence Advisory Board during the George W...
and Mercer Reynolds
Mercer Reynolds
Mercer "Merce" Reynolds III is an American businessman. He was the finance chair of U.S. President George W. Bush's presidential campaign.-Education and early career:...
.
In 1984, Spectrum 7 merged with George W. Bush
George W. Bush
George Walker Bush is an American politician who served as the 43rd President of the United States, from 2001 to 2009. Before that, he was the 46th Governor of Texas, having served from 1995 to 2000....
's Arbusto Energy
Arbusto Energy
Arbusto Energy was a petroleum and energy company formed in Midland, Texas, in 1977, for former US President George W. Bush by a group of investors which included Dorothy Bush, Lewis Lehrman, William Henry Draper III, Bill Gammell, and James R. Bath. The company's chief financial officer was K...
. After the merger, Bush became the Chairman and CEO of Spectrum 7.
In 1986, after reporting a net loss of $1.5 million the previous year, Spectrum 7 was purchased by Harken Oil and Gas
Harken Energy
HKN, Inc., formerly known as Harken Energy Corporation, is a small American oil and gas production company, with ownership interests in other production companies. The company is headquartered in Southlake, Texas, near Fort Worth. There is a second office near Dallas, in the town of Paris. The...
for $2.2 million, at the time one-third owned by noted investor George Soros
George Soros
George Soros is a Hungarian-American business magnate, investor, philosopher, and philanthropist. He is the chairman of Soros Fund Management. Soros supports progressive-liberal causes...
.
Years later Soros, who then, as now, was one of the world's most powerful financial market players, offered a reason why Harken bought the failing Spectrum 7. According to The Nation
The Nation
The Nation is the oldest continuously published weekly magazine in the United States. The periodical, devoted to politics and culture, is self-described as "the flagship of the left." Founded on July 6, 1865, It is published by The Nation Company, L.P., at 33 Irving Place, New York City.The Nation...
s Washington editor David Corn, who happened to run into Mr. Soros at a party recently and asked him why Harken had bought Mr Bush's company.
- "I didn't know him," Corn quoted Mr Soros as saying in an article posted on
- A Soros spokesman, Michael Vachon, would neither deny nor confirm that Mr Soros had made the comment. But he said it was "taken out of context" because it implied that Mr Soros was actively involved in Harken's decision to buy Spectrum7. This was not the case. Mr Soros left the management of Harken to others, Mr Vachon said.
- But numerous Harken officials have said over the years that Mr Bush's presence at Spectrum7 made the failing company more attractive than it would otherwise have been.