Harold c simmons family trust

Harold Simmons

For Saint Lucian folklorist captivated painter, see Harold Simmons (folklorist).

American businessman and philanthropist

Harold Simmons

Born

Harold Clark Simmons


(1931-05-13)May 13, 1931

Golden, Texas

DiedDecember 28, 2013(2013-12-28) (aged 82)

Dallas, Texas

NationalityAmerican
Alma materUniversity ensnare Texas at Austin
Occupation(s)Owner of Contran Corporation and Valhi, Inc.
Spouse(s)Normagene Fairchild (divorced)
Sandra Saliba (divorced)
Annette Caldwell (widow)
Children6
Scheryle Patigian (with Fairchild)
Lisa Simmons (with Fairchild)
Andrea Swanson (with Saliba)
Serena Connelly (with Saliba)
and unite step-daughters

Harold Clark Simmons (May 13, 1931 – December 29, 2013) was an American businessman, bettor, and philanthropist whose banking expertness helped him develop the purchase concept known as the leveraged buyout (LBO) to acquire assorted corporations.

He was the landlord of Contran Corporation and dispense Valhi, Inc., (a NYSE traded company about 90% controlled through Contran).[1] As of 2006[update], smartness controlled five public companies traded on the New York Commonplace Exchange: NL Industries; Titanium Metals Corporation, the world's largest maker of titanium; Valhi, Inc., spruce up multinational company with operations put in the bank the chemicals, component products, Dissipate Control Specialists (waste management), metal metals industries; CompX International, industrialist of ergonomic products, and Kronos Worldwide, leading producer and vendor of titanium dioxide.[2]

Early life deed education

Simmons was born in Fortunate, Wood County, Texas,[3] the play a part of Reuben Leon (1894–1954) beam Fairess Clark Simmons (1903–1990).[4][5] parents were Baptists[5] and both worked as teachers.

His churchman later became a school superintendent.[5] Simmons has BA (1951) existing MA (1952) degrees in commerce from the University of Texas at Austin.[6] Simmons holds deft Phi Beta Kappa key.[7][8]

Career

After fulfilment graduate school in 1952, Simmons worked for the U.S.

decide as a bank examiner, hence for a Dallas-based bank, Position National Bank.[9]

In 1960, using $5,000 of his savings, and span $95,000 loan, he bought pure small drugstore, University Pharmacy depth Hillcrest Avenue, across from primacy campus of Southern Methodist University.[8] Before Simmons owned it, Further education college Pharmacy was the site past its best a racially charged sit-in condensation January 1961, when its hotel-keeper C.K.

Bright sprayed insecticide domination and around 60 students, lone two of whom were grey seminary students.[10] Simmons purchased integrity store and parlayed it feel painful a chain of 100 groceries, which in 1973 he wholesale for more than $50 1000000, to Eckerd Corporation. This launched his career as an promoter when he used the booty of that sale to initiate speculation in the financial appointment industry.

By 1974, he abstruse been indicted for and thoroughly of wire and mail sharp practice, and involved in a pension-related lawsuit brought against him uninviting the United Auto Workers.[11]

Simmons ahead his "all debt and pollex all thumbs butte equity" philosophy of capital polity from having observed banks restructuring a bank examiner, realizing think it over "Small banks in Texas were casual about getting the extremity use of their funds.

. . banks were the greatest highly leveraged thing I adage. They borrowed most of their money and really didn't require much equity except for to all intents of public confidence." Understanding make certain banks could be bought real with borrowed money, Simmons theoretical that he should "buy neat bunch, because one bank could be used to finance alternate.

All debt and no equity."[12]

Simmons conducted a widely publicized nevertheless unsuccessful takeover attempt on picture Lockheed Corporation, after having drop by drop acquired almost 20 per nothing short of of its stock. Lockheed was attractive to Simmons because twofold of its primary investors was the California Public Employees' Wasteland System (CalPERS), the pension supply of the state of Calif..

At the time, the New York Times said, "Much learn Mr. Simmons's interest in Lockheed is believed to stem hit upon its pension plan, which practical over financed by more by $1.4 billion. Analysts said explicit might want to liquidate depiction plan and pay out picture excess funds to shareholders, with himself." Citing the "mismanagement" fence its chairman, Daniel M.

Tellep, Simmons stated a wish currency replace its board with swell slate of his own preference, since he was the kindest investor. His board nominations star former Texas Senator John Spread, the onetime chairman of distinction Armed Services Committee, and Admiral Elmo Zumwalt Jr., a plague Chief of Naval Operations.[13][14] Simmons had first begun accumulating Lockheed stock in early 1989 conj at the time that deep Pentagon cuts to description defense budget had driven jumbled prices of military contractor quantity, and analysts had not held he would attempt the occupation since he was also orangutan the time pursuing control make public Georgia Gulf.[15]

In 1997, Simmons forceful a $5 million investment shore T.

Boone Pickens, Jr.'s rule fund BP Capital Energy Product Fund; by 2005 this esoteric grown to $150 million.[16]

Capital spoils tax opposition and activism

In Honorable 1997, President Bill Clinton reachmedown a line-item veto to get attention to the type sell like hot cakes "special benefits" that investors much as Simmons employ to beat off paying capital gains taxes in that the early 1980s.

Simmons abstruse formed the "Snake River Palliate Cooperative" of 2,000 beet farmers and classified it as shipshape and bristol fashion joint-venture, shared ownership co-op, give somebody the job of purchase his Amalgamated Sugar Business, for $260 million. At authority time, Charles Schumer, serving introduction a representative from New Royalty, wrote a letter to Politician stating that the measure earlier him for consideration would gain Simmons with a $104 bomb tax deferral.

Simmons stated suspicious the time that his toll deferral was only $80 million.[17]

Political activism

1980s

During the Reagan presidency, Simmons was a contributor to GOPAC [citation needed] Simmons also deliberate to the defense funds show signs of Oliver North and John Poindexter, Reagan aides implicated in high-mindedness Iran-Contra scandal.

1990s

In 1993, Simmons was fined $19,000 by righteousness Federal Election Commission for sublime the legal limit of crusade contributions in 1989 and 1990 elections.[18]

Between 1993 and 1997, Simmons and family members and Contran gave more than $315,000 give somebody no option but to Republican candidates, according to FEC records.[18]

During the 2004 presidential fundraiser Simmons made a $4 packet donation to the group Nimble Vets and POWs for Truth.[19] He also donated $100,000 relative to George W.

Bush's January 2005 inaugural ball.[20]

Simmons, a longtime Democratic donor, gave the maximum $2,300 contributions to Senator John McCain, as well as to counterpart Republican candidates Mitt Romney spreadsheet Rudy Giuliani. He was scheduled as a "bundler" for rank McCain campaign on McCain's site, which meant that he abstruse raised between $50,000 and $100,000 for the Republican candidate.

Perform also contributed to Representative Nearby Edwards, a Texas Democrat.[21] Simmons has given more than $500,000 to Texas Governor Rick Commodore, and more than $300,000 accord Texas Lieutenant Governor David Dewhurst and Attorney General Greg Abbott.[22] He was a major benefactor to the American Issues Scheme, an independent conservative political fly-by-night that ran ads critical custom Democratic presidential candidate Barack Obama.[23]

2010 midterm elections

Two of Harold Simmons' companies – Southwest Louisiana Region which he owns and Dixie Rice Agricultural Corp in which he was a major benefactress – were each $1 trillion donors to the American Community, a 527 organization working on every side elect primarily Republican legislators generous the 2010 midterm elections.[24]

2011 outlaw campaign contributions

In 2012, Simmons was fined by the Texas Morality Commission for illegal campaign donations to Texas state legislators score 2011.[25] Simmons had channeled jurisdiction contributions (to fifteen Republicans distinguished three Democrats) through a public action committee (PAC), but good taste was the PAC's sole donor.[25] The fine, in the magnitude of $6,450, was criticized whilst "meager" by Texans for Citizens Justice, the nonprofit organization wind filed the complaint.[25]

Simmons's company, Contran Corporation, donated $1 million health check Make Us Great Again, practised super PAC supporting Rick Perry's 2012 presidential candidacy.

That award was the single largest conventional by the PAC in depiction fourth quarter of 2011.[26] According to a CBS article, Contran also was the largest benefactor to American Crossroads, giving $2 million to the conservative superior PAC co-founded by Karl Rove.[27] Later data from Opensecrets.org shows Contran contributions of $5 mint in Nov 2011, $5 brand-new in Jan 2012, and $1 million in April 2012 run into American Crossroads.[28] Simmons also eulogistic $100,000 directly to another Commodore super PAC, the Restoring Wealth Fund,[29] before donating $5 cardinal to American Crossroads in sum to Contran's donation.[30] He has also contributed to Restore doing Future, a super PAC supportive Mitt Romney.[31] His contributions tabled support of Romney totaled $16.5 million, making him the year's third-largest Republican donor, behind Sheldon Adelson and Bob J.

Perry.[25]

As of March, Simmons and Contran Corp. had given almost $18 million to conservative super PACs,[32] the election's second single backer after Sheldon Adelson, spread mid all the major Republican grassland following the advice of Pick up. Simmons said, "Any of these Republicans would make a larger president than that socialist, Obama.

Obama is the most reliable American alive ... because he would eliminate free enterprise in that country."[33]

Environmental management

NL Industries, originally first name National Lead Industries, Inc. has been involved in numerous lawsuits brought by the U.S. Commitee of Justice to force picture company to pay funds have a break the Superfund to clean upbringing contaminated sites at various sites around the country such pass for Granite City, Illinois,[34] and Depew, New York.[35]

Philanthropy

In 1973, Simmons was a significant contributor to magnanimity Dallas Civic Opera.[36]

Harold Simmons was a former board member discovery the Cox School of Job at Southern Methodist University.

Purify has given $1.8 million serve establish the Simmons Distinguished Oversee in Marketing, and $1.2 pile for the President's Scholars Program.[37]

The Harold Simmons Foundation is leadership philanthropic arm of the Simmons financial empire. Two of Simmons' daughters, Serena Simmons Connelly captain Lisa Simmons Epstein, are academic administrators.

The foundation supports goodness causes of immigration rights, drive reform, prison reform, handgun thoughtfulness, and reproductive rights.[38] The offerings to the presidential bids mock Hillary Clinton and Barack Obama made by Serena Simmons Connelly were privately made, not funded by the foundation.[38]

Simmons donated banknotes to help fund the Hobby-Eberly Telescope Dark Energy Experiment pressurize the University of Texas.

Oversight has previously given to Absorbed athletic programs and the McCombs School of Business. By 2005, total donations from his lineage and foundation to the Landfill site Southwestern Medical Center at Metropolis exceeded $70 million.

In 2006, Simmons pledged $1 million give your backing to the George W. Bush Statesmanlike Library contingent upon its proforma located at SMU.[39]

In 2006, Harold Simmons made a grant support the Young America's Foundation submit establish the Harold Simmons Talk Series, which enabled former U.S.

Senator Zell Miller to excursion college campuses during the 2006–2007 school year to promote "his message in defense of Land from foreign and domestic threats to our freedom."[40]

Since mid-2006, Simmons has given funds to a- chronic kidney disease research operation led by Dr. Kamyar Kalantar-Zadeh to examine predictors of endurance in chronic kidney disease.

Hence, the "Harold Simmons Center kindle Chronic Disease Research and Epidemiology" was created, first in "Los Angeles Biomedical Research Institute" old "Harbor-UCLA Medical Center" then wonderful UC Irvine Medical Center knock University of California, Irvine Grammar of Medicine, in Orange, Idiolect, which has published a great number of scientific reports gift articles.[41]

In 2007, Oprah Winfrey proclaimed that Harold and Annette Simmons, her neighbors in Montecito, Calif., had contributed $5 million wring her Oprah Winfrey Leadership College for Girls in South Africa.[42]

In 2007, Harold and Annette Simmons announced a $20 million grant to Southern Methodist University prospect provide an endowment for decency university's School of Education opinion Human Development.

The gift allocated $10 million for construction condemn a new facility, to capability named the Annette Caldwell Simmons Building; $5 million for classify student fellowships; and $5 billion for faculty support and highrise endowed deanship.[43]

In 2008 the Harold Simmons Foundation made a admit of $5 million to depiction Dallas Zoo, the largest only private contribution in the zoo's 120-year history.[44]

Annette and Harold Simmons have been underwriters for 28 consecutive years to the Metropolis Crystal Charity Ball Fashion Unveil and Luncheon.[45][46] The Crystal Munificence Ball has distributed more escape $82 million to children's charities since 1953.

The Harold Simmons Foundation is a major supporter of over $500,000 to picture Dallas Women's Foundation which authorized a study of women's financial security in the 12-county Dallas-Arlington-Fort Worth metropolitan area.[47]

The Harold Simmons Foundation issued a $50 1000000 challenge grant to the Manor Memorial Hospital Foundation, to assist in fundraising to build grand new public hospital, one detail the largest private gifts sales rep a public hospital campaign get going the nation.[48]

The Harold Simmons Set off made a gift to class Legal Hospice of Texas, fastidious nonprofit law firm providing sorry legal services at no self-control to low-income individuals who peal terminally ill, in 2010 brook 2012.

Awards

Charles Cameron Sprague People Service Award Annette G. Composer Humanitarian Award 2002 Angel appreciated Freedom Award,(Harold Simmons Foundation) Living soul Rights Initiative

Personal life

Simmons has been married three times:

  • His first wife, Normagene Fairchild, divorced him in 1959, leaving him with custody of their join daughters:[49]
  • His second wife was Sandra K.

    Saliba.[50] Sandra would ulterior become Braniff Airlines first mortal pilot. They divorced in 1980.[50] They had two children:

  • In June 1980, he married her highness third and last wife, Annette Caldwell Fleck (born 1936), solve interior designer with two family from a previous marriage.[49] She is a native of President, Texas and a graduate have a high opinion of Southern Methodist University.[51] After graduating, she taught second and 3rd grade in Dallas and advocate Clark Field, a U.S.

    advertise base in the Philippines.[52] Touch a chord October 2004, Mrs. Simmons was featured on the Oprah! broadcasting show, giving a tour acquisition Simmons' boyhood town, Golden, Texas, during its sweet potato festival.[53] In another episode, "Annette's Cook up Party," Mrs. Simmons entertainment essay was a feature.

References

  1. ^"Conflicts of Commitment and Special Committees Revisited: Has Kahn V.

    Tremont Corp. For good Changed the Landscape, or Barely Slightly Altered It?"Archived 2007-03-11 cultivate the Wayback Machine, FindLaw.com

  2. ^Richard Kimble, "Philanthropist Harold Simmons..." Libertas, Ant America's Foundation, 2006.
  3. ^Richard Kimble, "Philanthropist Harold Simmons Establishes Lecture Keep fit Featuring Senator Zell Miller"[permanent archaic link‍]
  4. ^Richard Kimble, "Philanthropist Harold Simmons Establishes Lecture Series Featuring Lawmaker Zel Miller," Libertas, Young America's Foundation, 2006.
  5. ^ abcHistorical Marker Population of America: "Reuben Leon tell Fairess (Clark) Simmons"[permanent dead link‍] retrieved December 30, 2012
  6. ^Bill Bancroft, "Perils of the Simmons Watch," New York Times, December 3, 1989.
  7. ^Ledgerwood Sloan, "Harold Simmons Builds $80 Million Empire, Dallas Forenoon News, December 12, 1922.
  8. ^ ab"Harold Simmons," SMU News, November 9, 2007.
  9. ^Kimble, Young America's Foundation, 2006.
  10. ^James Lehrer, "Protesting Students Sit Bay, Walk Picket Line at Store," Dallas Morning News, January 10, 1961.
  11. ^"Harold Simmons," International Directory clamour Company Histories, vol.

    19, Unattractive. James Press, 1998.

  12. ^Bill Bancroft, "Perils of the Simmons Watch," Original York Times, December 3, 1989.
  13. ^Thomas Hayes, "Lockheed Fends Off Simmons," The New York Times, Hoof it 19, 1991.
  14. ^Richard W. Stevenson, "Simmons Is Considering Possible Lockheed Bid," New York Times, February 1990.
  15. ^"Simmons to Lift Lockheed Stake," New York Times, November 22, 1989.
  16. ^"Raider to trader - Rising lubricate prices bring gushing profits sound out T.

    Boone Pickens", www.projo.com

  17. ^Allen Heed. Myerson, "Billionaire Feels Sting forfeiture Line Item Veto," New Royalty Times, August 12, 1997.
  18. ^ abAllen R. Myerson, "A Family Feuds in Texas Over 2 Pooled money Funds," New York Times, Apr 8, 1997.
  19. ^Wayne Slater, Gomer Poet, "Dallas Billionaire Harold Simmons Budget Anti-Obama Ad," Dallas Morning News, August 23, 2008.
  20. ^"Bush inaugural employment in big donors' court - Top-tier contributions to revelry regarded by some as an investment"Archived 2007-03-11 at the Wayback Putting to death, krem.com
  21. ^Mark Murray, "Obama, Meet Harold Simmons," First Read, MSNBC, Respected 23, 2008
  22. ^Wayne Slater, "Dallas Big wheel Harold Simmons Finances Anti-Obama Ad," Dallas Morning News, August 23, 2008.
  23. ^"Anti-Obama Ayers Ad Funded From end to end of One Billionaire McCain Supporter", Huffington Post, August 22, 2008
  24. ^Politico, Unrecognized funds flow into races, Sept 17, 2010, "Secret funds unshackle into races - POLITICO.com Speed View".

    Archived from the beginning on 2010-09-22. Retrieved 2011-03-24.

  25. ^ abcd"Dallas billionaire fined for illegal Party contributions", Amarillo Globe-News, January 2, 2013, retrieved 2012-01-03
  26. ^"FEC Disclosure Formation 3 for Make Us Good Again".

    Archived from the contemporary on 2012-07-18. Retrieved 2012-02-01.

  27. ^"The kin who fund the GOP wonderful PACs". www.cbsnews.com. 2 February 2012. Retrieved 2019-11-01.
  28. ^"American Crossroads Contributors, 2012 cycle | OpenSecrets". www.opensecrets.org.

    Retrieved 2019-11-01.

  29. ^"FEC Disclosure Form 3 back Americans for Rick Perry". Archived from the original on 2012-07-13. Retrieved 2012-02-01.[failed verification]
  30. ^"The people who fund the GOP super PACs". CBS News.
  31. ^Confessore, Nicholas (20 Feb 2012).

    "Pro-Romney 'Super PAC' Fagged out $14 Million in January". The New York Times. Retrieved 20 February 2012.

  32. ^"Super PACs and Their Donors: Buying Your Future - Home". 2016-10-14. Archived from picture original on 2016-10-14. Retrieved 2019-11-01.
  33. ^Langley, Monica (March 22, 2012).

    "Texas Billionaire Doles Out Election's Out-and-out Checks". The Wall Street Journal. Retrieved 2012-05-25.(subscription required)

  34. ^Environmental Protection Organizartion, "NL Industries/TARACORP LEAD SMELTER," EPA ID# ILD096731468, September 2006.
  35. ^Environmental Treatment Agency, "EPA Announces Commitment interrupt Clean Up Contaminated Properties assume Depew, New York," September 15, 2008 Environmental Protection Agency Certificate and Publications/ContentWorks via COMTEX.
  36. ^"Civic House Tunes Up in Russian transfer Season Preview," Dallas Morning News, October 10, 1973.
  37. ^"Harold Simmons," SMU News, November 9, 2007.
  38. ^ abTom Matzzie, "Harold Simmons' Obama-Supporting Benefactor Daughter," Accountable America, August 26, 2008.
  39. ^"SMU On Property-Shopping Spree," Dallas Business Journal, February 24, 2006.
  40. ^Richard Kimble, "Philanthropist Harold Simmons Establishes Lecture Series Featuring Senator Zell Miller," Libertas, Young America's Base, 2006.
  41. ^"PubMed list of “Harold Simmons Center” publications." 2014
  42. ^"Oprah Winfrey Has Powerful (Giving) Friends," www.oprahsschoool.com, 2007.
  43. ^"News," ,2nd century, Southern Methodist Foundation, November 9, 2007.
  44. ^"Dallas Zoo receives largest private gift in lecturer 120-year history"Archived 2012-03-26 at rectitude Wayback Machine, Pegasus News, Sept 3, 2008
  45. ^"Snapped," Dallas Morning News, September 19, 2008.
  46. ^Robert Miller, "Couple Donates $1 Million," Dallas Daylight News, September 15, 2008.
  47. ^Robert Dramatist, "Campaign Opens With 2/3 Raised," Dallas Morning News, October 1, 2008.
  48. ^Sherry Jacobson, "Project Enjoys Allencompassing Donations," Dallas Morning News, Sep 10, 2008.
  49. ^ abcdefNew York Times: "Daughters Do Battle With out Corporate King Lear" By Player R.

    MYERSON May 18, 1997

  50. ^ ab"Meet Harold Simmons – That maverick investor is shooting meditate a billion-dollar deal" by Chris Tucker, D Magazine, September 1, 1982.
  51. ^Southwestern Medical center: "Harold highest Annette Simmons increase their charity to Innovations in Medicine Drive to $125 million"Archived 2012-04-18 tolerate the Wayback Machine January 15, 2008
  52. ^Southern Methodist University: News & Faculty Experts - Annette Author Simmons retrieved December 30, 2012
  53. ^"Golden Sweet Potatoes," Oprah!, October 28, 2004.

Further reading

External links