HOUSE_OVERSIGHT_029348.jpg
1.35 MB
Extraction Summary
6
People
6
Organizations
2
Locations
2
Events
2
Relationships
3
Quotes
Document Information
Type:
Article/newsletter clipping (likely email attachment)
File Size:
1.35 MB
Summary
This document contains a Bloomberg article excerpt by Matt Levine discussing the finances and estate of 'Simmons' (likely Harold Simmons), featuring a graph comparing Valhi Inc stock to the S&P 500 from 2013-2014. The text discusses estate taxes, share calculations, and Simmons's political views and legal history with NL Industries. The document concludes with the signature block of Alan S. Halperin, a partner at Paul, Weiss, Rifkind, Wharton & Garrison LLP, and bears a House Oversight Bates stamp.
People (6)
| Name | Role | Context |
|---|---|---|
| Simmons | Subject of article/Chairman |
Former chairman of the board (2013), described as libertarian anti-tax advocate, estate is being discussed.
|
| Steven L. Watson | CEO |
Chief executive officer managing the company.
|
| Matt Levine | Writer |
Author of the Bloomberg article.
|
| Tobin Harshaw | Editor |
Editor responsible for the Bloomberg article.
|
| Barack Obama | President (US) |
Referred to by Simmons as 'the most dangerous man in America'.
|
| Alan S. Halperin | Partner |
Partner at Paul, Weiss, Rifkind, Wharton & Garrison LLP; appears in the email signature block/footer.
|
Organizations (6)
| Name | Type | Context |
|---|---|---|
| Valhi Inc |
Company tracked in the stock graph.
|
|
| S&P 500 Index |
Market index used for comparison in the graph.
|
|
| Bloomberg |
Source of the data and article.
|
|
| NL Industries |
Company in Simmons's estate, found liable by a jury in 2009.
|
|
| IRS |
Government agency Simmons had run-ins with.
|
|
| Paul, Weiss, Rifkind, Wharton & Garrison LLP |
Law firm of Alan S. Halperin.
|
Timeline (2 events)
2009
Dallas County jury found NL Industries liable for manipulating stock values.
Dallas County
NL Industries
Dallas County jury
Locations (2)
| Location | Context |
|---|---|
|
Location of jury finding against NL Industries.
|
|
|
Location of Paul Weiss law firm.
|
Relationships (2)
Simmons was chairman, Watson was CEO.
Levine is writer, Harshaw is editor.
Key Quotes (3)
"it is always better to have more money than less money, and that it is always better to die later than to die sooner."Source
HOUSE_OVERSIGHT_029348.jpg
Quote #1
"Simmons was a libertarian anti-tax advocate, had various run-ins with the IRS, and called President Barack Obama 'the most dangerous man in America'"Source
HOUSE_OVERSIGHT_029348.jpg
Quote #2
"In 2009, a Dallas County jury found NL Industries... 'liable for not honoring contractual agreements and manipulating stock values'"Source
HOUSE_OVERSIGHT_029348.jpg
Quote #3
Full Extracted Text
Complete text extracted from the document (1,816 characters)
40%
30
20
10
0
-10
-20
-30
-40
-50
-60
Jun 27, '13
Sep 26, '13
Dec 26, '13
Mar 28, '14
Jun 27, '14
Valhi Inc
S&P 500 Index
30
20
10
0
-10
-20
-30
-40
-50
-60
Jun 27, '13
Sep 26, '13
Dec 26, '13
Mar 28, '14
Jun 27, '14
Valhi Inc
S&P 500 Index
Source: Bloomberg
To be fair, Simmons was the chairman of the board in 2013, though the company was managed by a chief executive officer, Steven L. Watson, who remains in charge.
7 I've cited my tax professor's two fundamental laws of tax before: that it is always better to have more money than less money, and that it is always better to die later than to die sooner. The second rule is always relevant in estate-tax situations too.
8 I'm using yesterday for convenience but in fact you'd have to use today's valuation. And the stock is down again today!
9 That is, 318.2 million shares times $0.61 per share times 40 percent is $77.6 million.
10 Now 317.3 million, I guess.
11 You shouldn't take that date too seriously; the foundation's June 11 filing stated an "approximate date of sale" of June 11, but it actually took about two weeks. Best guess, the foundation was/is selling those shares yesterday and today.
12 Do I even need to tell you that Simmons was a libertarian anti-tax advocate, had various run-ins with the IRS, and called President Barack Obama "the most dangerous man in America"? Or that "In 2009, a Dallas County jury found NL Industries" -- one of the companies in Simmons's estate -- "liable for not honoring contractual agreements and manipulating stock values"?
To contact the writer of this article: Matt Levine at mlevine51@bloomberg.net.
To contact the editor responsible for this article: Tobin Harshaw at tharshaw@bloomberg.net.
Alan S. Halperin | Partner
Paul, Weiss, Rifkind, Wharton & Garrison LLP
1285 Avenue of the Americas | New York, NY 10019-6064
[REDACTED] (Direct Phone) | [REDACTED] (Direct Fax)
www.paulweiss.com
Paul, Weiss, Rifkind, Wharton & Garrison LLP
1285 Avenue of the Americas | New York, NY 10019-6064
[REDACTED] (Direct Phone) | [REDACTED] (Direct Fax)
www.paulweiss.com
HOUSE_OVERSIGHT_029348
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