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1010 KB
Extraction Summary
4
People
12
Organizations
0
Locations
2
Events
2
Relationships
5
Quotes
Document Information
Type:
Financial analysis/report (likely a printout of a blog post or article)
File Size:
1010 KB
Summary
This document, stamped by House Oversight, appears to be a printout of a financial analysis or blog post regarding the estate of 'Simmons' (likely Harold Simmons) and the performance of Valhi Inc stock. It discusses the control of a tax-exempt Foundation by Lisa K. Simmons and Serena Simmons Connelly, contrasts them with other daughters who were 'frozen out,' and includes a chart comparing Valhi stock to the S&P 500 around the time of Simmons's death in late 2013/early 2014. The text references major institutional holders like BlackRock and Citadel and cites IRS bulletins and NYT articles.
People (4)
| Name | Role | Context |
|---|---|---|
| Lisa K. Simmons | President/Director/Member |
Sole member and President of the Foundation; deemed to control the Foundation.
|
| Serena Simmons Connelly | Executive Vice President/Director/Member |
Sole member and EVP of the Foundation; deemed to control the Foundation.
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| Simmons | Deceased Estate Owner |
Refers to the late Harold Simmons (implied by Valhi context); document discusses his estate, death, and daughters.
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| Simmons's daughters (unnamed) | Family members |
Described as having been 'frozen out of Valhi' and involved in a 'battle' per a 1997 NYT story.
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Organizations (12)
| Name | Type | Context |
|---|---|---|
| The Foundation |
Tax-exempt charitable organization controlled by Lisa K. Simmons and Serena Simmons Connelly.
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|
| Valhi Inc |
Company whose stock performance is charted against the S&P 500; associated with the Simmons family.
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| BlackRock |
Listed as a holder on the Bloomberg HDS list.
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| Dimensional |
Listed as a holder on the Bloomberg HDS list.
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| Calpers |
Listed as a holder on the Bloomberg HDS list.
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| Fidelity |
Listed as a holder on the Bloomberg HDS list.
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| Citadel |
Listed as a holder on the Bloomberg HDS list.
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| New York Times |
Source of a 1997 story regarding the Simmons family battle.
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| Internal Revenue Service |
Referenced regarding a bulletin on estate property election.
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| Bloomberg |
Source of the HDS list and the chart data.
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| S&P 500 |
Index used as a benchmark in the performance chart.
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| House Oversight Committee |
Source of the document (indicated by footer).
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Relationships (2)
Both are sole members and directors of the Foundation.
Described as 'frozen out of Valhi' and involved in a 'battle'.
Key Quotes (5)
"Lisa K. Simmons and Serena Simmons Connelly are the sole members of the Foundation... They may be deemed to control the Foundation but disclaim all Shares they do not hold directly."Source
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Quote #1
"From a current Bloomberg HDS list I see BlackRock, Dimensional, Calpers, Fidelity and Citadel among the big-name holders"Source
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Quote #2
"Incidentally, Simmons had other daughters who seem to have been frozen out of Valhi."Source
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Quote #3
"Here is a 1997 New York Times story about Simmons with the headline 'Daughters Do Battle With a Corporate King Lear.'"Source
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Quote #4
"And perhaps most interesting, here's the last year, with Simmons's death in the middle:"Source
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Quote #5
Full Extracted Text
Complete text extracted from the document (1,343 characters)
The Foundation is a tax-exempt foundation organized for charitable purposes. Lisa K. Simmons and Serena Simmons Connelly are the sole members of the Foundation, serve as two of the three the directors on the Foundation’s board of directors and are the president and executive vice president, respectively of the Foundation. They may be deemed to control the Foundation but disclaim all Shares they do not hold directly.
3 From a current Bloomberg HDS list I see BlackRock, Dimensional, Calpers, Fidelity and Citadel among the big-name holders, though all in fairly small size.
3 From a current Bloomberg HDS list I see BlackRock, Dimensional, Calpers, Fidelity and Citadel among the big-name holders, though all in fairly small size.
Incidentally, Simmons had other daughters who seem to have been frozen out of Valhi. Here is a 1997 New York Times story about Simmons with the headline "Daughters Do Battle With a Corporate King Lear." So.
4 Minus an exemption that, compared to the size of Simmons's estate, is very very small (single-digit millions).
5 This election only works if the estate has kept the property for the six months. Here's an Internal Revenue Service bulletin on the topic.
6 Here it is in percentage terms versus the S&P 500:
10%
0
-10
-20
-30
-40
-50
-60
0
-10
-20
-30
-40
-50
-60
Dec 27, '13
Feb 12, '14
Mar 28, '14
May 13, '14
Jun 26, '14
Feb 12, '14
Mar 28, '14
May 13, '14
Jun 26, '14
Valhi Inc
S&P 500 Index
S&P 500 Index
Source: Bloomberg
And perhaps most interesting, here's the last year, with Simmons's death in the middle:
HOUSE_OVERSIGHT_029347
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