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Getty Petroleum Corp. - Similar to Getty Oil Corp. - Very Rare Type Stock Certificate

Inv# OS1131   Stock
State(s): Delaware
Years: 1986

Printer-Security-Columbian United States Banknote Corp. Getty Petroleum Corporation operated as real estate investment trust. The Company specialized in ownership, leasing, financing of retail motor fuel and convenience store properties. Getty Petroleum served customers across the United States. From https://www.bloomberg.com/profile/company/0833843D:US

Getty Oil was an American oil marketing company with its origins as part of the large integrated oil company founded by J. Paul Getty.

J. Paul Getty incorporated Getty Oil in 1942. He had previously worked in the oil fields of Oklahoma along with his father George Getty. When George died, he left J. Paul with $500,000 and a projection that he would destroy the family business.

Starting in 1949, J. Paul Getty negotiated a 30-year old concession in the neutral zone between Saudi Arabia and Kuwait. Gordon Getty and his family inherited a 40% interest in the company when J. Paul Getty died in 1976.

In 1984, after entering into a binding agreement to sell Getty and its 2.3-billion-barrel stockpile of proven oil reserves to Pennzoil, Gordon Getty struck a dramatic deal to sell the company to Texaco.

On November 19, 1985, in the case of Texaco, Inc. v. Pennzoil, Co., Pennzoil won a US$10.53 billion verdict against Texaco in the largest civil verdict in U.S. history as a result of the violation of the binding agreement. Following extension litigation seeking to overturn the verdict, Texaco filed for bankruptcy, after which Pennzoil agreed to settle the case for $3 billion.

While the reserves were sold, only some of the refineries changed hands, and Getty continued to exist as a downstream entity. Getty gas stations in the Northeast were sold off as a condition of the buyout. The company became known as Getty Petroleum Marketing Inc.

Getty Petroleum Marketing was sold to Lukoil in 2000, and Lukoil sold it to Cambridge Securities LLC in February 2011. Getty Petroleum filed for bankruptcy protection (Chapter 11) on December 5, 2011.

At one point, Getty Oil owned a majority stake of ESPN, before Getty's purchase by Texaco which then sold ESPN to ABC in 1984. Read more at https://en.wikipedia.org/wiki/Getty_Oil

All the Money in the World is the 2017 crime thriller film directed by Ridley Scott and written by David Scarpa, based on John Pearson's 1995 book Painfully Rich: The Outrageous Fortunes and Misfortunes of the Heirs of J. Paul Getty. It stars Michelle Williams, Christopher Plummer, Mark Wahlberg, Romain Duris, Andrew Buchan, and Timothy Hutton. The film tells the story of J. Paul Getty's refusal to cooperate with the extortion demands of a group of kidnappers from the organized crime Mafia group 'Ndrangheta who abducted his grandson John Paul Getty III in the 1970's.

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A stock certificate is issued by businesses, usually companies. A stock is part of the permanent finance of a business. Normally, they are never repaid, and the investor can recover his/her money only by selling to another investor. Most stocks, or also called shares, earn dividends, at the business's discretion, depending on how well it has traded. A stockholder or shareholder is a part-owner of the business that issued the stock certificates.

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Price: $90.00