ENTREPRENEURS: Penury Without Tears

In theory, Oilman John McCandish King should be a pauper. He has lost his $170,000-a-year job as chairman of King Resources, a mineral exploration firm. That company has been forced into bankruptcy, and creditors are seeking to have Colorado Corp., a holding company that is 90% owned by King, declared bankrupt also. The Internal Revenue Service has slapped liens on his property for $5,300,000 in back taxes. Creditors, former investors, and tax authorities are suing him in at least six states to collect what is left of his personal fortune, which was once estimated to be $480 million but...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!