Bankruptcies: A tall Texan Goes Under

A tall Texan Goes Under

Bankruptcies in the depressed Energy Belt are almost as common as ten-gallon hats, but the Texan who filed papers last week was no ordinary sad case: John Connally, 70, former Treasury Secretary, three-term Texas Governor and onetime presidential candidate. Connally applied under Chapter 11 for personal bankruptcy protection and under Chapter 7 to liquidate the failed real estate business he owned with Partner Ben Barnes, a former Lieutenant Governor. Between them, they owe an estimated $170 million.

After failing to get the 1980 Republican presidential nomination, Connally went home to make a Texas-size fortune. Starting with about $10 million, he and...

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