Richfield Oil Corporation

Richfield Oil Corporation
Item# 3173bl

Was: $6.95



Stock Certificate, issued/canceled
1940's through 1960's
Jeffries Bank Note Company
The item shown is representative of the piece you will receive



A large salvage operation by the Sinclair Oil Corporation was the rescue in 1936 of Richfield Oil Company of California, a depression victim. For several years, Richfield was operated by a Federal Court-appointed receiver. Sinclair helped the receiver by purchasing Richfield's East coast marketing subsidiary. Richfield's remaining assets were offered for sale by court order in 1936, but no buyer would pay the court-fixed upset price. Subsequently, Sinclair participated in a plan of reorganization under the Bankruptcy Act which resulted in a new entity, Richfield Oil Corporation. To the new structure were transferred the properties of Rio Grande Oil Company, in which Sinclair then owned a 50 percent interest. Sinclair also contributed many key employees, its operating skills and a refinery management agreement. Under the court-approved reorganization, Mr. Harry F. Sinclair became a director and Chairman of the Board. About 30 years later, Richfield merged with the Atlantic Refining Company.DE-Delaware Oil Companies Gas Stations Under $10 Under $5 Oil Well Featured Allegorical Featured Nude Subject

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