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 Success Story
Richfield
Also Salvaged
An even larger salvage operation 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.
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