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Chapter 9

1"Brother Sister Named In Rancher's Complaint," Arizona Daily Star, July 12, 1969:B1.

2Ibid., Arizona Daily Star, November 3, 1976.

3Arizona Daily Star, June 5, 1973. Regina Ford, "The Pendleton Home: Renovation of Historic Building," Green Valley News and Sun, June 5, 2002; "Pendleton Parties Brought the Rich and Famous," Green Valley News and Sun, June 7, 2002.

4Kenneth J. Slocum, "Furor in Florida: Land Sales Practices of Gulf American Corp. Touch Off Controversy," Wall Street Journal, June 28, 1967, p.1.

5Albert Winnikoff, The Land Game, quoted in Pew 1971.

6Op cit., p.1.


8Wall Street Journal, October 16, 1967, p.3.

9Wall Street Journal, June 28, 1967.

10Op cit, p.1.

11New York Times, June 25, 1967.

12"Gulf American Says It Has Paid $700,000 to Assuage Customers," Wall Street Journal, October 17, 1967.

13"Public Hearing Sought for Gulf American," Arizona Daily Star, August 9, 1967, p.2.

14Wall Street Journal, October 16, 1967, p.3. Kenneth G. Slocum, "Florida Land Furor: State Officials Amplify Blackmail Charge Tied to Gulf American Case," Wall Street Journal, November 9, 1967, p.1, 22.

15"Williams, Land Firm Meet," Arizona Daily Star, August 1, 1967, B1. "Acting Without the Evidence," Editorial, Arizona Daily Star, August 2, 1967.

16"Baca Float Ranch Bought for Reported $3.5 Million," Arizona Daily Star, July 1, 1967, A1.

17"Gulf American Wins Nogales Zone Change," Arizona Daily Star, August 25, 1967, A4.

18"Rio Rico Rezoning Approved," Arizona Daily Star, September 9, 1967, 2B.

19Art Ehrenstrom, "Rico Rico Plans Moving Ahead," Arizona Daily Star, October 11, 1967, B1.

20"Gulf American's Stock Sale Halts," Arizona Daily Star, October 14, 1967.

21"Gulf American Now Facing Delay In Getting License," Arizona Daily Star, October 15, 1967, A1.

22"Gulf American Urged to Air Florida Issue," Arizona Daily Star, November 1, 1967, A2.

23"Gulf American Pleads Guilty On 5 Charges," Arizona Daily Star, November 11, 1967, A1.

24"Gulf American, County Reach Land Compromise," Arizona Daily Star, November 7, 1967, A2; "County Oks Subdivision At Nogales," Arizona Daily Star, November 16, 1967, B1.

25"Land Firm Details Promised," Arizona Daily Star, December 7, 1967:A2.

26Firm Files to Sell Rio Rico Sites," Arizona Daily Star, December 21, 1967:B12.

27"State Official 'Cautious' On Gulf American Filing," Arizona Daily Star, December 21, 1967:A3.

28"Developer Resuming Fla. Sales," Arizona Daily Star, January 11, 1968:B1.

29"Gulf American Corp. To Resume Land Sales As Suspension Ends," Wall Street Journal, January 10, 1968.

30"Florida Official Urges Ban on Gulf American," Arizona Daily Star, January 12, 1968:A4.

31"Florida Agency Intends to Expand Investigation of Gulf American Corporation," Wall Street Journal, January 22, 1968:6.


33"Gulf American Corp. Sues Dow Jones & Co., 4 Others for $16 Million," Wall Street Journal, January 29, 1968:4.

34"Land Firm Named In Lawsuits," Arizona Daily Star, February 3, 1968:A2. "Suit Against Land Firm," Wall Street Journal, February 5, 1968:5.

35"Florida Agency Intends To Expand Investigation Of Gulf American Corporation," Wall Street Journal, January 22, 1968:6.

36American Chief And Brother May Sell Control of Company," Wall Street Journal, January 25, 1968:10.

37"Gulf American Results Declined in First Half," Wall Street Journal, April 5, 1968:12.

38"Gulf American Names Herzfeld as Chairman," Wall Street Journal, July 16, 1968:24.

39"Gulf American's Profit In Nine Months Fell 75% From Fiscal 1967," Wall Street Journal, July 17, 1968:12.

40"Rosens to Lose Power At Gulf American If GAC Bid Is Voted," Wall Street Journal, January 27, 1969.

41"GAC to Acquire Gulf American in Swap of Stock," Wall Street Journal, July 18, 1968:4.

42"Gulf American Posts Deficit of $1.6 Million In Year Ended Aug. 31," Wall Street Journal, October 23, 1968.

43"Gulf American Holders Vote Merger of Firm Into GAC," Wall Street Journal, February 10, 1969:12. "GAC Stockholders Back Gulf American Purchase, Offer for Equitable S&L," Wall Street Journal, February 11, 1969:4.

44Ownership Looms For Rio Rico Project," Arizona Daily Star, January 28, 1969:A1.

45"State Okays Land Sales By Gulf American Corp.," Arizona Daily Star, January 29, 1969.

46Ken Burton, "Gulf American Corp. Begins Sale of Lots At Rio Rico, "Arizona Daily Star, May 20, 1969:B1.


48Art Ehrenstrom, "Rio Rico Twin City Bid Pushed," Arizona Daily Star, July 28, 1969:B1.

49"GAC Says Land Unit Will Have 1969 Earnings Of Up to $25 Million," Wall Street Journal, December 30, 1969.

50"Rio Rico Inn Opening Set For Sunday," Arizona Daily Star, October 29, 1970:C11. Art Ehrenstrom, "Rio Rico Prepares To Grow Big," Arizona Daily Star," December 18, 1970:B8.

51"Gulf American Wants Huge Empire Ranch," Arizona Daily Star, October 30, 1969:B1. "GAC Purchases 2,000 Acres of Hammond Ranch," Arizona Daily Star, February 20, 1970:B5.

52"Empire-Sonoita Plan Premature," Arizona Daily Star, June 28, 1970:C2.

53David O'Hern, "Planners Postpone Action On Empire Ranch Project," Arizona Daily Star, July 1, 1970:B1.

54O'Hern, "GAC Plan Called Peril To City Water Supply," Arizona Daily Star, July 11, 1970:B1.

55David O'Hern, "GAC Zoning Bid Delayed; Effect On Land Studied," Arizona Daily Star, July 16, 1970:A1.

56"Sonoita Area Residents Protest Plans By GAC," Arizona Daily Star, July 21, 1970:A9.

57"Stew Udall Joins Group Against GAC," Arizona Daily Star, November 14, 1970:A15.

58"Empire Ranch Water Plentiful, GAC Says," Arizona Daily Star, August 1, 1978:B1. "GAC Water Franchise Decision Is Postponed," Arizona Daily Star, September 22, 1970:A13.

59"Historical Society To Receive Gifts," Arizona Daily Star, November 15, 1970:A4.

60"Empire Plan Is Good," Arizona Daily Star, November 14, 1970.

61Betty Beard, "GAC May Scrap Empire Ranch Plan Because of Two Zoning Restrictions," Arizona Daily Star, December 8, 1970:A1.


63"GAC Properties Accused Of Selling Lots At Inflated Prices," Arizona Daily Star, June 18, 1970.

64"GAC Wants Venue Change For Its Property Tax Suit," Arizona Daily Star, November 3, 1970:B1.

65Art Ehrenstrom, "GAC Developing On Deficit Basis," Arizona Daily Star, January 31, 1971:B7.

66According to Steve Auslander, who covered GAC and Rio Rico for the Arizona Daily Star, Franklin was one of the first to see through Gulf American and GAC's hard sell. He became one of Auslander's most important sources as he pursued the story. Steve Auslander, personal communication.

67"Developers Of Rio Rico Face Hearing," Arizona Daily Star, September 23, 1971:D9.

68"FTC, Rhode Island Probing GAC," Arizona Daily Star, October 3, 1971.

69"GAC Offers Adjustment Or Refund in R.I. Case," Arizona Daily Star, November 9, 1971.

70"GAC Ordered To Halt Sales In Rhode Island," Arizona Daily Star, December 24, 1971.

71Steve Auslander, Al Bradshaw, Jr., and John Rawlinson, Arizona Daily Star, "Land Development in Arizona: Empty Promises," December 26, 1971: 1A, 8A; "Big Developers Sell Land, Delay Improvements," December 27, 1971: 1A, 2A; "Promises Of Salesman Not Binding On Developer," 1A, 7A; "Arizona's Beauty Big Sales Pitch With Developers," 1A, 7A; "Legislature To Consider Toughening Land Law," 1A, 9A.

72Op cit., December 30, 1971:A9.

73Op cit, December 29, 1971: 1A. Former reporter Steve Auslander stated that developer William Franklin—the same Franklin quoted by Pew—was the one who drew his attention to the bond prospectus. "He was the one paying attention. He was my basic source," Auslander said. Interview with Steve Auslander, January 9, 2004.


75"Investors Cautioned On Dealing With GAC," Arizona Daily Star, February 8, 1972:A3.

76"GAC President Calls Critical Report Fair," Arizona Daily Star, February 10, 1972:A7.

77"GAC Lists '71 Loss Totaling $65.4 Million," Arizona Daily Star, February 12, 1972:B9

78"GAC Sued For $100 Million," Arizona Daily Star, April 21, 1972:A1, A6.

79"Rio Rico Hit By Lawsuit," Arizona Daily Star, July 19, 1972:A2.

80Arizona Daily Star, September 10, 1972, C3.

81Steve Auslander, "Article Says Resale Lot Value Lower Than Original Price," Arizona Daily Star, September 11, 1972, B1.

82Steve Auslander, "Developers Accused of Fraud, Lies," Arizona Daily Star, November 15, 1992, A1.

83"GAC Plans Empire Ranch Sale," Arizona Daily Star, June 28, 1973, B1.

84"Financial Troubles Halt Sales of Rio Rico Lots," Arizona Daily Star, October 15, 1975, A1.

85"GAC Faces Suspension Of Right To Sell Land," Arizona Daily Star, December 12, 1973, A1.


87"U.S. Official Disputes Statement by GAC," Arizona Daily Star, December 13, 1973, B1.

88"Refund by GAC Possible," Arizona Daily Star, March 27, 1974, A10.

89"GAC Buyers Offered Settlement," Arizona Daily Star, July 10, 1974, A1.

90Ernie Heltsley, "Subsidiary of GAC Is Bankrupt," Arizona Daily Star, December 19, 1975.

91"Hearing Is Faced by Talley," Arizona Daily Star, July 24, 1974.

92"Real Estate Aide Backs Talley," Arizona Daily Star, July 31, 1974, A11.

93"Talley Dies At Age 70; Suffered Heart Ailment," Arizona Daily Star, November 4, 1974.

94"Financial Troubles Halt Sales of Rio Rico Lots," Arizona Daily Star, October 15, 1974, A1. Chuck St. Cyr, "Payment Due Nov. 15 Could Bankrupt Rio Rico Developer," op cit., November 7, 1975, B1. "GAC Shaken By Subsidiary's Default," op cit., November 18, 1975, B1.

95John Rawlinson, "GAC Files As Bankrupt in Florida," Arizona Daily Star, December 30, 1975, A1.

96"The Cash Flow Dries Up," Arizona Daily Star, January 2, 1976, E10.


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Last Updated: 12-Mar-2007