InterNorth, every mention

Enron · Acquired Nov 29, 2022 · 13 mentions

• ▶ 22:29 David Rosenthal A company called InterNorth, which was not based in Houston, but rather based in Omaha, Nebraska.
• ▶ 22:43 David Rosenthal Despite being based in Omaha, though, InterNorth, at this point in time, no Berkshire Hathaway involvement, is the largest pipeline company in America.
• ▶ 23:37 David Rosenthal So, nineteen-eighties corporate raider Irwin Jacobs is pursuing InterNorth, and the CEO of InterNorth wants to merge with HNG as almost like a kind of poison pill to, like, make the combined company too big for Jacobs or any other raider…
• ▶ 23:56 David Rosenthal Inter North ends up buying H&G for 2.3 billion dollars, which was a 40% premium to the stock price.
• ▶ 24:16 David Rosenthal Like, they were closer in size than the Cap Cities ABC deal, but definitely Inter North was the bigger company, but it was clear that
• ▶ 24:30 Ben Gilbert Yeah, I think that Bethany McLean sort of puts it in this way where it's almost like Inner North got hoodwinked, where they knew they were paying a lot, but they knew it was important to get, but then once they started looking at the deal…
• ▶ 25:06 David Rosenthal The old InterNorth management team and board members, they of course want to keep the company in Omaha.
• ▶ 25:39 Ben Gilbert And to be super clear here, Inner North had a ridiculously valuable hard asset.
• ▶ 30:18 David Rosenthal Ok, so, back to this fateful HNG Inner North board meeting in Omaha in, uh, I think this is now, 1986, 1985 or 1986.
• ▶ 33:51 David Rosenthal T-E-R as a nod to inter-north.
• ▶ 2:24:33 David Rosenthal So back to the inner north days, like those valuable actual operating pipelines, the only thing that is like actually tangible in the company.
• ▶ 2:48:20 David Rosenthal The original Inter-North Omaha-based company pipeline.
• ▶ 2:49:07 Ben Gilbert So in the end, I guess InterNorth did have the last laugh.