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Bill Koch (businessman)

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Bill Koch
Koch in 1992
Born
William Ingraham Koch

(1940-05-03) May 3, 1940 (age 84)
Wichita, Kansas, U.S.
EducationMassachusetts Institute of Technology (BS, MS, PhD)
Occupation(s)Businessman, sailor, and collector
Spouses
  • Joan Granlund
    ​
    ​
    (m. 1994, divorced)​
  • Angela Browder Gauntt
    ​
    ​
    (m. 1996; div. 2000)​
  • Bridget Rooney
    ​
    (m. 2005)​
Children5
Parents
Relatives

William Ingraham Koch (/koʊk/ KOHK; born May 3, 1940) is an American billionaire businessman, sailor, and collector. His boat was the winner of the America's Cup in 1992. Forbes estimated Koch's net worth at $1.8 billion in 2019, from oil and other investments.[1]

Early life and education

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Koch attended Culver Military Academy in Culver, Indiana.[2] He graduated with bachelor's, master's, and doctoral degrees in chemical engineering, all from Massachusetts Institute of Technology.[3] David Koch (1940–2019) was his twin brother.[4] His other brothers are Frederick R. Koch (1933–2020) and Charles Koch (born 1935).

Business career

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Koch worked in his family's company. He and his eldest brother Frederick R. Koch had inherited Koch Industries stock. In 1980, after an unsuccessful attempt to take over the company from Charles, William was fired from the company.[5] In 1983 the stock netted them $800 million in a sale to their brothers, Charles and David.[6]

Legal disputes against Charles and David lasted some two decades. Bill and his eldest brother, Frederick, sided with J. Howard Marshall III, J. Howard Marshall II's eldest son, against Charles and David at one point, in order to take over the company. In 2001, Koch reached a settlement where he had charged the company was taking oil from federal and Indian land. This settlement ended all litigation between the brothers.[7] CBS News reported that Koch Industries settled for $25 million, and Bill received one-third of the settlement for bringing the suit.[8]

After leaving Koch Industries, he became the founder and president of the Oxbow Group, an energy development holding company based in West Palm Beach, Florida.[9] In 2011, Oxbow donated $750,000 to Restore Our Future, Inc., the "SuperPAC" supporting Mitt Romney's presidential campaign.[10] In October 2016, Charles Middleton brought an IRS whistleblower complaint against Oxbow Carbon LLC for avoidance of taxes involving profits from selling petroleum coke, a residue from oil refining.[11] [12]

Koch co-chairs the Alliance to Protect Nantucket Sound, a group formed to fight the Cape Wind project to build an offshore wind farm of 130 turbines. In 2005, Koch contributed $500,000 in donations to the alliance directly and more than $1 million toward lobbyist efforts to defeat the project.[13][14]

America's Cup

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Koch won the America's Cup in 1992 with the yacht America3, defeating the Italian challenger Il Moro di Venezia. America 3's overall record, including trials, was 28–10. Koch reportedly spent around $65 million on his effort and though an amateur, sailed on the crew himself, assisted by veteran sailors like Buddy Melges.[15]

In 1995, Koch financed another team to compete for the cup. This time the crew consisted entirely of women except for tactician David Dellenbaugh, on a yacht named Mighty Mary. However, the boat lost to Dennis Conner's Stars & Stripes in the trials.[16]

Koch was inducted into the America's Cup Hall of Fame in 1993.[17] Koch was inducted into the National Sailing Hall of Fame in 2018.[18]

Collector

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Koch is a collector of art and wine. He has filed several high-profile suits against sellers of counterfeit wines, most notably a suit against Hardy Rodenstock for the sale of wine purported to have been owned by Thomas Jefferson.[19] Koch also sued Rudy Kurniawan and the auction house Acker, Merrall & Condit, through whom Koch purchased Kurniawan's wine. Koch filed the suit against Renee Angove in 2009 [20] and was reported to have reached a settlement for $3 million in July 2014.[21][22]

Koch's collection of maritime memorabilia includes model ships, antique nautical instruments, and paintings of ships and seascapes.[9] A 2005 show at the Museum of Fine Arts in Boston featured his collections, including the America 3 and the yacht it defeated, Il Moro di Venezia. The show was also criticized, however, for glamorizing Koch at the expense of the museum's educational function. Koch had helped finance the show, including paying the cost to move the boats from Rhode Island.[23]

The boats were in Rhode Island because Koch had placed them with a small maritime museum there. Despite the considerable expense of building them, he said "they have absolutely no value" once their racing life is over.[24] Koch, a native of Wichita, Kansas, donated the yacht he used in qualifying for the America's Cup races, Jayhawk, to the Wichita Boathouse. He also supplied money for the city to use in repairing the yacht.[25]

In June 2011, he purchased a 130-year-old photo of the legendary outlaw Billy the Kid for the amount of $2.3 million at a Denver auction.[26][27]

At his Colorado ranch, Koch has a collection of military vehicles, including an M42 Duster anti-aircraft gun.[28]

Activism

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Koch donated "about $5 million" to Alliance to Protect Nantucket Sound.[29]

Koch gave $2 million to Restore Our Future, a PAC created to support 2012 Republican Party Presidential candidate Mitt Romney.[30]

Personal life

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In 1994, Koch married Joan Granlund, with whom he had a son, Wyatt.[31] The marriage ended in divorce.[32]

In 1995, he filed a lawsuit against his former lover, Catherine de Castelbajac, to evict her from his $2.5 million condominium at the Four Seasons Hotel in Boston. He said he had allowed her to move in the previous year so she could attend Simmons College, as he seldom used the apartment. When he tried to end the relationship, de Castelbajac refused to move out and claimed he had broken his promises to her. A jury ruled in Koch's favor after a trial that was noted for its disclosure of torrid letters and faxes between the two.[33]

In 1996, he had a daughter with his girlfriend Marie Beard.[34] Later that year, he married Angela Gauntt,[31] with whom he had two children.[35] They divorced in 2000.[31]

In 2005, Koch married Bridget Rooney (b. 1962) at a ceremony in Colorado. The couple has one daughter, Kaitlin. Bridget Rooney Koch is the granddaughter of the original owner of the Pittsburgh Steelers football franchise, Art Rooney (1901–1988).[36] The Kochs are part-time residents of Palm Beach, Florida.[36]

In September 2021 Koch was inducted into the Sons of the American Revolution under Patriot William Burnett (b. 1730 d. 1791) who served as Surgeon General, Chief Physician of the Army's Eastern Department and of the hospital in New Jersey as well as a New Jersey Delegate to the First Continental Congress.[37]

References

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  1. ^ "Forbes profile: William Koch". Forbes. Retrieved April 6, 2019.
  2. ^ "SPORTS PEOPLE: YACHT RACING; Don't Tell Dennis Conner", The New York Times, July 15, 1992. Accessed February 14, 2008. "The America's Cup defender, BILL KOCH, capsized a sailboat on Lake Maxinkuckee in Culver, Ind., last weekend while racing students at Culver Academy, where he graduated in the 1950s."
  3. ^ "Management Team". Oxbow Corporation. Archived from the original on February 14, 2012. Retrieved October 16, 2011.
  4. ^ "David and William Koch as MIT Basketball Players". The New Republic. Newrepublic.com. August 14, 2013. Retrieved June 10, 2015.
  5. ^ "The Koch Brothers' Covert Ops". The New Yorker. August 23, 2010. Archived from the original on July 28, 2014. Retrieved January 16, 2022. In 1980, William, with assistance from Freddie, attempted to take over the company from Charles, who, they felt, had assumed autocratic control. In retaliation, the company's board, which answered to Charles, fired William.
  6. ^ "Koch's wife granted order of restraint". Pittsburg (KS) Morning Sun, July 21, 2000.
  7. ^ "Judge Clears Koch Brothers' Settlement Pact". Wall Street Journal, May 29, 2001.
  8. ^ "Blood And Oil". CBS News. November 27, 2000. Retrieved October 15, 2015.
  9. ^ a b Schwan, Gary. "A taste of what floats collector Koch's boat". Palm Beach Post, March 13, 2006.
  10. ^ "Schedule A for ALL Line #'s". Query.nictusa.com. Archived from the original on February 1, 2012. Retrieved October 15, 2015.
  11. ^ "Koch Papers: Part 1: How a Trump Neighbor and Supporter Has Avoided Paying $1 Billion in Taxes". DCReport. June 5, 2019. Retrieved February 16, 2021.
  12. ^ "IRS 'Black Hole' Swallows Whistleblower Against Koch, Walmart (1)". Bloomberg Tax. July 1, 2019. Retrieved February 16, 2021.
  13. ^ Dennehy, Kevin and David Schoetz. "State could decide fate of wind farm". Cape Cod Times, April 1, 2006.
  14. ^ Brooks, Walter. "Osterville billionaire oil man behind stealth move to stop the wind farm". Cape Cod Today, March 16, 2006.
  15. ^ Roberts, Rich (May 17, 1992). "America 3 Win No Bargain Sail Yachting: But after beating Il Moro, 4–1, Koch says the $65 million he spent to win the America's Cup is worth it". Los Angeles Times.
  16. ^ Phillips, Angus (April 28, 1995). "Mighty Mary's Fate Is Left On The Wind". Washington Post.
  17. ^ "Herreshoff Marine Museum & America's Cup Hall of Fame". herreshoff.org. Archived from the original on August 29, 2019. Retrieved August 29, 2019.
  18. ^ "William Ingraham Koch 2018 Inductee". Nshof.org. Retrieved April 12, 2020.
  19. ^ Keefe, Patrick Radden (September 3, 2007). "The Jefferson Bottles, How could one collector find so much rare fine wine?". The New Yorker.
  20. ^ IRELL & MANELLA LLP; Layn R. Phillips; Bruce A. Wessel; Melissa R. McCormick. "Koch v. Kurniawan: COMPLAINT FOR FRAUD, NEGLIGENT MISREPRESENTATION, AND VIOLATION OF CALIFORNIA UNFAIR COMPETITION LAW" (PDF). Retrieved July 4, 2012.
  21. ^ Raymond, Nate; Ax, Joseph (July 24, 2014). "Former wine collector to forfeit $20 million for counterfeiting". Reuters. Retrieved July 28, 2014.[dead link‍]
  22. ^ Chung, Andrew (July 16, 2014). "Billionaire Koch settles suit over fake wine". Reuters. Archived from the original on September 24, 2015. Retrieved October 15, 2015.
  23. ^ Edgers, Geoff (August 30, 2005). "Furor ahoy: MFA exhibit of Koch's collections stirs questions over choices, motives". The Boston Globe.
  24. ^ Walker, Sam. "On Sports: Sailing's Edsels". Wall Street Journal, February 14, 2003.
  25. ^ "Welcome back, Boathouse". The Wichita Eagle. July 8, 2010.
  26. ^ Tripp, Leslie (June 26, 2011). "Billy the Kid photograph fetches $2.3 million at auction". CNN.
  27. ^ Heisler, Yoni (October 14, 2015). "Billy The Kid Photo: This rare photo was bought for $2 and may now be worth millions". BGR. Retrieved October 15, 2015.
  28. ^ Lofholm, Nancy (July 5, 2012). "'Tiananmen Sid' faces down tank in Paonia's Fourth of July parade". The Denver Post.
  29. ^ Seelye, Katharine Q. (October 22, 2013). "Koch Brother Wages 12-Year Fight Over Wind Farm". The New York Times.
  30. ^ Bykowicz, Julie (July 9, 2012). "Romney's 'Koch Problem:' $3 Million". Bloomberg News. Retrieved July 9, 2012.
  31. ^ a b c Rab, Lisa (August 24, 2011). "The Other Koch Brother". The Village Voice. Retrieved November 29, 2023.
  32. ^ Hofheinz, Darrell. "Pulitzer estate fetches $8.2 million". Palm Beach Daily News.
  33. ^ Mehren, Elizabeth. "A Steamy Romance Gets Frosty in Court". Los Angeles Times, November 28, 1995.
  34. ^ Schulman, Daniel. "Before they attacked Obama, the Koch brothers almost destroyed each other. This is the untold story". Mother Jones. Retrieved November 29, 2023.
  35. ^ Schulman, Daniel (2014). Sons of Wichita: How the Koch Brothers Became America's Most Powerful and Private Dynasty. Grand Central Publishing. p. 187.
  36. ^ a b Biggane, Brian (February 4, 2015). "Rooney family has made a big impact in Palm Beach County". Palm Beach Post. Retrieved October 2, 2015.
  37. ^ "Display Patriot – P-125443 – William BURNET/BURNETT". sarpatriots.sar.org. Retrieved December 16, 2021.
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