Bill Koch (businessman)
{{Use mdy dates|date=August 2023}}
{{Short description|American businessman and sailor}}
{{Infobox person
| name = Bill Koch
| image = Bill Koch (America’s Cup in San Diego).jpg
| caption = Koch in 1992
| birth_name = William Ingraham Koch
| birth_date = {{birth date and age|1940|5|3}}
| birth_place = Wichita, Kansas, U.S.
| death_date =
| death_place =
| education = Massachusetts Institute of Technology (BS, MS, PhD)
| occupation = Businessman, sailor, and collector
| spouse = {{unbulleted list|{{marriage|Joan Granlund|1994||end=div}}|{{marriage|Angela Browder Gauntt|1996|2000|end=div}}|{{marriage|Bridget Rooney|2005}}}}
| children = 5
| parents = {{plainlist|
- Fred C. Koch
- Mary Robinson}}
| relatives = {{plainlist|
- Frederick R. Koch (brother)
- Charles Koch (brother)
- David Koch (twin brother)}}
| website =
}}
William Ingraham Koch ({{IPAc-en|k|oʊ|k}} {{respell|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{{nbsp}}billion in 2019, from oil and other investments.{{cite news| url=https://www.forbes.com/profile/william-koch/|title=Forbes profile: William Koch | work=Forbes|access-date=April 6, 2019}}
Early life and education
Koch attended Culver Military Academy in Culver, Indiana.[https://query.nytimes.com/gst/fullpage.html?res=9E0CE2DC1630F936A25754C0A964958260&scp=2&sq=%22culver+academy%22&st=nyt "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." He graduated with bachelor's, master's, and doctoral degrees in chemical engineering, all from the Massachusetts Institute of Technology.{{cite web |url=http://www.oxbow.com/ContentPageSSL.asp?FN=AboutManagementTeam&TS=1&MS=7&oLang= |title=Management Team |publisher=Oxbow Corporation |access-date=October 16, 2011 |url-status=dead |archive-url=https://web.archive.org/web/20120214183811/http://www.oxbow.com/ContentPageSSL.asp?FN=AboutManagementTeam&TS=1&MS=7&oLang= |archive-date=February 14, 2012 }} David Koch (1940–2019) was his twin brother.{{cite magazine|url=https://newrepublic.com/article/114135/david-and-william-koch-mit-basketball-players |title=David and William Koch as MIT Basketball Players |magazine=The New Republic |publisher=Newrepublic.com |date=August 14, 2013 |access-date=June 10, 2015}} His other brothers are Frederick R. Koch (1933–2020) and Charles Koch (born 1935).
Business career
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.{{Cite magazine|date=August 23, 2010|title=The Koch Brothers' Covert Ops|url=https://www.newyorker.com/magazine/2010/08/30/covert-operations|url-status=live|archive-url=https://web.archive.org/web/20140728193318/https://www.newyorker.com/magazine/2010/08/30/covert-operations|archive-date=July 28, 2014|access-date=January 16, 2022|magazine=The New Yorker|language=en-US|quote=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.}} In 1983 the stock netted them $800{{nbsp}}million in a sale to their brothers, Charles and David."Koch's wife granted order of restraint". Pittsburg (KS) Morning Sun, July 21, 2000.
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."Judge Clears Koch Brothers' Settlement Pact". Wall Street Journal, May 29, 2001. CBS News reported that Koch Industries settled for $25{{nbsp}}million, and Bill received one-third of the settlement for bringing the suit.{{cite web|url=https://www.cbsnews.com/news/blood-and-oil/ |title=Blood And Oil |work=CBS News |date=November 27, 2000 |access-date=October 15, 2015}}
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.Schwan, Gary. "A taste of what floats collector Koch's boat". Palm Beach Post, March 13, 2006. In 2011, Oxbow donated $750,000 to Restore Our Future, Inc., the "SuperPAC" supporting Mitt Romney's presidential campaign.{{cite web |url=http://query.nictusa.com/cgi-bin/dcdev/forms/C00490045/763780/sa/ALL |title=Schedule A for ALL Line #'s |publisher=Query.nictusa.com |access-date=October 15, 2015 |url-status=dead |archive-url=http://webarchive.loc.gov/all/20120201224129/http%3A//query.nictusa.com/cgi%2Dbin/dcdev/forms/C00490045/763780/sa/ALL |archive-date=February 1, 2012 }} 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.{{cite web |url=https://www.dcreport.org/2019/06/05/tax-dodges-of-the-super-rich/ |title=Koch Papers: Part 1: How a Trump Neighbor and Supporter Has Avoided Paying $1{{nbsp}}Billion in Taxes |work=DCReport |date=June 5, 2019 |access-date=February 16, 2021 }}
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{{nbsp}}million toward lobbyist efforts to defeat the project.Dennehy, Kevin and David Schoetz. "State could decide fate of wind farm". Cape Cod Times, April 1, 2006.Brooks, Walter. "Osterville billionaire oil man behind stealth move to stop the wind farm". Cape Cod Today, March 16, 2006.
America's Cup
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{{nbsp}}million on his effort and though an amateur, sailed on the crew himself, assisted by veteran sailors like Buddy Melges.{{cite news |url=https://www.latimes.com/archives/la-xpm-1992-05-17-sp-420-story.html|author1=Roberts, Rich |title=America 3 Win No Bargain Sail Yachting: But after beating Il Moro, 4–1, Koch says the $65{{nbsp}}million he spent to win the America's Cup is worth it | work=Los Angeles Times | date=May 17, 1992}}
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.{{cite news |url=https://www.washingtonpost.com/archive/sports/1995/04/28/mighty-marys-fate-is-left-on-the-wind/97314a14-c9fa-4b6d-b617-8a067125a17e/|author1=Phillips, Angus | title=Mighty Mary's Fate Is Left On The Wind | newspaper=Washington Post |date= April 28, 1995}}
Koch was inducted into the America's Cup Hall of Fame in 1993.{{Cite web|url=https://www.herreshoff.org/achof/william_i_koch.html|title=Herreshoff Marine Museum & America's Cup Hall of Fame|website=herreshoff.org|access-date=August 29, 2019|archive-date=August 29, 2019|archive-url=https://web.archive.org/web/20190829162144/https://www.herreshoff.org/achof/william_i_koch.html|url-status=dead}} Koch was inducted into the National Sailing Hall of Fame in 2018.{{cite web|url=https://nshof.org/inductees/koch-i-william/|title=William Ingraham Koch 2018 Inductee |publisher=Nshof.org |access-date=April 12, 2020}}
Collector
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.{{cite magazine | author1=Keefe, Patrick Radden | url=http://www.newyorker.com/reporting/2007/09/03/070903fa_fact_keefe |title=The Jefferson Bottles, How could one collector find so much rare fine wine? | magazine=The New Yorker| date=September 3, 2007}} 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 {{cite web|author1=IRELL & MANELLA LLP|author2= Layn R. Phillips |author3= Bruce A. Wessel|author4=Melissa R. McCormick|title=Koch v. Kurniawan: COMPLAINT FOR FRAUD, NEGLIGENT MISREPRESENTATION, AND VIOLATION OF CALIFORNIA UNFAIR COMPETITION LAW|url=http://www.drvino.com/wp-content/uploads/2009/09/RudyLawsuit1.pdf|access-date=July 4, 2012}} and was reported to have reached a settlement for $3{{nbsp}}million in July 2014.{{cite news|url=http://in.reuters.com/article/usa-crime-wine-idINKBN0FT2P620140724|title=Former wine collector to forfeit $20{{nbsp}}million for counterfeiting|work=Reuters |author1=Raymond, Nate | author2=Ax, Joseph|date=July 24, 2014 |access-date=July 28, 2014}}{{dead link|date=September 2024|bot=medic}}{{cbignore|bot=medic}}{{cite news |last1=Chung |first1=Andrew |url=https://www.reuters.com/article/us-wine-lawsuit-idUSKBN0FL26Z20140716 |title=Billionaire Koch settles suit over fake wine |work=Reuters |date=July 16, 2014 |access-date=October 15, 2015 |archive-date=September 24, 2015 |archive-url=https://web.archive.org/web/20150924202700/http://www.reuters.com/article/2014/07/16/us-wine-lawsuit-idUSKBN0FL26Z20140716 |url-status=live}}
Koch's collection of maritime memorabilia includes model ships, antique nautical instruments, and paintings of ships and seascapes. 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.{{cite news | url=http://archive.boston.com/ae/theater_arts/articles/2005/08/30/furor_ahoy/ |author1=Edgers, Geoff |title=Furor ahoy: MFA exhibit of Koch's collections stirs questions over choices, motives |work= The Boston Globe | date= August 30, 2005}}
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.Walker, Sam. "On Sports: Sailing's Edsels". Wall Street Journal, February 14, 2003. 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.{{cite news |url=https://www-1.kansas.com/opinion/editorials/article1038259.html| title=Welcome back, Boathouse | work=The Wichita Eagle |date= July 8, 2010}}
In June 2011, he purchased a 130-year-old photo of the legendary outlaw Billy the Kid for the amount of $2.3{{nbsp}}million at a Denver auction.{{cite news| url=http://www.cnn.com/2011/US/06/26/colorado.billy.the.kid.photo/index.html?hpt=hp_t2 | work=CNN |author1=Tripp, Leslie |title=Billy the Kid photograph fetches $2.3{{nbsp}}million at auction | date=June 26, 2011}}{{cite web|author1=Heisler, Yoni |url=http://bgr.com/2015/10/14/billy-the-kid-photo/ |title=Billy The Kid Photo: This rare photo was bought for $2 and may now be worth millions |publisher=BGR |date=October 14, 2015 |access-date=October 15, 2015}}
At his Colorado ranch, Koch has a collection of military vehicles, including an M42 Duster anti-aircraft gun.{{cite news |last1=Lofholm |first1=Nancy |title='Tiananmen Sid' faces down tank in Paonia's Fourth of July parade |url=https://www.denverpost.com/2012/07/05/tiananmen-sid-faces-down-tank-in-paonias-fourth-of-july-parade/ |work=The Denver Post |date=July 5, 2012}}
Activism
Koch donated "about $5{{nbsp}}million" to Alliance to Protect Nantucket Sound.{{Cite news|last=Seelye |first=Katharine Q. |title=Koch Brother Wages 12-Year Fight Over Wind Farm |date=October 22, 2013 |work=The New York Times |url=https://www.nytimes.com/2013/10/23/us/koch-brother-wages-12-year-fight-over-wind-farm.html}}
Koch gave $2{{nbsp}}million to Restore Our Future, a PAC created to support 2012 Republican Party Presidential candidate Mitt Romney.{{cite news|author=Bykowicz, Julie|title=Romney's 'Koch Problem:' $3{{nbsp}}Million|date=July 9, 2012|url=http://go.bloomberg.com/political-capital/2012-07-09/romneys-koch-problem-3-million/|work=Bloomberg News|access-date=July 9, 2012}}
Personal life
In 1994, Koch married Joan Granlund, with whom he had a son, Wyatt.{{Cite web |last=Rab |first=Lisa |date=2011-08-24 |title=The Other Koch Brother |url=https://www.villagevoice.com/the-other-koch-brother/ |access-date=2023-11-29 |website=The Village Voice}} The marriage ended in divorce.{{Cite web|url=https://www.palmbeachdailynews.com/article/20131221/NEWS/312219915|title=Pulitzer estate fetches $8.2{{nbsp}}million|first=Darrell|last=Hofheinz|website=Palm Beach Daily News}}
In 1995, he filed a lawsuit against his former lover, Catherine de Castelbajac, to evict her from his $2.5{{nbsp}}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.Mehren, Elizabeth. [https://www.latimes.com/archives/la-xpm-1995-11-28-ls-8083-story.html "A Steamy Romance Gets Frosty in Court"]. Los Angeles Times, November 28, 1995.
In 1996, he had a daughter with his girlfriend Marie Beard.{{Cite web |last=Schulman |first=Daniel |title=Before they attacked Obama, the Koch brothers almost destroyed each other. This is the untold story |url=https://www.motherjones.com/politics/2014/05/koch-brothers-family-history-sons-of-wichita/ |access-date=2023-11-29 |website=Mother Jones |language=en-US}} Later that year, he married Angela Gauntt, with whom he had two children.{{Cite book |last=Schulman |first=Daniel |url= |title=Sons of Wichita: How the Koch Brothers Became America's Most Powerful and Private Dynasty |title-link=Sons of Wichita |publisher=Grand Central Publishing |year=2014 |pages=187 |author-link=Daniel Schulman (writer)}} They divorced in 2000.
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).{{cite news|url=http://m.palmbeachpost.com/news/sports/rooney-family-has-made-a-big-impact-in-palm-beach-/nLphQ/|date=February 4, 2015|access-date=October 2, 2015|title=Rooney family has made a big impact in Palm Beach County|first=Brian|last=Biggane|work=Palm Beach Post}} The Kochs are part-time residents of Palm Beach, Florida.
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.{{Cite web|title=Display Patriot – P-125443 – William BURNET/BURNETT|url=https://sarpatriots.sar.org/patriot/display/125443|access-date=December 16, 2021|website=sarpatriots.sar.org}}
References
{{reflist}}
External links
{{Commons category}}
- [http://www.bymnews.com/americas-cup-33/bill-koch.php Bill Koch interview]
- [https://web.archive.org/web/20061004095618/http://www.a3.org/koch_full_bio.html Koch's biography]
- [https://web.archive.org/web/20080827161554/http://www.oxbow.com/ Oxbow Group website]
- [http://seascoutcup.org William I. Koch International Sea Scout Cup]
- {{cite book|url=https://archive.org/details/sonsofwichitahow0000schu|author=Daniel Schulman|title=Sons of Wichita|publisher=Grand Central Publishing|isbn=978-1455518739|date=May 20, 2014|url-access=registration}}
{{Koch family}}
{{Authority control}}
{{DEFAULTSORT:Koch, Bill}}
Category:1992 America's Cup sailors
Category:American billionaires
Category:American businesspeople in the oil industry
Category:American chief executives
Category:American men's basketball players
Category:American people of Dutch descent
Category:Culver Academies alumni
Category:Massachusetts Republicans
Category:MIT School of Engineering alumni