Businessman Says Forbes "Richest Listing" Inaccurate.Business Editors HOUSTON--(BUSINESS WIRE)--June 22, 2001 A Houston businessman says Forbes Magazine's inaccurate portrayal of him as a billionaire is "wildly inflated fantasy" which has cost him millions of dollars in legal fees defending frivolous lawsuits in Texas and California. "Our family's actual net worth, as determined by numerous qualified appraisers, is a fraction of the current number used by Forbes," said E. Pierce Marshall Everett Pierce Marshall (January 12 1939 – June 20 2006) was an American businessman and a son of J. Howard Marshall II. According to a Dallas Morning News . "Forbes has continued to repeat this wild speculation for years, even after we have shown them that their process for calculating net worth is incorrect and is not an accepted form of appraisal. Forbes knows better or it should know better if it claims any expertise in covering business. "It is fact that Forbes' articles have been submitted in court as `proof' of our net worth and have been partly responsible for fueling a feeding frenzy feed·ing frenzy n. 1. A period of intense or excited feeding, as by sharks. 2. Excited activity by a group, especially around a focal point: by greedy individuals. The frivolous lawsuits filed by Anna Nicole Smith, J. Howard Marshall This article is about the American oil business executive. For the British radio broadcaster, see Howard Marshall (broadcaster). James Howard Marshall II (January 24 1905 – August 4 1995) was a wealthy magnate, American oil business executive, and university professor. , III and their bevy bevy a flock of birds. of contingency-fee attorneys are all based on the mistaken belief that there is a huge pot of gold at the end of the rainbow end of the rainbow the unreachable end of the earth. [Western Folklore: Misc.] See : Remoteness ," Marshall said. "This is not an innocent mistake on Forbes' part, but rather a calculated decision that they can get away with inaccurate reporting because no one in business wants to challenge them. To make matters worse, Forbes then tries to promote magazine sales by releasing its `list' to newspapers around the country, making these publications a party to their inaccurate reporting. Rather than being misled, the public should view Forbes `rich lists' as magazine marketing hype rather than as fact supported by evidence and reality." The Marshall family successfully defended the estate plan of the late J. Howard Marshall, II in a Houston probate court, turning back challenges by J. Howard Marshall, III and former stripper Stripper Slang for an individual homeowner who strips the equity out of his or her home through mortgage refinancing. Proceeds are generally not re-invested, but spent on consumer goods. Notes: Most people get rich by saving and investing wisely. Anna Nicole Smith. In California, a federal judge has vacated a $475 million judgment against E. Pierce Marshall in litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. involving Smith. |
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