Orders to McCarthy

Houston's hard-drinking, free-spending Oilman Glenn McCarthy has been trying to find some new money fast. In November, he dashed over to Egypt, trying for an oil franchise (TIME, Dec. 3). Next, he rushed off to Guatemala, talked of starting a chain of hotels and a gambling resort fancier than Monte Carlo. Last month McCarthy announced plans to sell 10 million shares of stock, at $2 a share, in a brand-new wildcatting company, Glenn McCarthy Inc.

This week Manhattan's Equitable Life Assurance Society, holder of a $34 million mortgage on the McCarthy Oil & Gas Co. and on McCarthy's Shamrock Hotel, put its foot down on McCarthy's big plans. Since McCarthy is behind in his payments, Equitable informed him, in effect, that, if he began taking time away from his oil companies and hotel, now managed by Equitable, it would take over his properties and turn him out. Metropolitan Life, which has been running McCarthy's chemical plant at Winnie, Texas, on which it holds a $20 million mortgage, was reported ready to follow suit.

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