E. Pierce Marshall
Encyclopedia
Everett Pierce Marshall was an American businessman and a son of J. Howard Marshall II.
According to a Dallas Morning News article, he was a very private man, but became known due to defending the long-running legal dispute from his father's third wife, Anna Nicole Smith
.
Marshall attended Millersburg Military Institute
, Culver Military Academy, Webb School
and received his undergraduate degree from Pomona College
in 1961. He began his career at General Motors
as an engine test engineer, followed by a brief tour with the United States Navy
. After leaving the Navy, Marshall worked for the New York investment banking firm of Loeb, Rhoades & Co.
He used this experience later when he entered the securities brokerage business in the 1980s.
Beginning in 1969, Marshall moved to Houston, Texas
to manage various investment projects with his father, including various roles at Koch Industries
, International Oil & Gas and Marshall Petroleum. While continuing to work with his father he also worked with his father-in-law. In 1981, after his father-in-law's passing, he was elected Chairman of the Electron Corporation (an iron foundry concern). Later, he was appointed President of Electron and led the company through a successful turnaround, saving over 300 jobs in Colorado
and Oklahoma
. When his father's health began to deteriorate in 1993, he ceased his securities brokerage business, delegated his responsibilities at Electron and assumed operational responsibilities at Marshall Petroleum.
J. Howard died in 1995, leaving Pierce the bulk of the family fortune. In 2001, a jury in Texas upheld the estate and rejected all claims against him. However, Smith's legal dispute with Pierce in federal court yielded decisions both for him and against him. The issue of the probate exception reached the U.S. Supreme Court, which ruled in favor of Smith (Marshall v. Marshall
). The federal case has been remanded to the Ninth Circuit Court of Appeals to adjudicate appellate issues not previously reached. On June 25, 2009 the same three-judge panel of the 9th Circuit Court of Appeals
heard oral arguments on the remaining appellate issues in the case and submitted the case for consideration and final adjudication. On March 19, 2010 the 9th Circuit Court of Appeals
issued its opinion on remand, finding in favor of E. Pierce Marshall and that the California Bankruptcy Court was entirely without jurisdiction and the California Federal District Court was precluded from reviewing matters already decided in the Texas Probate Court.On June 23, 2011, the United States Supreme court decided the case in a 5-4 decision (now styled Stern v. Marshall 10-179). The majority of the Court decided Congress cannot constitutionally authorize non-Article III bankruptcy judges to enter final judgments on state law based counterclaims to proofs of claim which are not necessary to resolve the claim itself.
In 2005, Forbes
magazine estimated his fortune at $1.7 billion, a valuation he rejected. Marshall was one of four voting shareholders of Koch Industries when he died of a brief but aggressive infection on June 20, 2006, at age 67.
In a February 9, 2007 interview with Fox News Channel
's John Gibson
, Rusty Hardin
, the family's attorney, said that the family would wait until Smith's immediate affairs in the wake of her sudden death are disclosed before discussing the status of litigation.
A motorsports enthusiast, Marshall competed in the last running of the Cannonball Baker Sea-To-Shining-Sea Memorial Trophy Dash
, better known as the Cannonball Run, in April, 1979. Teamed with SCCA racers Dave Faust and Kirby Goodman, Marshall drove a Chevrolet Malibu
with the 9C1
Police Patrol Package and a 350 cubic inch LT-1 Z-28 Chevrolet Camaro
engine, finishing 13th in a field of 47 competitors, completing the run from Darien
, Connecticut
to Redondo Beach
, California
in 36 hours, 51 minutes. Marshall wrote, "Over two decades later, the laughs and the memories are still fresh. I was fortunate to be involved".
According to a Dallas Morning News article, he was a very private man, but became known due to defending the long-running legal dispute from his father's third wife, Anna Nicole Smith
Anna Nicole Smith
In 1992 Smith was chosen by Hugh Hefner to appear on the cover of the March issue of Playboy, where she was listed as Vickie Smith, wearing a low-cut evening gown. The centerfold was photographed by Stephen Wayda. Smith said she planned to be "the next Marilyn Monroe". Becoming one of Playboys...
.
Marshall attended Millersburg Military Institute
Millersburg Military Institute
Millersburg Military Institute was a military training school founded in Millersburg, Kentucky, about northeast of Lexington, Kentucky.Founded in 1893, it survived for over 113 years until closing in July 2006 due to a declining student population...
, Culver Military Academy, Webb School
The Webb Schools
The Webb Schools is the collective name for two private schools for grades 9-12, founded by Thompson Webb, located in Claremont, California. The Webb School of California for boys was established in 1922, and the Vivian Webb School for girls in 1981. Both are primarily boarding schools, but they...
and received his undergraduate degree from Pomona College
Pomona College
Pomona College is a private, residential, liberal arts college in Claremont, California. Founded in 1887 in Pomona, California by a group of Congregationalists, the college moved to Claremont in 1889 to the site of a hotel, retaining its name. The school enrolls 1,548 students.The founding member...
in 1961. He began his career at General Motors
General Motors
General Motors Company , commonly known as GM, formerly incorporated as General Motors Corporation, is an American multinational automotive corporation headquartered in Detroit, Michigan and the world's second-largest automaker in 2010...
as an engine test engineer, followed by a brief tour with the United States Navy
United States Navy
The United States Navy is the naval warfare service branch of the United States Armed Forces and one of the seven uniformed services of the United States. The U.S. Navy is the largest in the world; its battle fleet tonnage is greater than that of the next 13 largest navies combined. The U.S...
. After leaving the Navy, Marshall worked for the New York investment banking firm of Loeb, Rhoades & Co.
Loeb, Rhoades & Co.
Loeb, Rhoades & Co. was a Wall Street brokerage firm founded in 1931 and acquired in 1979 by Sanford I. Weill's Shearson Hayden Stone. Although the firm would operate as Shearson Loeb Rhoades for two years, the firm would ultimately be acquired in 1981 by American Express to form Shearson/American...
He used this experience later when he entered the securities brokerage business in the 1980s.
Beginning in 1969, Marshall moved to Houston, Texas
Houston, Texas
Houston is the fourth-largest city in the United States, and the largest city in the state of Texas. According to the 2010 U.S. Census, the city had a population of 2.1 million people within an area of . Houston is the seat of Harris County and the economic center of , which is the ...
to manage various investment projects with his father, including various roles at Koch Industries
Koch Industries
Koch Industries, Inc. , is an American private energy conglomerate based in Wichita, Kansas, with subsidiaries involved in manufacturing, trading and investments. Koch also owns Invista, Georgia-Pacific, Flint Hills Resources, Koch Pipeline, Koch Fertilizer, Koch Minerals and Matador Cattle Company...
, International Oil & Gas and Marshall Petroleum. While continuing to work with his father he also worked with his father-in-law. In 1981, after his father-in-law's passing, he was elected Chairman of the Electron Corporation (an iron foundry concern). Later, he was appointed President of Electron and led the company through a successful turnaround, saving over 300 jobs in Colorado
Colorado
Colorado is a U.S. state that encompasses much of the Rocky Mountains as well as the northeastern portion of the Colorado Plateau and the western edge of the Great Plains...
and Oklahoma
Oklahoma
Oklahoma is a state located in the South Central region of the United States of America. With an estimated 3,751,351 residents as of the 2010 census and a land area of 68,667 square miles , Oklahoma is the 28th most populous and 20th-largest state...
. When his father's health began to deteriorate in 1993, he ceased his securities brokerage business, delegated his responsibilities at Electron and assumed operational responsibilities at Marshall Petroleum.
J. Howard died in 1995, leaving Pierce the bulk of the family fortune. In 2001, a jury in Texas upheld the estate and rejected all claims against him. However, Smith's legal dispute with Pierce in federal court yielded decisions both for him and against him. The issue of the probate exception reached the U.S. Supreme Court, which ruled in favor of Smith (Marshall v. Marshall
Marshall v. Marshall
Marshall v. Marshall, 547 U.S. 293 , is a case in which the United States Supreme Court held that a federal district court had equal or concurrent jurisdiction with state probate courts over tort claims under state common law...
). The federal case has been remanded to the Ninth Circuit Court of Appeals to adjudicate appellate issues not previously reached. On June 25, 2009 the same three-judge panel of the 9th Circuit Court of Appeals
United States Court of Appeals for the Ninth Circuit
The United States Court of Appeals for the Ninth Circuit is a U.S. federal court with appellate jurisdiction over the district courts in the following districts:* District of Alaska* District of Arizona...
heard oral arguments on the remaining appellate issues in the case and submitted the case for consideration and final adjudication. On March 19, 2010 the 9th Circuit Court of Appeals
United States Court of Appeals for the Ninth Circuit
The United States Court of Appeals for the Ninth Circuit is a U.S. federal court with appellate jurisdiction over the district courts in the following districts:* District of Alaska* District of Arizona...
issued its opinion on remand, finding in favor of E. Pierce Marshall and that the California Bankruptcy Court was entirely without jurisdiction and the California Federal District Court was precluded from reviewing matters already decided in the Texas Probate Court.On June 23, 2011, the United States Supreme court decided the case in a 5-4 decision (now styled Stern v. Marshall 10-179). The majority of the Court decided Congress cannot constitutionally authorize non-Article III bankruptcy judges to enter final judgments on state law based counterclaims to proofs of claim which are not necessary to resolve the claim itself.
In 2005, Forbes
Forbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
magazine estimated his fortune at $1.7 billion, a valuation he rejected. Marshall was one of four voting shareholders of Koch Industries when he died of a brief but aggressive infection on June 20, 2006, at age 67.
In a February 9, 2007 interview with Fox News Channel
Fox News Channel
Fox News Channel , often called Fox News, is a cable and satellite television news channel owned by the Fox Entertainment Group, a subsidiary of News Corporation...
's John Gibson
John Gibson (media host)
John David Gibson is an American radio talk show host. As of September 2008, he hosts the syndicated radio program The John Gibson Show on Fox News Radio. Gibson was formerly the co-host of the weekday edition of The Big Story on the Fox News television channel.-Early career:Gibson earned a BA...
, Rusty Hardin
Rusty Hardin
Russell Hardin, Jr. is an American attorney and head of the Houston law firm Rusty Hardin & Associates, P.C. which he established in 1996....
, the family's attorney, said that the family would wait until Smith's immediate affairs in the wake of her sudden death are disclosed before discussing the status of litigation.
A motorsports enthusiast, Marshall competed in the last running of the Cannonball Baker Sea-To-Shining-Sea Memorial Trophy Dash
Cannonball Baker Sea-To-Shining-Sea Memorial Trophy Dash
The Cannonball Baker Sea-To-Shining-Sea Memorial Trophy Dash, widely known simply as the Cannonball Baker or Cannonball Run, was an unofficial, if not outlaw, automobile race run four times in the 1970s from New York City and Darien, CT, on the US Atlantic coast, to Redondo Beach, a Los Angeles...
, better known as the Cannonball Run, in April, 1979. Teamed with SCCA racers Dave Faust and Kirby Goodman, Marshall drove a Chevrolet Malibu
Chevrolet Malibu
Malibus and all other Chevelles were completely restyled for 1968 with semi-fastback rooflines on two-door hardtops and wheelbases split to on two-door models and 118 for four-door sedans and station wagons. Engine offerings included a new V8 rated at that replaced the V8 that had served as the...
with the 9C1
9C1
9C1 is Chevrolet's Special Equipment Options code for a police package vehicle. The 9C1 package has heavier-duty features over a non-police vehicle as well as some options specific to the installation of police equipment. The Chevrolet Nova, Malibu, Celebrity, Caprice, Impala, Tahoe, and Camaro...
Police Patrol Package and a 350 cubic inch LT-1 Z-28 Chevrolet Camaro
Chevrolet Camaro
The Chevrolet Camaro is an automobile manufactured by General Motors under the Chevrolet brand, classified as a pony car and some versions also as a muscle car. It went on sale on September 29, 1966, for the 1967 model year and was designed as a competing model to the Ford Mustang...
engine, finishing 13th in a field of 47 competitors, completing the run from Darien
Darien, Connecticut
Darien is a town in Fairfield County, Connecticut, United States. A relatively small community on Connecticut's "Gold Coast", the population was 20,732 at the 2010 census. Darien was listed at #9 at CNN Money's list of "top-earning towns" in the United States as of 2011...
, Connecticut
Connecticut
Connecticut is a state in the New England region of the northeastern United States. It is bordered by Rhode Island to the east, Massachusetts to the north, and the state of New York to the west and the south .Connecticut is named for the Connecticut River, the major U.S. river that approximately...
to Redondo Beach
Redondo Beach, California
Redondo Beach is one of the three Beach Cities located in Los Angeles County, California, United States. The population was 66,748 at the 2010 census, up from 63,261 at the 2000 census. The city is located in the South Bay region of the greater Los Angeles area.Redondo Beach was originally part of...
, California
California
California is a state located on the West Coast of the United States. It is by far the most populous U.S. state, and the third-largest by land area...
in 36 hours, 51 minutes. Marshall wrote, "Over two decades later, the laughs and the memories are still fresh. I was fortunate to be involved".