ABSTRACT
In November 1980, Will MacKay was reviewing an interoffice memorandum which suggested a joint venture to construct a deepwater port 12 miles off Freeport, Texas (Exhibit 15.1). MacKay was Vice President-Marine of Venture Oil. He had considered potential Investments in deepwater ports for several years. The decision that lay before him was whether to commit to a 30% interest in this latest proposal, the Lone Star Offshore Terminal (LSOT).
