Claytie: The Roller-Coaster Life of a Texas Wildcatter

25. "I know Claytie can ffind a way out of this."

On that spring 1991 flight to Houston—the bankruptcy flight—conversation remained as scarce as free money. The foursome aboard the company jet—Claytie, Modesta, and executives Paul Latham and Mel Riggs—grappled with their private thoughts, quietly, thinking of their mission: getting the best advice possible from some of Texas’ top bankruptcy lawyers. In less than a decade Claytie had tumbled from the Forbes list as one of the nation’s wealthiest individuals to one now overwhelmed with debt—$90 million and counting. The election had consumed him, so much so that he had ignored the home front: his company, his finances, where his rigs were drilling, what some of his people were up to. Now came payback. The Williams family name, long associated with vision, integrity, and success, seemed certain to be sullied in the messiest of ways: bankruptcy. To Claytie, the mere mention of the word corroded the soul, extinguished the spirit. The ultimate betrayal. The flight was as somber as a dear friend’s funeral, which only made the party’s reception at the Houston airport seem like an Irish wake. As the four climbed into their cab, the driver immediately recognized Claytie and struck up a chatty conversation. Claytie responded as jovially as possible. The cabbie rattled on, blissfully immune to his pensive passengers. The irony was not lost on Paul: the celebrity passenger with whom the cabbie was so smitten, having I know Claytie can find a way out of this.” 25 “ 318 P A R T F I V E stepped off of his private jet decked out in his familiar cowboy hat and boots, was headed downtown to meet bankruptcy experts. Mel noticed Modesta still wore her worried look, and concluded it was concern less for the company than for Claytie. Her troubled expression he interpreted as a desperate desire to help him, but she didn’t know what to do or say. Nobody did. The elevator ride to the lawyers’ office evoked an exercise in silent contemplation, but Mel could see the wheels turning in Claytie’s mind: “What am I doing? Why am I here?” As the meeting unfolded, two lawyers put the best face possible on bankruptcy, and the Williams party concluded that they had done their job well. They were reassured. But then, unexpectedly, an older attorney entered the room. Pete Maley had counseled the late John Connally when the former Texas governor and U.S. presidential candidate had been forced to confront his own bankruptcy demons in the late 1980s. Sugarcoating nothing, Maley laid out simply but forthrightly the consequences of the bankruptcy filing and how it could affect Claytie and his company. In the eyes of many, Chapter 11 is a heavily traveled escape route for deadbeats dodging financial responsibilities. Though not always valid, the image is dif- ficult to shake. Claytie listened without a word, but just the appearance of the older man triggered thoughts of his father—and a spark of defiance. “No,” he said to himself. “No bankruptcy.” The wheels were spinning again. The meeting broke up after two and half hours without a decision . But as they left, Paul and Mel thought Claytie appeared less troubled, almost relaxed. They drove to the airport, scrambled aboard the plane, and took off for West Texas. Conversation was minimal. Shortly before the sleek little jet touched down in Midland , Claytie spoke. “We’re not going to do this,” he said, catching everyone off guard. “We’ll handle this like we have everything else. We’ll work our way out of it.” A N E W M I L L E N N I U M 319 His words stunned everyone. Although no one challenged his decision , everyone aboard was privately coping with troubling questions . A short time later, Claytie summoned his high-level troops to his office. He informed them that they would devise a workable plan to somehow, some way pay off the debts and salvage the company without bankruptcy protection. Mel Riggs and Paul Latham remember Claytie exhorting executives with the familiar refrain: “Boys, let’s make it happen.” Most were surprised if not shocked. Modesta was thrilled. “I know Claytie can find a way out of this,” she said upon leaving the meeting. She later explained: “I’ve known him to hit bottom several times, and I know that he can always pick it up and bring...