Gulf States Utilities Co. - 1980's. dated Utility Stock Certificate
Inv# GS1131 Stock
Texas
Utility Stock printed by American Bank Note Company. Female figure holding lightning bolts. Available in Blue, Purple or Red. Please specify color.
Entergy Texas, previously known as Gulf States Utilities (GSU), is an electric power generation and distribution firm based in The Woodlands, Texas. Established in 1911 as Eastern Texas Electric, it served as a holding company for Stone & Webster. On August 25, 1925, Gulf States Utilities Company was officially incorporated in Texas.
The company expanded over the years and relocated its headquarters to the Edison Plaza office tower in 1979, which remains the tallest building in Beaumont. Its former headquarters, the Liberty-Pearl building (originally the Edson Hotel from 1929 to 1955), continues to accommodate much of its telecommunications equipment, including microwave radio systems, and is the second tallest building in Beaumont. Additionally, in the late 1970s, construction commenced on the River Bend Station nuclear power plant. However, the project faced significant cost overruns, coupled with soaring interest rates of 24-30%, a CEO who was determined to establish a nuclear facility, and a regional economic downturn in the early to mid-1980s, which nearly led GSU to bankruptcy. At one point, trading of the company's stock was suspended on the New York Stock Exchange as it plummeted over 75%, ultimately settling at under $2 per share. Joseph L. Donnelly, Jr., the former chief financial officer and CEO, is credited with averting a Chapter 11 filing. On January 1, 1994, GSU was acquired by Entergy Corporation after initially accepting a $19 per share offer from SWEPCO.
Entergy's CEO at that time, Edwin Lupeburger, insisted on another opportunity to purchase GSU. Gulf States Utilities remains a legally incorporated entity in Texas; however, Entergy has recently rebranded GSU's Texas operations from Entergy Gulf States to Entergy Texas, Inc., and integrated the GSU Louisiana service area with its Entergy-Louisiana division.
A stock certificate is issued by businesses, usually companies. A stock is part of the permanent finance of a business. Normally, they are never repaid, and the investor can recover his/her money only by selling to another investor. Most stocks, or also called shares, earn dividends, at the business's discretion, depending on how well it has traded. A stockholder or shareholder is a part-owner of the business that issued the stock certificates.
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