1932 - O.K. Allen elected governor of Louisiana. Died in office 1936
1934 - James A. Noe, advised by M.S. Rhoads, Fort Worth Oil and Gas Operator to secure state lease on state owned water bottoms in Monroe Gas Field of Union, Morehouse, Ouachita parishes. The deal was approved by Huey Long and consummated by Governor O.K. Allen. Thus State Lease 390 provided James Noe with a ¼ interest and rights to 20 drilling locations.
1934 - November 20th, Win or Lose Corp. formed in New Orleans by Huey Long. Lease 309 was transferred to Win or Lose as its sole asset. James Noe got 31 shares, Huey Long 31 shares, O.K. Allen 12 shares, Seymour Weiss 24 shares, Alice Grosjean 1 share, Earl Christenbery 1 share. Fifteen months after its inception the Win or Lose assets totaled $2 million.
1935 - In the spring, Noe approaches W.T. Burton, Lake Charles oilman, banker, entrepreneur, proposes he bid on state leases reserving ¼ for himself and transferring ¾ to Win or Lose.
1935-1936 - Over one million acres of state lands awarded W.T. Burton and Win or Lose.
1936 - James Noe finishes O.K. Allens term.
1936 - Huey P. Long picked Richard Leche as governor and Earl Long (brother of Huey) Lt. Governor. Richard Leche wins but resigns in 1939 due to scandal.
1936 - State Mineral Board formed and practice of Governor letting mineral leases is stopped. The Board, was the Governor and 17 of his appointees.
1940 - Sam Jones elected Governor as reform candidate.
1940 - Leases obtained by Win or Lose recorded one month prior to Jones taking office.
1941 - Win or Lose renamed by Hueys widow to “Independent Oil & Gas.
1942 - Win or Lose and James Noe are sued for income tax evasion. Federal Treasury investigation. (found not guilty) Weiss takes the blame. Dividend payments done by cashier checks to other six recipients.
1943-1946 - On two occasions, Sam Jones administration had state lease 340 redefined resulting in a number of fields reclaimed by the state. Win or Lose contended that they did nothing illegal since the leases had been not challenged in the 1930’s, despite the fact leases were not recorded until May of 1940 and political stockholders were out of office.
1951 - Win or Lose (Independent Oil & Gas) dissolved 1951. Stockholders retained their shares.....under new charter name.
1971 - New Orleans banker and financier, Louis Roussel files a lawsuit claiming that three former governors and three of their political pals conspired and cheated the state out of $250 million on mineral leases. Roussel, a business partner with James A. Noe, one of the defendants, claims that Noe, Long and Allen utilized their position of trust in the affairs of government of the State of Louisiana to increase their own personal fortunes at the expense of the public. Bob Pugh of Shreveport represented Noe and Allen interest. The case was dismissed by Judge Robert M. Fleming who said the constitution provides that the attorney general shall, “attend to and have charge of all legal matters in which the state has interest.” Fleming held that individuals could not usurp the prerogative of the state just because the state may not choose to act. During the lawsuit, Pugh received a definitive judgment that all leases in question were legal. That decision was based in part on the fact that every time the Mineral Board had met, it approved all assignments.
NOTE: Seems strange that twenty years has passed now since 1951 until 1971, and the old Win or Lose in dormancy rises up again in the interest of those mentioned. Seemingly, it was defunct and gone forever, but the stock was still viable, floated right on up until 1971, but where is its new name?