History of Resource America
Founded in 1966 as SMTR Corp., an oil and natural gas company. Changed its nameto Resource Exploration, Inc. in 1970. Initially focused on drilling in Ohio andPennsylvania, but was operated out of Shreveport, Louisiana by oilman J.C. Trahan.
In 1977, the company fell into distress and was taken over by Willard E. White, anOhio oilman who also served as Vice President of Atlas Energy Co. of suburbanPittsburh, Pennslvania.
Acquired as a penny stock in 1988 by current Chairman Edward Cohen and a groupof investors, including Jack Dorrance, patriarch of the Campbell’s Soup dynasty. Thegroup acquired a one-third stake in the company for $5.6 million.
Cohen saw tax-shelter benefits and undervalued assets; became Chairman andCEO, and renamed the company Resource America, Inc. in 1989.