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These theories were confirmed in January 1987, when Mobil stated they would be looking into spinning off the company in the near future. In March 1988, the company management undertook a successful $3.8 billion (~$8.45 billion in 2023) leveraged buyout, making Montgomery Ward a privately held company. [20]
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The city was developed after the construction of Lake Palestine in the early 1960s. [5] As it is located on a sliver of Henderson County, a wet county, which extends eastward onto Lake Palestine and Texas State Highway 155, a number of liquor stores sprang up by the 1980s to capture business from residents of Tyler and neighboring Smith County (which at the time was dry). [6]