The Win or Lose Corporation was formed on November 20, 1934 in New Orleans. The original documentation shows James Noe, New Orleans hotel owner Seymour Weiss, and Huey P. Long's secretary Earle Christenberry as the officers of the company. But later documents reveal the following members of Win or Lose, along with their share of the company:
- James Noe – 31 shares
- Huey Long – 31 shares
- O.K. Allen – 31 shares
- Seymour Weiss – 24 shares
- Earle Chistenberry – 1 share
- Alice Grosjean – 1 share
Some historians allege Grosjean was Long's mistress.
Sometime in 1941, Win or Lose Corporation was renamed the Independent Oil and Gas Company.
On February 21, 1951, Independent Oil and Gas dissolved. The liquidation put the shares of the soon-to-be lucrative oil leases into the hands of individuals, and not a corporation.