Word: bellanca
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Dates: during 1950-1959
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...famed Gates Flying Circus, ferried bombers and transports to England during World War II, demonstrated Designer Vincent J. Burnelli's Flying Wing; of a pulmonary infarction; in Manhattan. When Tokyo's daily Asahi offered $25,000 for the transpacific flight. Pangborn and partner took their Bellanca monoplane to Japan, ready to try. On arrival, they were clapped into jail as spies, for taking pictures. After a 21-day trial (total fine: $2,050), they took off. shed their landing gear for better flying. The 4,500-mile trip took nearly two days, ended with a dust-raising belly...
...Sidney Albert, 50, the fast-talking financial juggler who took over ill-starred Bellanca Corp. less than three years ago, quit as president in the midst of a Securities and Exchange Commission investigation of the company's financial reports. Trading his family's rubber-machinery business for control of Bellanca. Albert went on a stock-swapping spree that turned the small aircraft partsmaker into a grab bag of 70 firms, and helped push its stock from $4.37 a share to $30.50 a share within a few months (TIME. June 25, 1956). The stock plummeted last year...
...last week's $12.37. Charged a leader of another dissident group, Attorney Alfons Landa (who is also chairman of the executive committee of Fruehauf Trailer Co., and holder of 1,400 shares of Penn-Texas): "This case is alarmingly similar to Sydney Albert's Bellanca [TIME, Oct. 22]. In Bellanca, Albert had a whole safe full of unissued shares, which he traded for shares of other companies to gain control of them." Answered Silberstein: "We are not another Bellanca, We are very very sound...
Slow-running Waltham Watch Co. last week ticked off its sixth major management switch, in the last ten years. Control of the oldest U.S. watch company was sold by Sydney Albert's Bellanca Corp. to a group headed by Joseph Axler, 44, who owns three wholesale watch companies, claims to be the largest U.S. watch distributor. He became Waltham president. In as board chairman went...
Axler, Geller and friends paid $600,000 for 16.6% of Waltham's stock, almost exactly what Bellanca paid for it a year ago. They got a company with 483 employees, sales of $4.8 million in 1955 (down from $11.2 million in 1947), and earnings last year of $70,764 (just 4? per share). Axler hopes to win back Waltham's almost nonexistent consumer trade in the $39.75 to $125 watch market, also expand the industrial division (speedometers, gyroscopes, aircraft equipment) that now does 90% of Waltham's total business...