Word: haughtons
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...July. At the moment, a slim majority in Congress appears to favor the guarantee, though with much reluctance. As a price for it, California Senator Alan Cranston, a Democrat, demands the firing of Lockheed's chairman, president and board of directors. Indeed, Lockheed Chairman Daniel Haughton told TIME Correspondent Jerry Hannifin last week that he is willing to step down. Said
...Haughton: "The management is more interested in Lockheed's survival than in any jobs, and that starts with...
Expensive Burial. Haughton and other Lockheed chiefs argue that failure to back the loan for the three-engine L-1011 TriStar would be an economic disaster. Without this support, they say, most of the $1.49 billion already invested in the plane will be lost. Subcontractors have already spent $350 million on it, and the airlines have advanced $240 million in progress payments. Lockheed has poured in $900 million, including $400 million in loans from a consortium of 24 banks led by California's Bank of America and Manhattan's Bankers Trust...
...provided Congress is amenable, Lockheed and its chairman, Daniel Haughton, may have that assurance. Treasury Secretary John Connally announced that the Administration this week will ask Congress for $250 million in a loan guarantee to keep the TriStar project going. The new loans would come from private banks, but would have Government backing and would be as secure as Federal Reserve notes. If Congress goes along, the British are expected to let Rolls-Royce proceed full speed ahead on the RB-211 engines, which were designed specifically for the TriStar air frame. Then 10,000 Lockheed employees working...
...Lockheed Aircraft's Tri-Star project when Rolls-Royce, the contractor for the plane's jet engine, announced bankruptcy. Connally discreetly bullied the British into propping up Rolls with funds, then turned to Lockheed. On Connally's advice, Lockheed's chairman of the board, Dan Haughton, traveled the nation organizing financial support from banks and further orders from customers. "Tree all your possums at once, Dan," Connally counseled...