Word: summa
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...plane ever built), behind security so tight that some of his hangar maintenance men never got to see the aircraft. The big hangar itself, a cantilevered, air-conditioned marvel on Terminal Island at Long Beach, Calif., is being demolished now, sold off by what is left of Hughes' Summa Corp. The Goose, moved by tugboat last fall to a site a quarter mile away, has a temporary home in a circus tent. A reporter enters the tent prepared to see a dead whale on a flatcar...
...matter of fact, Morris is quick and proud to point out everything that his team members have achieved. When describing Prisco's accomplishments, he never fails to mention that she graduated with a summa in language and linguistics...
...Reagan is promising no inflation but giving racism," said Kaku, who graduated summa cum laude in Physics, and is now a tenured associate professor at the City College of New York...
...most important change, though, is that Summa is making money. In 1978 the company earned $30.9 million before taxes on sales of $762.3 million. Last year earnings dipped to $13.5 million, although sales rose to $869 million. The main reason for the lower 1979 profits: a strike-induced loss of $26.2 million by Hughes Airwest. Last year the hotel-casino group was the largest moneymaker, earning $38.7 million. The aviation group, on the other hand, made only $5.9 million. Says Rick Harrison, a Texas lawyer close to the protracted Hughes estate-tax fight: "Lummis has done a very good...
...struggle for Hughes' fortune, however, is not over. The IRS has just filed a $275 million estate-tax ruling against Summa, which the corporation is contesting. Moreover, the biggest and presumably most profitable Hughes venture, the Hughes Aircraft Co., the nation's eighth largest defense contractor (with more than $2 billion in sales last year), is not controlled by Summa. Since 1953 it has been the property of the Miami-based Howard Hughes Medical Institute, a nonprofit foundation that is dominated by Lummis' old antagonists Davis and Gay. Hughes' former henchmen have filed suit against Lummis...