Word: 5a
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Dates: during 1970-1979
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...included a $544.4 million allotment for Lockheed. The prospect of passage in the Senate's more hostile environment is far less certain when the bill comes up for debate early next month. Of Lockheed's allotment, $344.4 million represents progress payments on production of the giant C-5A military transport. The remaining $200 million is called "contingency funding" by the Pentagon and "bailout money" by Lockheed's critics. Says Wisconsin Senator William Proxmire: "I don't think it is in the public or national interest to finance Lockheed...
Lockheed's money difficulties are as large as the aircraft that caused most of them, the C-5A. The company underestimated the expense of building the world's biggest airplane when it eagerly underbid Boeing to get the contract in 1965. Partly because of inflation, overrun costs totaled $1.1 billion. Lockheed's defense woes were compounded by some troubles with its contracts to build the Cheyenne helicopter, the motor for the SRAM (or short-range attack missile) and military ships. The Government has partially reimbursed Lockheed for some of its losses, but all together the four programs...
...Haughton in the company's annual report, "the gold of good intention turned into the sand of reality." Because of what he called "Government inflexibility" in enforcing the contract's terms, Lockheed might have to pay a $16,000-per-plane penalty for each day the C-5A is late in delivery...
...dispute with the Defense Department, the company wrote off $150 million against pretax income. Now it has asked the Pentagon for a $600 million cash advance. Without the money, said Lockheed Chairman Daniel J. Haughton, the company will have to stop work on four major military programs: its C-5A cargo jets, Cheyenne helicopters, missile engines and ships. All four programs involve disputes between Lockheed and the armed forces over eventual contract prices...
...award in the offing is for the BIA bomber. Boeing, North American Rockwell and General Dynamics are competing. The Air Force wants 240 B-lA's, at a total cost of between $11.8 billion and $12.6 billion. But Congress is already disenchanted with cost overruns on the C-5A transport. And as long as there remains a possibility of some agreement with the Soviet Union on strategic-arms limitation, there remains some doubt that Congress will vote money to build the B-lA. Among other contracts in the offing are: a new "freedom fighter" for export to allied nations...