Word: atco
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Dates: during 1940-1949
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...wanted to turn Cord, the bad holding company, into a good operating company. One of his first moves was to drop the Cord name, substitute Aviation and Transportation Corp. for the top holding company. Then, like a horse trader, he sold, bartered and junked the money-losing companies in ATCO and AVCO and a holding company of lower degree, Aviation Manufacturing Corp. (AMCO...
...touch & go to keep ATCO breathing. One example: AMCO ran short of cash to keep its subsidiaries operating, so it borrowed $1,400,000 from AVCO. AVCO, in turn, ran short, so it borrowed $500,000 from ATCO. ATCO then sold its interest in Checker Cab Manufacturing Corp., and later some new stock and was then able to help out AVCO, which was then better able to help AMCO...
...this Peter-to-Paul manner, Emanuel kept the complicated corporation breathing until he had strengthened AVCO enough so that it could swallow both its parent, ATCO, and AMCO. By then V.E. thought that AVCO could start expanding again. With war in the offing, he had his eye on Consolidated Aircraft Corp. The way he got it was characteristic. Washington didn't like the idea of a key war plant being run from a skyscraper 3,000 miles away. So V.E. simply had one of his small planemaking subsidiaries, Vultee Aircraft Inc., buy Consolidated. (One planemaker described Vultee...
While Lou Manning, largest single stockholder and vice chairman of the ATCO board ($30,000 and up a year), was rusticating in California, fast-moving Emanuel got a line on the 320,000 shares of ATCO owned by the London Schroder interests. These he placed with two friendly interests: Lehman Bros, and General American Transportation Corp., which was fat with funds from building and leasing railroad rolling stock and seeking new markets in aviation...
Today Victor Emanuel is busy with "the Aviation Corp. situation," no longer rides to hounds, likes to talk of the Wordsworthiana collection with which he endowed Cornell. He does not like to talk of his plans for simplifying ATCO (or AVCO), on which CAA has long been casting a critical eye. "But," says he, "I think simplification is the only answer...