Word: avco
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Dates: during 1930-1939
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...explosion was touched off by Avco's quiet negotiations to acquire the assets of another big holding company, North American Aviation Inc. To pay for the property, Avco was to issue nearly 2,000,000 new shares of stock. Chief among North American's assets is a transport system covering the Atlantic seaboard below New York, joining Avco's transcontinental line at Atlanta and meeting its Boston-Montreal sector at Newark. Integrated, the network would blanket the East and South. But whatever the merits of the deal, its effect would be the reduction of the Cord share...
When Mr. Cord in Beverly Hills. Calif, saw the imminence of that threat last week he fairly popped with rage, sent his lawyers rushing into court at Wilmington. Del. Just as the Avco directors sat down to complete their merger plans for submission to stockholders, the Wilmington court granted a temporary injunction restraining the board from further action. Avco pried loose the injunction, but agreed not to consider the deal further until next week when Mr. Cord would be back in New York...
...battle was in the open. Mr. Cord turned to Avco's 28,000 stockholders, pleaded for proxies for a stockholders' meeting Dec. 21 to enlarge the directorate from 35 to 68. and supposedly to increase his own representation on the board from three...
...unrelated small lines, charter services, schools, factories. (The list is now about 20.) The company grew to be not the titan that United Aircraft & Transport is but an extremely potent and coherent transport system holding ten of the 23 domestic airmail contracts. However the growing pains were acute. When Avco was six months old the 1929 crash occurred. Immediately afterward the company altered its investment policy, put much of its ample cash into other than aviation stocks. There were three presidents in three years, President LaMotte Turck Cohu taking office last March just in time to greet Mr. Cord...
President Cohu, a youthful Princetonian (1917), was an investment broker, head of Air Investors Inc. which is a substantial Avco stockholder. He could not deny Mr. Cord's statement last week that Avco had lost money since its birth,* but he did say that the fight with Mr. Cord had been brewing for months because of Cord's efforts to "jam Stinson planes down the company's throats." Cord builds Stinsons and the Lycoming engines that pull them. Old guard Avco men said that Cord was a poor transport man, that his Century Lines lost money, that...