Word: avco
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This liking took the form, in 1943, of putting Allen on AVCO's board and, in 1944, Convair's board at $6,000 a year for each. No one seems to know exactly how V.E. benefits from such friendly gestures. In fact, V.E.'s friends at court do not seem to have been able to keep him from being handled, occasionally, as roughly as the N.A.M. Example: last spring CAB forced him to reduce AVCO's 20% interest in American Airlines to 4% under its rule that no company can operate airlines and also build planes...
...chairman of the board, stepped out in favor of Leo Crowley. The great days of financial legerdemain, when a man could run a few electric light bulbs into a utility empire, were gone for good. V.E. looked around for fresh territory. In the sprawling Cord Corp., which then included AVCO as a subsidiary, he found...
...Hand. After years of mismanagement, AVCO was so close to death it was hardly breathing. Nevertheless, there were plenty who wanted a chance at the carcass. Errett Lobban Cord, a brass young auto salesman who had skyrocketed up in the golden '20s,-and put out a slinky car bearing his name-controlled AVCO. But to a cunning infighter like V.E., with the well-heeled Schroders again in his corner, it was the work of only a few months to knock out Cord* and take over the company in August...
...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...