Word: avco
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...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...
Basically each side summed up its case thus. Cord: ''Of every Avco dollar 30 cents belongs to us, 63 cents to stockholders other than the present management. We are going to see the company properly run, by those who have a real interest in it." Avco: "Our directors are financiers, industrial leaders, representing widely distributed stock. Why turn the company over to a plane manufacturer who merely seeks a controlled outlet for his product...
...outcome of the battle appeared to hinge largely on the success of the Harriman-Lehman group in rounding up proxies from the many substantial stockholders known to them. Banker Harriman himself had begun to withdraw from the aviation scene. Last month he resigned as Avco board chairman, was succeeded by his friend Banker Lehman (TIME, Oct. 31). About the same time Harold Ellstner Talbott Jr. resigned the North American Aviation chairmanship. His place was filled by George Newell Armsby, chairman of Bancamerica-Blair Corp. which sponsored North American. Guessers everywhere tried to connect the two resignations with the presence...