Word: brewsters
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Ignacio sold Brewster's president James Work on the Miranda Bros, at a 12½% maximum commission. (The purchaser paid for it in higher prices.) Miranda-sold orders poured in from Britain and Holland, both rearming...
...Badgered Brewster. For the Mirandas, the Brewster deal was the saddest of all. In 1939, brother Ignacio decided that Brewster's export arrangements were 1) feeble, 2) expensive. Brewster paid a 3% ''finder's fee" commission on all business, plus 10% to the resident foreign agent, but had almost no foreign business...
...Brewster's James Work slashed their commission to 4.6%, then to 4.1%. Needing capital, he sold 50,000 shares of stock to the brothers and Zelcer at $12 ($1.50 above the market and twice what it sells for now). The Mirandas invested $250,000 in Hayes Manufacturing Corp. at above-market prices, to help finance accessory sales to Brewster, and paid $700,000 more to clamoring ex-Brewster foreign agents...
Thus, even before their overhead began, the Mirandas sank $1,550,000 in their Brewster venture, bringing a $107,000,000 foreign backlog to the company...
...Brewster's Buccaneer dive-bomber was full of mechanical bugs. The U.S. Navy took over, then moved out in a month and put in aviation oldtimer Charles A. Van Dusen. By this time the Miranda-Zelcer 10% stock interest was frozen in a voting trust, the commissions due them on new deliveries were frozen in stockholders' suits, and Brewster itself was solidly frozen in production and financial red tape. In came still another management - this time Miracle Man Henry J. Kaiser himself...