Word: bunker
(lookup in dictionary)
(lookup stats)
Dates: during 1950-1959
Sort By: most recent first
(reverse)
...water-flood-oil property in and around Oklahoma's Nowata County and his process for leaching uranium out of the ground with water (TIME, Jan. 17). Estimated price: $400,000. The two Hunts agreed to pay all future costs of development and exploration. Said 28-year-old N. Bunker Hunt: "It wasn't too long ago that we were still mining sulphur like we mine gold. Then someone thought up the idea of melting it and forcing it to the surface with steam, and it revolutionized the industry. I think Shepherd's process may do the same...
Soup to Meat. Glenn Martin was not the first company that Troubleshooter Bunker brought to life. Graduated from M.I.T. during the Depression, Engineer Bunker got his start washing soup kettles for Campbell Soup at 38? an hour, helped build a power plant for the company before he left three years later. He put in two years as an engineer for the Wilson meatpacking company, worked with the Government on war contracts, became a vice president for the Kroger Co. in 1942. Hired by Cincinnati's Trailmobile Co., in two years he doubled sales to $52 million and boosted...
Change of Pilots. Martin owes its comeback to George M. (for Maverick) Bunker, a 46-year-old troubleshooter who became president in 1952. Until then all decisions-big and small-were made by Glenn L. Martin, the company's founder, chairman and namesake. But when the company tried to raise new capital from investment bankers three years ago, it was told that the new management would have to come first. The bankers' choice was George Bunker, and his first step was to move Glenn Martin out of the pilot's seat...
...With Bunker at the stick, Martin was able to sell $6,000,000 worth of notes, convertible into common stock at $6 a share. Within three months, by selling more stock to Martin shareholders, Bunker was able to pay off $4.3 million of the notes. The rest were converted into stock. This year Martin paid off the last of its interest-bearing debt, and the stock rose...
Meanwhile, Bunker was also unclogging Martin's production line. In addition to its drawbacks, the company had distinct assets. Among them: a $369 million backlog, a $40 million tax-loss carry-forward, and "one of the best technical groups in the business." Bunker freely admitted that he knew nothing about airplanes, but he did know about good management, which was Martin's sorest need. He boosted morale by giving his top-management men leeway to make their own decisions, thus speeded up lagging production. To reward them, Bunker set up plans for bonuses and stock options. (Bunker himself...