Word: bunker
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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...
...Henry A. Bunker '58 and Harold R. Andrews '58, members of the M.I.T. Rocket Club, were heating ammonium hydroxide and picric acid in an attempt to make rocket fuel. The mixture apparently reached its explosion point, 360 degrees Centigrade, before the students could halt...
...through France with Patton's Army. He was released after three days, spent a week with the French underground before rejoining the U.S. forces. Among his prized souvenirs is a butter knife with the initials A.H. on the handle, taken from the ruins of Hitler's Berlin bunker...