Word: chapin
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Dates: during 1960-1969
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Getting the information for Cartographer Robert M. Chapin's diagram of Intrepid posed a particularly sensitive problem. While Bus Mosbacher, his crew and his family were generously cordial and cooperative throughout the intensive reporting and research for the cover story, a certain gentlemanly reserve surfaced when we requested details tor a cross-section drawing of the boat that would make features of its design graphically clear to readers from Newport to Sydney to the Isle of Wight. When Researcher Mimi Conway called at Mosbacher's office in New York to discuss the dia gram, he smilingly said...
...Chrysler Corp. A credit operation, which does a $250 million annual business financing sales of furniture, TV sets and other items, Redisco had earned a robust $2,500,000 a year. A.M.C.'s appliance-making Kelvinator division is also profitable-and for sale. Drastic as such surgery is, Chapin and Co. see little alternative to sacrificing A.M.C.'s two strong, non-automaking arms...
...cars. The first quarter of 1966 was an $8,300,000 loser; this year, the same quarter produced a record $21 million loss, knocking the company $30 million into the red for the first half of its fiscal 1967. Faced with a sooner-than-expected financial crisis, Chapin last week began cutting away again-this time at A.M.C.'s assets...
...Redisco proceeds, $25 million will go directly to a group of 24 banks. Headed by Chase Manhattan, the group last year loaned A.M.C. $75 million, then turned up another $20 million after Chapin became chairman in January. Last week, faced with a May 31 due date on the loan, Chapin persuaded the bankers to extend the credit line until year's end. As security, the banks hold a first mortgage on all of A.M.C.'s property...
Second Collision. The loan extension will give A.M.C.'s new Javelin specialty car room to go into production this fall. Still, some auto-industry financial men fear that Chapin and his colleagues are only painting themselves into a corner. Should Kelvinator go the way of Redisco, A.M.C. may well lose a chance at a Studebaker-style recovery. After losing $25 million on its auto operations, Studebaker shut down its South Bend, Ind., plants in 1963, has since come back as a profitable maker of appliances, electric generators and other products. Wall Street has been full of speculation about possible...