Word: copeland
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More gravely, the Nader report garbles its account of the bankruptcy of Lammot du Pont Copeland Jr. (TIME, May 3), son of the recent Du Pont board chairman. Inexplicably, also, the report accuses the family-controlled newspapers of downplaying news that National Guard troops were stationed in Wilmington in 1968 at a time of racial disturbance and stayed for nine months. On the contrary, both papers played the story on the front page for weeks, crusaded to get the troops out and even nominated themselves for a Pulitzer Prize for their efforts...
...Norton Professorship is not confined to poets. Architects and painters have occupied the professorship under a definition of poetry as "all poetic expression in language, music or the fine arts." Five other composers, including Igor Stravinsky and Aaron Copeland, have held the post...
Dizzying Empire. Copeland moved out, a Du Pont spokesman said, "because personal affairs are taking more and more of his time." Six months ago, his 38-year-old son Lammot ("Motsey") du Pont Copeland Jr. petitioned for one of the most spectacular personal bankruptcies on record. He listed assets of $26 million and liabilities totaling $55 million. The younger Copeland's chief business associate, Lebanese-born Thomas A. Shaheen Jr., has been indicted by a Chicago grand jury on charges of receiving kickbacks on loans from the barbers' union pension fund and others. Much of the money allegedly...
...follies are being visited on the father in more ways than one. The senior Copeland guaranteed about $8.2 million in loans to his son and his enterprises, all of which are now bankrupt or in deep financial trouble. Copeland holds a lien on Lammot Jr.'s real property, including a $500,000 home, making it unavailable to other creditors. Copeland's financial worries have been further complicated by the near failure of a family-connected stock brokerage, Francis I. du Pont & Co. Various family members and their friends are investors in the firm, and its troubles cost them...
Expensive Failures. Besides his family problems, Copeland faced a good deal of corporate discouragement. Under his leadership, Du Pont suffered a serious erosion of its pre-eminence in chemicals, even though the company is still the biggest in the field (1970 sales: $3.6 billion). Du Pont leaders have long dreamed of producing "another nylon," but the company has introduced few notably profitable products in the past decade. Several that did appear turned out to be expensive failures. Corfam, the synthetic leather, is being phased out after an investment of $100 million. Other disappointments: an antiflu pill called Symmetrel...