Word: gulfstream
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...phenomenal growth in general aviation in the U.S. has continued unabated for a decade. The category embraces everything from a $5,000 secondhand Piper Cub used for weekend joyrides to a $6.5 million, 18-seat Grumman Gulfstream executive jet crammed with the latest airborne electronics. In between are the twins, turboprops and smaller jets operated by some 2,200 air-taxi operators and 200 commuter airlines. This year alone, companies such as Cessna, Beech and Piper will deliver 18,000 aircraft worth $1.8 billion to customers around the country...
Wilmot's woes started in 1973, when a small Texas outfit that installs navigation and communications systems in Gulfstreams accused Page of trying to take over its lucrative business by, among other tactics, bribing one of its executives with $30,000 and the use of a Jaguar sports car. Last October Page was ordered by a U.S. court to pay the Texas firm $9 million in damages for trying to monopolize the Gulfstream outfitting business. Page is appealing that decision, but testimony at the trial about other Page activities has led to more trouble for Wilmot...
...April the SEC charged Page with making sham deals overseas to hide various payoffs in connection with the sale of four Gulfstreams to Saudi Arabian Airlines between 1975 and 1977 and the 1975 sale of a Gulfstream to Morocco. The total unaccounted-for funds, says the commission: $5 million...
Amin has been a fond Page customer since 1973. That year a Page vice president sold Amin a Gulfstream after giving him a lift from Uganda to a meeting of Third World leaders in Algiers. Page subsequently sold Amin a Lockheed cargo plane and furnished crews for it. When Amin wanted to buy medical supplies and seed wheat, Page executives rounded them up from U.S. suppliers. Amin gave Wilmorite the contract to build Uganda's new $5 million U.N. mission in Manhattan. Only after Congress began investigating U.S. suppliers selling equipment to Uganda about a year ago did Page...
Although it could be many months before the SEC's charges come to trial, Wilmot's days as a highflyer in international aviation seem over. Last month Grumman sold its Gulfstream-manufacturing subsidiary to American Jet Industries, of Van Nuys, Calif. Its president, Allen Paulson, says flatly that Page will not be asked to help sell any more Gulfstreams...