Word: haack
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Dates: during 1970-1979
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Executives of the crisis-prone Lockheed Aircraft Corp. are well aware of the risk in seeing a light at the end of the tunnel: they can never tell when it might be another freight train heading Lockheed's way. Last week, however, the light that Chairman Robert W. Haack saw turned out to be for real. Lockheed's 24 creditor banks approved a plan to restructure the company's debt in a way that clearly eases the aerospace giant's financial woes, though it does not solve them...
...prosaic and long lasting. G. Keith Funston ran the Big Board for 16 years, from 1951 to 1967. But as reforms began eroding the "private club" nature of the largest and most important U.S. securities market, the boss's job has turned into a shaky one. Robert W. Haack, now chairman of Lockheed Aircraft Corp., was squeezed out after five years. Last week the climate of change proved too much for another Big Board chief. James J. Needham, chairman since 1972, resigned under pressure with two years to go on his contract...
...aerospace giant from bankruptcy in 1971 by guaranteeing the repayment of $250 million in bank loans; it has become more urgent as a result of the furor touched off by revelations about Lockheed's extensive foreign bribery. The scandal brought in a new management, headed by Robert W. Haack, 59, former president of the New York Stock Exchange. Last week TIME Correspondent John Quirt interviewed Haack and other sources inside and outside the company and filed this report...
...Haack's view, there is "absolutely no reason" to doubt Lockheed can stay aloft, and there are some grounds for "becoming a little more encouraged" about its ability to begin soon acting again like a normally functioning corporation. Among the reasons: the recent addition of four new outside directors, giving outsiders ten of the 17 seats on the board, and the signing of a consent decree that settles a Securities and Exchange Commission lawsuit against the company and clears Lockheed to hold a long-overdue annual shareholders' meeting some time this summer. Now, says Haack, "it is important...
...climate of suspicion is making it more difficult for U.S. firms to do business abroad. Lockheed's new chairman, Robert W. Haack, hastily flew to Ottawa last week to reassure Canadian officials that no bribes have been involved in Lockheed's efforts to win a $950 million contract for 18 Orion antisubmarine planes. Nonetheless, the Canadian government indicated it would take its time signing the deal, largely because of doubts about the company's ability to survive the spreading scandal. The U.S. Senate passed, 60 to 30, a bill greatly tightening Government controls on overseas sales...