Word: haughtons
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...year earlier, to $24.7 million, but this is based partly on cost calculations that assume Lockheed will eventually sell 300 TriStars; whether it can is in serious doubt. Lockheed still bears a debt load of nearly $1 billion. The current scandal seems as unlikely to unhorse Chairman Daniel Haughton, who has headed Lockheed since 1967, as any of the company's former crises. His defenders on the board of directors believe Haughton is not personally responsible for many of the company's biggest problems...
...Lockheed's stock for $85 million. The two will not merge, but Textron Chairman G. William Miller, a 49-year-old lawyer, is to become chairman of Lockheed as well, thus heading two companies that had total 1973 sales of almost $5 billion; Lockheed Chairman Daniel J. Haughton, 62, would step down to vice chairman. Other terms, some still subject to revision: major banks are being asked to convert $275 million in loans to Lockheed into preferred stock in the company and to extend $375 million in additional credit to Lockheed at an initial fire-sale interest rate...
With most of that money gone, Lockheed is in a financial tailspin again, facing what Chairman Daniel Haughton calls "a straightforward matter of the possible need for additional cash." That understates the case: Lockheed could well become the first corporate victim of the energy crisis, and this time there is no savior on the immediate horizon...
Understandably, then, the BEA deal was signed in London amid an almost cloying exchange of mutually admiring remarks between BEA Chairman Henry Marking and Lockheed Chairman Daniel Haughton. BEA will pay $147 million for delivery of the six planes starting in the fall of 1974. Marking denied that his nationalized line was prodded into the deal by the British government in order to expand the market for engines made by the government-owned Rolls-Royce. Even so, BEA is not likely for many years to phase out its fleet of British-made Trident jets and switch wholesale to the TriStar...
...estimated $80 million to $100 million to develop the modified plane, and it does not now have the money. It has already used up $150 million of its Government-guaranteed loan, and will need the rest merely to continue pro duction of the conventional TriStar. Haughton says he is planning to raise the needed cash by floating a new bond issue, but how well it would sell is in some doubt...