Word: jetstars
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Dates: during 1960-1969
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Triple Insurance. Drag parachutes are neither heavy nor expensive. On 6-52 heavy bombers, which weigh more than 175 tons fully loaded, they cost $830 per ship and weigh only 120 Ibs. The new Lockheed JetStar, a four-jet executive plane, carries as standard equipment a drag chute that weighs only 20 Ibs. Lockheed spokesmen believe that a JetStar chute has yet to be used, but they say bluntly: "The purpose is safety. It's an insurance item for stopping. First you have the brakes, then thrust reversal, then the drag chute. It's a good little thing...
Lockheed is losing $24.5 million on its turboprop Electras, half of it spent on correcting the structural flaws that caused two crashes. Because of defense-spending cutbacks, there have been few orders for Lockheed's small JetStar transport, a $31 million project. Other programs in the works, and the need to cover expenses on some contracts which the Government may disallow, added another $12 million to Lockheed's losses...