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Kaiser-Frazer, which has had its troubles selling autos, faced trouble of a different sort. New Hampshire's Senator Styles Bridges charged last week that K-F's biggest defense contract, which has kept the company going for the past few months, is costing taxpayers at least $150 million too much. K-F, said Bridges is building 159 Fairchild C-119 cargo planes for the Air Force at a cost of $1,200,000 apiece, whereas the same planes made by Fairchild Engine & Airplane Corp cost only $260,000. The Senator, who will head either the Armed Services...
...K-F landed the C-119 contract soon after the Chinese Reds moved into Korea two years ago. Fairchild had developed the plane, and said it had plenty of idle capacity to turn out more. But at the time, the Air Force was looking for a second source of supply for critical equipment. It wanted Willow Run but the only way it could get it-and thus prevent the Army from snatching it for tank production-was to take K-F in the package. There was another reason for giving K-F a contract: the RFC had just sunk another...
Kaiser-Frazer, which is jacking up horsepower in its Kaiser line, plans to make 1,000 sport cars with plastic bodies, made by California's Glasspar Co. (TIME, Feb. 18). K-F's new model will weigh about 2,000 Ibs., cost about $2,000, v. $1,450 for the 2,300 lb. Henry...
...Reconstruction Finance Corp., which has grubstaked Kaiser-Frazer Corp. to some $50 million, last week decided to ride along on the mule as well. To K-F's board of directors, the RFC appointed their own representative,* 26-year-old Detroit Lawyer Alan E. Schwartz. A Harvard Law School graduate (1950) who had caught RFChairman Harry McDonald's eye when pleading cases before government bureaus, Schwartz will attend all of K-F's board meetings, keep tabs on the company's finances (K-F's losses in the past seven years: $53 million). Explained...
...obstacles were tremendous. The deal would have to be approved by the RFC (which holds the collateral on some $52.8 million in loans to K-F), the Treasury for its tax features, the SEC for any merging of securities, the Defense Department for air contracts, and the Justice Department for possible anti-trust angles. "As of today," concluded Odium, "no conclusion has as yet been reached." But one stockholder, pointing out that mere rumors of the merger had made Atlas stock rise several points some weeks ago, cried: "Let's have more romance like this...