Word: lammot
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Dates: during 1970-1979
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What is better than What is better than owing $64 million? Well, owing only $20 million-as, now, does Lammot du Pont ("Motsey") Copeland Jr., a great-great-great -grandson of the founder of the Du Pont dynasty. Climaxing one of history's largest personal bankruptcy actions, his overworked platoon of Wilmington lawyers settled with a creditors' committee, whittling down his debt from a series of misbegotten enterprises...
...also reduced his assets, apart from trusts, to less than $2 million, from about $26 million. He was forced in the agreement, for example, to put his $500,000 Wilmington mansion up for sale. And settlement could well have been prolonged even further had not the Copeland family-notably Lammot Sr., former chairman of Du Pont-agreed to withdraw some $3.6 million in family claims...
Only three years ago, the biggest and oldest family-led company in America, E.I. du Pont de Nemours of Wilmington, Del., was hip-deep in family troubles. Chairman Lammot du Pont Copeland was bogged down in his son's spectacular personal bankruptcy and other problems, and Du Font's industrial stature was sliding. So "Mots" Copeland was eased aside for Charles
More gravely, the Nader report garbles its account of the bankruptcy of Lammot du Pont Copeland Jr. (TIME, May 3), son of the recent Du Pont board chairman. Inexplicably, also, the report accuses the family-controlled newspapers of downplaying news that National Guard troops were stationed in Wilmington in 1968 at a time of racial disturbance and stayed for nine months. On the contrary, both papers played the story on the front page for weeks, crusaded to get the troops out and even nominated themselves for a Pulitzer Prize for their efforts...
...follies are being visited on the father in more ways than one. The senior Copeland guaranteed about $8.2 million in loans to his son and his enterprises, all of which are now bankrupt or in deep financial trouble. Copeland holds a lien on Lammot Jr.'s real property, including a $500,000 home, making it unavailable to other creditors. Copeland's financial worries have been further complicated by the near failure of a family-connected stock brokerage, Francis I. du Pont & Co. Various family members and their friends are investors in the firm, and its troubles cost them...