Word: lammot
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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...
...well as corporate councils. At last week's session, family scandal and a series of reverses in the company's fortunes combined to cause change at the top of the world's largest chemical manufacturer. At the ever-so-gentle hinting of other Du Fonts, Chairman Lammot du Pont Copeland Sr., 65, declined to stand for re-election and also stepped down from the finance committee.*His duties were added to those already held by Charles Brelsford ("Brel") McCoy, 62, who succeeded Copeland as president...
Dizzying Empire. Copeland moved out, a Du Pont spokesman said, "because personal affairs are taking more and more of his time." Six months ago, his 38-year-old son Lammot ("Motsey") du Pont Copeland Jr. petitioned for one of the most spectacular personal bankruptcies on record. He listed assets of $26 million and liabilities totaling $55 million. The younger Copeland's chief business associate, Lebanese-born Thomas A. Shaheen Jr., has been indicted by a Chicago grand jury on charges of receiving kickbacks on loans from the barbers' union pension fund and others. Much of the money allegedly...
...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...