Word: lummises
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Dates: during 1970-1979
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Initially, Davis and Lummis appeared to be working together smoothly. Only a day after Hughes died, Davis sought out Lummis in Houston. Rather than battle the family, Davis suggested that Lummis become temporary sole stockholder of the estate, and that he join the Summa board. In August 1976, Lummis became...
Lummis, who resembles the young Hughes to an almost uncanny degree, quickly adopted some of Howard's habits. He moved into a suite in the Summa-owned Sands Hotel and avoided the press as assiduously as Hughes had. A skilled financier, he began to study Summa's books...
Lummis was especially fearful that Summa could not meet the first installment-an estimated $28 million-on Hughes' estate tax, which falls due next January. He suggested a number of possible economies (like disposing of Hughes' 13-plane fleet of unused executive jets) and the sell-off of...
No Means. At a tense Summa board meeting on May 18, Davis led the directors in voting down every one of Lummis' proposals. Lummis got angry. At a May 26 meeting, he kicked Davis off the board, though Davis remains general counsel ("One thing at a time," explains a...
Davis and Gay were appointed by Hughes as directors of the independent Howard Hughes Medical Institute, which owns Hughes Aircraft (worth about $500 million). Henley serves as secretary. So far, Lummis has found no legal means of deposing them. From that bastion, they can wage a campaign against Lummis'...