Word: mirandas
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Dates: during 1940-1949
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Last week a New York Supreme Court justice, J. Sidney Bernstein, in approving $4,100,000 in commissions for them, came out foursquare for the trio: "The Miranda group was rather more sinned against than sinning...
After two years of smearing, the reputations of three of the fanciest supersalesmen in the U.S. were cleared last week. The Miranda brothers (Alfred and Ignacio) and their partner, Felix William Zelcer, had bagged $107,000,000 of foreign business for Brewster Aeronautical Corp., had been spectacularly accused of charging exorbitant commissions for it. The case had been lively reading in & out of the courts for 22 months (TIME...
Brewster's Buccaneer dive-bomber was full of mechanical bugs. The U.S. Navy took over, then moved out in a month and put in aviation oldtimer Charles A. Van Dusen. By this time the Miranda-Zelcer 10% stock interest was frozen in a voting trust, the commissions due them on new deliveries were frozen in stockholders' suits, and Brewster itself was solidly frozen in production and financial red tape. In came still another management - this time Miracle Man Henry J. Kaiser himself...
...other stockholders, who had seen Brewster earn less than $300,000 while the Miranda threesome were due to earn $5,400,000 (and had already earned $2,800,000), all this looked somewhat fancy...
Everybody Happy? Last week's settlement, like most compromises, appeared to make everyone reasonably happy. Said the Mirandas' lawyer: "A complete vindication." (The brothers need it to bolster their plea for a Presidential pardon on their prison sentence.) The opposing lawyers pointed out that any "exoneration" of the Miranda group must wait until Justice J. Sidney Bernstein gives final court approval later this month. And some Buccaneers are finally in action. In any case, whatever earnings there are on its current backlog (around $257 million) will henceforth belong to Brewster...