Word: thorntons
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Dates: during 1960-1969
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California's Litton Industries has grown into an $860 million electronics-based business since it was started in 1953 by three refugees from the Howard Hughes empire. Its stock has zoomed from 10? a share to $75 (value after splits: $300), making millions for its founders: Charles ("Tex") Thornton, board chairman; Roy Ash, president; and Hugh W. Jamieson, who left in 1958 to found his own company. This year Litton has enjoyed its most substantial growth to date, ceaselessly acquiring new companies to add to its list. One thing Litton does not want to acquire is a fourth founder...
...claims to be an unrecognized founder is Emmett T. Steele, who is suing Thornton, Ash and Jamieson for about $20 million in a Los Angeles court on charges that he was defrauded of his rightful share of Litton stock. Steele, 45, left...
...time the others did in 1953, joined Litton as director of military relations. He charges that he helped the group buy the firm's small predecessor company from Charles Litton, and that an agreement was made to split the founders' stock into five parts-two for Thornton and one each for Jamieson, Ash and Steele. As it turned out, Thornton got at least 144,000 shares, Steele only 10,000. According to Litton's lawyers, Steele was fired in 1959 after telling Tex Thornton that he planned to sue for a bigger share...
...produce a lot of heat, and has already confirmed one standard of modern corporate life. In seeking to prove that Steele was really not an important executive, Litton's attorneys pointed out what they obviously thought was a clincher: Steele did not have a company car, while Thornton did, and Thornton's office was "much larger, better equipped, had private convenience facilities." Translation: Tex Thornton had an executive washroom...
Standish Meacham, Jr., an English historian and author of "Henry Thornton of Clapham, 1760-1815." He has been an instructor since 1961 and Allston Burr Senior Tutor of Winthrop House since 1962. He holds the A.B. (1954) from Yale and the Ph.D. (1961) from Harvard...