Word: tristar
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Dates: during 1970-1979
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Lockheed has partially made up for the potential loss of revenue from Canada by signing a $625 million contract for an air traffic control system for Saudi Arabia. It has also landed a Saudi order for three TriStar jumbo jets-the first of many orders that the company will need but that are not in sight, if it is to recoup the L-1011's huge development costs. Says Haack carefully: "I don't classify myself as being exuberant, but I'm beginning to get cautiously optimistic." On the confidence scale, this is surely a new note...
Nagging Concern. To survive, Lockheed needs to sell off marginal assets, like the Hollywood-Burbank Airport, and find more customers for its Tri-Star jumbo jet. Over the next ten years the company will write off as losses $500 million in TriStar development costs, and it needs more sales to cushion the blow. Defense business is encouraging: Lockheed should this year match the $2 billion in Government contracts that it booked in 1975. Modifications of the C-5 A and C-141 transports could lead over the next few years to an additional $1.5 billion in military orders...
...that Lockheed bribes in Japan totaled $12.6 million. Some $7 million went to Yoshio Kodama, a founder and onetime major bankroller of the party; the payments coincided with unexpected purchases in 1960 of Lockheed F-104 Starfighters by the Japanese government and the ordering in 1972 of six Lockheed TriStar jetliners by All Nippon Airways. The Japanese Diet will hold hearings on the affair this week; opposition politicians are demanding that Kakuei Tanaka, who was Prime Minister at the time of the TriStar buy, be called for questioning...
Along with these revelations came some less grave?but still nasty?ones. In Hong Kong, Cathay Pacific Airways fired its director of flight operations, E.B. ("Bernie") Smith. Only two weeks ago, he was pictured in four-color ads in U.S. magazines, describing Lockheed's Super-TriStar as "the most intelligent aircraft I've ever flown." But Cathay Pacific found that Smith was the official identified in Church subcommittee documents as receiving $80,000 in Lockheed money from an "unidentified British agent living in France." He got the payment for helping Lockheed sell planes to other lines...
...reason for the GAO's doubt that Lockheed can repay its loans on time is that civilian sales of the TriStar are lagging because of the recession: the company did not book a single order last year. Another reason is that Lockheed is counting heavily on continued large foreign sales of military equipment?and the publicity about its bribery can only hurt. The Japanese Government last week dropped tentative plans to buy $650 million worth of Lockheed's long-range, low-altitude P-3C Orion planes, which are capable of detecting and destroying submarines. Indeed, the Japanese are having second...