The End of an Era My Story of the L-1011

From Lockheed's early beginnings with the Gross brothers through two wars Lockheed develops as a premier defense contractor. Dan Haughton the new chairman of the board oversees a successful multidivisional corporation. One shrinking division, the Lockheed California Company, is an aircraft company without an aircraft program. Frank Koch of American Airlines entices the company and they design the Kochmobile. A mid-range wide body is developed utilizing the technical skills of Lockheed. They can design and build the fastest, highest flying fighter airplane, the biggest cargo airplane, the most powerful missiles, and the newest and best commercial airliner the L-1011. What was supposed to be a rich monopoly venture ends up a costly head to head competition. Just when the company begins to perform well its engine supplier, Rolls-Royce of Derby, England, goes bankrupt. Haughton without hesitation jumps in and leads the effort to restart the program. Lockheed is almost at its knees financially and trying to bring a fractured production line back on stream when problems erupt. Washington DC decides to deride the practice of agents and making payments to customers and government officials in foreign countries. Lockheed is singled out as the most prolific of aerospace companies. The author is tangled up in the proceeding because of a certificate to the Export Import Bank of the United States. He's read his rights by the FBI. The bank refuses to finance aircraft ready to be delivered unless he personally revises old certificates. An appearance before a Grand Jury shakes his confidence and loyalty in the company. Haughton and Kotchian, the two top executives, resign in disgrace. The normal succession plans are disrupted. Anderson takes over and tries to redirect the company. After fourteen years of struggle the L-1011 program is terminated. The company really never survives this trauma. Dan Tellep takes over as chairman and there's hope. He spends the first part of his tenure fighting off a hostile takeover attempt. He sees the future through merger and Lockheed Martin is born. The Lockheed Corporation is finished, The End of an Era.