Lockheed Martin’s founder could have bought back his bankrupt company and never bid.
The Depression bankrupted Lockheed’s owner, and in 1932 Allan Loughead raised $50,000 to buy it back but thought the sum too small to offer. Robert Gross was the only bidder in court, with $40,000 in one envelope. “I hope, young man, you know what you’re doing,” said the judge. Nine years later Lockheed was the world’s top-ranked airplane maker.
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