January 12, 1990 |
British defense group Ferranti International Signal PLC posted heavier than expected losses today and unveiled plans to tackle the crisis, which it blames on its U.S. unit. Ferranti, which says it fell victim to fraud, reported a pretax loss of 15.4 million pounds ($25.6 million) in the six months to Sept. 30. By midday in London, Ferranti's stock fell about 10% in value from Thursday's close. Ferranti blames the heavy losses on fraudulent contracts entered into by its U.S.
July 26, 1988 |
Reading the annual report of Marquardt, the San Fernando Valley weapons maker, is a little like flipping through a Sears catalogue, with one very noticeable difference--the company isn't selling monkey bars and tool kits. On page after page are pictures of air-launched missiles, cluster bombs, turbines, warheads and plenty of other weapons and engines that Marquardt manufactures.
July 26, 1988 |
A San Fernando Valley-based weapons manufacturer is a subject of two federal investigations into possible defense procurement fraud, according to federal agents, one involving its ties to the Pentagon and the other involving its work with subcontractors. The first investigation into the Marquardt Co. of Van Nuys began more than two years ago and focuses on its ties to Victor D. Cohen, 52, an Air Force deputy assistant secretary overseeing tactical warfare systems.
October 17, 1987 |
A recent agreement will halt shipments of highly toxic rocket fuel through Los Angeles on their way to destinations outside the city, but two aerospace firms in the San Fernando Valley will continue to receive the chemicals, the Air Force confirmed Friday. The Rocketdyne rocket-engine testing facility in the Santa Susana Mountains above Canoga Park and the Marquardt Co.
May 4, 1993 |
Four years ago, the Marquardt Co., a Van Nuys-based weapons maker, had more than $100 million in defense contracts, 1,100 workers and what looked like a rosy future. Today the company has been broken up into three businesses. One of them is in bankruptcy court and is also suing its former parent company in a dispute over assets, including the rights to what could be a lucrative tank-bomb business.
October 11, 1988 |
During three decades as a military analyst, Victor D. Cohen has cultivated a reputation as a no-nonsense champion of waste-free national defense. His critiques have killed major weapons systems; his barbs have torpedoed military planners' schemes. Yet for most of the last three years, Cohen, the Air Force's chief tactical warfare expert, has himself been the subject of near-constant investigation for alleged misconduct wholly at odds with his image as one of the Pentagon's good guys.