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BUSINESS
May 26, 1990
Thank you, Conrad, for your touching memorials to Sammy Davis (May 18) and Jim Henson (May 20). I think they speak for many. HELEN CAREY Desert Hot Springs
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BUSINESS
February 27, 1991 | RALPH VARTABEDIAN, TIMES STAFF WRITER
Lockheed filed suit against the Navy on Tuesday, seeking to block the service from recovering $124 million in payments to the aerospace firm on the canceled P-7A patrol plane program. The Navy only last week notified Lockheed that it wanted the Calabasas-based firm to repay the $124 million, turning down a request by the company that the government defer the payment until an appeal on the termination to the Armed Forces Board of Contract Appeals is resolved.
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BUSINESS
November 21, 1989 | RALPH VARTABEDIAN, TIMES STAFF WRITER
Lockheed was sued Monday by a Pennsylvania corporation that claims to have lost money on the aerospace firm's stock because it failed to disclose cost overruns on its Navy P-7A program sooner. The class-action suit was filed by Peter Stuyvesant Ltd., which claims that it purchased 200 shares of Calabasas-based Lockheed on Sept. 20 for $48.50 per share. The suit also names as defendants a number of Lockheed executives and directors. Lockheed shares lost $3.625 on Monday and closed at $35.
NEWS
January 9, 1991 | RALPH VARTABEDIAN and JOHN BRODER, TIMES STAFF WRITERS
After spending more than $2 trillion during the 1980s to improve the nation's defense, the Pentagon does not have much to show for it--beyond a defense industry that lies in financial shambles. The wreckage of the Ronald Reagan Administration defense programs is scattered across the nation's ledgers--including such troubled weapons as the "Star Wars" defense system, the P-7 patrol plane, the B-2 bomber, the C-17 cargo jet and the Sgt. York gun.
NEWS
January 9, 1991 | RALPH VARTABEDIAN and JOHN BRODER, TIMES STAFF WRITERS
After spending more than $2 trillion during the 1980s to improve the nation's defense, the Pentagon does not have much to show for it--beyond a defense industry that lies in financial shambles. The wreckage of the Ronald Reagan Administration defense programs is scattered across the nation's ledgers--including such troubled weapons as the "Star Wars" defense system, the P-7 patrol plane, the B-2 bomber, the C-17 cargo jet and the Sgt. York gun.
NEWS
July 21, 1990 | RALPH VARTABEDIAN, TIMES STAFF WRITER
The Navy announced Friday that it has canceled a $600-million Lockheed Corp. contract to develop the P-7A anti-submarine patrol aircraft, declaring that the firm had "failed to make adequate progress" toward completing the program. The unusual punitive action poses major financial risks for the Calabasas aerospace firm, which was the prime contractor in the troubled program that would have been worth up to $5 billion for 125 aircraft.
BUSINESS
February 27, 1991 | RALPH VARTABEDIAN, TIMES STAFF WRITER
Lockheed filed suit against the Navy on Tuesday, seeking to block the service from recovering $124 million in payments to the aerospace firm on the canceled P-7A patrol plane program. The Navy only last week notified Lockheed that it wanted the Calabasas-based firm to repay the $124 million, turning down a request by the company that the government defer the payment until an appeal on the termination to the Armed Forces Board of Contract Appeals is resolved.
BUSINESS
April 12, 1990 | RALPH VARTABEDIAN, TIMES STAFF WRITER
Lockheed is asking the Navy to release it from provisions of its contract for the P-7A patrol aircraft that could result in multibillion-dollar losses during production, it was learned Wednesday. The Calabasas-based aerospace firm has been in negotiations with the Navy for the past several weeks, seeking to "restructure" its January, 1989, contract for the aircraft, company officials said.
BUSINESS
November 18, 1989 | RALPH VARTABEDIAN, TIMES STAFF WRITER
Lockheed Corp. disclosed Friday that it will incur a massive $300-million cost overrun on development of the Navy P-7A submarine patrol aircraft and will charge the costs against profits in the fourth quarter. The writeoff represents a 50% overrun, accumulated in only one year, on Lockheed's $600-million fixed-price contract to design and develop the P-7A. Ultimately, production of 125 of the aircraft is expected to cost $4 billion to $5 billion.
NEWS
July 21, 1990 | RALPH VARTABEDIAN, TIMES STAFF WRITER
The Navy announced Friday that it has canceled a $600-million Lockheed Corp. contract to develop the P-7A anti-submarine patrol aircraft, declaring that the firm had "failed to make adequate progress" toward completing the program. The unusual punitive action poses major financial risks for the Calabasas aerospace firm, which was the prime contractor in the troubled program that would have been worth up to $5 billion for 125 aircraft.
BUSINESS
May 26, 1990
Thank you, Conrad, for your touching memorials to Sammy Davis (May 18) and Jim Henson (May 20). I think they speak for many. HELEN CAREY Desert Hot Springs
BUSINESS
April 12, 1990 | RALPH VARTABEDIAN, TIMES STAFF WRITER
Lockheed is asking the Navy to release it from provisions of its contract for the P-7A patrol aircraft that could result in multibillion-dollar losses during production, it was learned Wednesday. The Calabasas-based aerospace firm has been in negotiations with the Navy for the past several weeks, seeking to "restructure" its January, 1989, contract for the aircraft, company officials said.
BUSINESS
November 21, 1989 | RALPH VARTABEDIAN, TIMES STAFF WRITER
Lockheed was sued Monday by a Pennsylvania corporation that claims to have lost money on the aerospace firm's stock because it failed to disclose cost overruns on its Navy P-7A program sooner. The class-action suit was filed by Peter Stuyvesant Ltd., which claims that it purchased 200 shares of Calabasas-based Lockheed on Sept. 20 for $48.50 per share. The suit also names as defendants a number of Lockheed executives and directors. Lockheed shares lost $3.625 on Monday and closed at $35.
BUSINESS
November 18, 1989 | RALPH VARTABEDIAN, TIMES STAFF WRITER
Lockheed Corp. disclosed Friday that it will incur a massive $300-million cost overrun on development of the Navy P-7A submarine patrol aircraft and will charge the costs against profits in the fourth quarter. The writeoff represents a 50% overrun, accumulated in only one year, on Lockheed's $600-million fixed-price contract to design and develop the P-7A. Ultimately, production of 125 of the aircraft is expected to cost $4 billion to $5 billion.
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