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Navy / Gap Instrument Corp. #19048

ABC Evening News for Wednesday, Dec 27, 1972
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(Studio) Pentagon reports Navy steps in to bail out small Long Island defense contracting firm in financial difficulty, Gap Instrument Corporation
REPORTER: Howard K. Smith

(Hauppauge, New York) In 1969 Gap tells Navy it can build 31 computers for destroyers. Then loses some business and has economy problems. Asks Navy for $1,700,000 more to do job. Navy refuses, but suggests corporation sell Navy $1,700,000 of preferred stock. In DC, Senator William Proxmire comments. [PROXMIRE - says Navy action bad. Company should meet contracts or suffer consequences.] [Gap President Joseph LANGFORD - says Navy felt it pursued best course of action.] Navy deal provides Gap start rebuying stocks 1976.
REPORTER: Lem Tucker

(Studio) Navy says 1941 law gives military authority to buy stock to save company from bankruptcy. This 1st time law used.
REPORTER: Howard K. Smith

Smith, Howard K.;
Tucker, Lem

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