Announcement
Collapse
No announcement yet.
Lawsuit Against Studebaker Dropped
Collapse
X
-
Originally posted by kolsen911 View PostMy cousin had one of these in high school, only with a stock engine. I've always loved this body style.Doing it all wrong since 1966
Comment
-
Studebaker's design was always ahead of the curve; problem was, like even the AMC Eagle, being first to market usually means first to bankruptcy because no one knows that is what they want....
Act your age, not your shoe size. - Prince
Comment
-
Receivership
In essence, the CEO of Studebaker - Albert Russell Erskine - caused Studebaker to default on a six million dollar loan after spending ALL of the company's available cash expanding the production facilities (Studebaker made several brands - not just Studebaker). They then had to close these new facilities, take the loss, lay off personnel, and drastically cut production. He used up his personal fortune and sold his own assets to try to save the company, and was fired for it when they still fell short of paying some of the creditors. He then went home and killed himself, and the insurance money from that paid off all the creditors - saving the company from complete ruin. Erskine literally died to save Studebaker.
Last edited by studemax; July 24, 2018, 06:50 AM.Act your age, not your shoe size. - Prince
Comment
-
Wow... a sincere thanks for your history lesson....I honestly never knew that!
No need to go into it here, but Studebaker management made A LOT of DUMB decisions throughout the history of the company which formed in 1852..... You could write a book (and there have been a few already written). Their styling and engineering was good through the years, but that wasn't enough.
Act your age, not your shoe size. - Prince
Comment
-
My folks hated the putter, putter of a 6 cylinder, but loved economy and four doors. They loved their V8 Larks.
Hanging around the dealerships I remember the hoo hah over the STP. Granatelli blitzed the advertising but limited sales to dealerships and a precious few auto parts stores. People were going nuts trying to find their goo and paying through the nose. To add to the mess the stickers were even harder to find. About the time the floodgates were opened I went to the NY Auto Show. Unlimited STP stickers to the point they had to sell them for like 12 for $1. On the way out of town I spotted several cars just covered with them.My hobby is needing a hobby.
Comment
-
Originally posted by studemax View Post
Of course, if Erskine hadn't spent all the company's cash reserves and then took out a six million dollar loan..... Studebaker would have been in a better position to survive the Depression, and he could have lived a full life...
No need to go into it here, but Studebaker management made A LOT of DUMB decisions throughout the history of the company which formed in 1852..... You could write a book (and there have been a few already written). Their styling and engineering was good through the years, but that wasn't enough.
Comment
Comment