One of President's Last Acts

[murph the surf]

In one of his last acts as President of Studebaker,Sherwood Egbert purchased ___ ____ ____ from ____ __________ for $250,000.

[r1lark]

Paxton Products from Robert McColloch  (may not be right because I thought Studebaker paid $275,000 for Paxton (cash and stock).

[mfg]

He purchased the NOVI race cars & equipment from the Granatellis.....The board of directors flipped!!

[murph the surf]

Sorry R1-purchasing Paxton is incorrect.

[murph the surf]

That is indeed correct,mfg!..The Novi cars were purchased for a purported $250,000 from Andy Granatelli,,which exceeded any company expenditure in excess of $200,000 that required Board of Directors approval.There has been some supposition that this purchase,done without Board approval,was the official reason for Mr. Egbert's departure.

Edited January 16, 2018 by murph the surf

[mfg]

Yes, I guess the board didn't have much use for the race cars, as they let Andy donate three of them (that I know of) to the following museums......

 

1) # 56 Jim Hurtubise 1963 1st lap leader..to Indianapolis Hall Of fame Museum. (car built 1962)

2) # 9 Bobby Unser four wheel drive Ferguson (1964) ..to Motorsports Museum in Novi Michigan. (built 1964)

3) # 75 Art Malone 'Tired Iron' 1963 Kurtis-Kraft..to Talladega Speedway Museum, Alabama. (built 1956)