Errett Lobban Cord, also known as E. L. Cord (20 July 1894 - 2 January 1974) was a leader in United States transport during the early and middle 20th century. Cord founded the Cord Corporation in 1929 as a holding company for over 150 companies he controlled, mostly in the field of transportation.
The corporation controlled the Auburn Automobile Company, which built the Auburn Automobile and the Cord Automobile; Lycoming Motors; Duesenberg Inc.; New York Shipbuilding; Checker Cab; Stinson Aircraft Company; and American Airways (later American Airlines), amongst other holdings.
Born in Warrensburg, Missouri, Cord had previously been a race car driver and mechanic prior to entering into business. In 1937 he sold the Cord Corporation to the Aviation Corporation and retired to Los Angeles to earn even more millions in real estate.
Mr. Cord’s empire, consisting of the Auburn, Cord and Duesenberg (A-C-D) marques, is mostly remembered by the dwindling World War II generation and by connoisseurs of prewar classics who mark the demise of Duesenberg as the moment the American auto industry began its long slide to also-ran status.
Next month, Auburn, Cord and Duesenberg will be featured marques at the Pebble Beach Concours d’ Élégance in California, and the 70th anniversary of their demise will be marked at the annual A-C-D festival in Auburn, Indiana. [Via The New York Times]
As yachting season kicks off across the Mediterranean, there are a few yachts that will probably not moor on the famous Costa Smeralda, also known as the Emerald Coast, of Sardinia, Italy.
They include yachts belonging to such American billionaires as Paul Allen, co-founder of Microsoft, and Larry Ellison, the CEO of Oracle Corporation.
Last summer, both Ellison and Allen refused to berth their megayachts, Rising Son and Tatoosh, in Sardinia’s Cala di Volpe bay. (Although some Russian billionaires, including oil magnate Roman Abramovich, had no such reservations.)
It’s widely believed that their decision may have something to do with the introduction of a new “luxury tax” by the regional government of Sardinia.
The Sardinian government last year slapped a tax on all yachts longer than 46 feet. This means an annual fee of $1,377 for yachts up to 52.5 feet to a hefty $20,656 for those measuring over 197 feet. And the tax is non-negotiable, with the government insisting that even yachts mooring for less than 24 hours must pay the full amount.
Megayachts like those belonging to Allen would require the owners to pay even higher sums of money. Had Allen chosen to berth the 300-foot Tatoosh in the Cala di Volpe bay or nearby Porto Cervo harbor last summer, his tax bill would have been at least $21,000.
Even Microsoft Chairman Bill Gates, who was holidaying aboard Allen’s other megayacht, the 414-foot Octopus, decided to skip his trip to Sardinia last summer, according to Italy’s Corriere della Sera newspaper. Presumably, Gates thought there were better ways to spend his money than to pay the Sardinian government a whopping $30,000 in taxes.
The drop in wealthy celebrity visitors hasn’t gone unnoticed by local hotels, restaurants, and yacht support companies.
In an interview with ABC News, Martin Freilinger, manager of Sardinia Yacht Services, criticized the tax, calling it “illegal.”
“The European Union courts will hopefully decide that this tax is wrong,” he said, adding that his company is “lobbying against it.”
Source [ABCNews.com]
The 15-month-old daughter of South African Airways (SAA) CEO Khaya Ngqula drowned in a Durban North swimming pool, the Sunday Times reported.
She was Ngqula’s fourth child. Reports say the infant drowned at a house in Durban on Thursday.
Police spokesperson Superintendent Vincent Mdunge said that a post mortem had already been conducted. A pathologist’s report was pending.
Responding to the possibility of a negligence case being opened Mdunge said: ” We will be open-minded in our investigations and look at all possibilities surrounding the matter.”
It was not clear as to who was supposed to be looking after the baby girl.
“The (SAA) staff are keeping Khaya, his wife and members in their hearts and prayers during this difficult time,” said SAA spokesperson Robyn Chalmers.
To woo current Ford Motor Company CEO Alan Mulally from Boeing Co. last fall, Ford promised that his wife, five children and guests could fly on corporate aircraft without him, as long as he authorizes the travel. Personal flights by Mr. Mulally and family members cost Ford $172,974 during his four months with the auto maker last year. A Ford spokesman declines to disclose the family-member and guest component of that sum.
Family perks such as these are not that unusual…70 of 350 major U.S. businesses studied by the Wall Street Journal pay for flights, hotel stays or other travel expenses for senior officers’ spouses. Many companies also reimburse their executives for the taxes they have to pay for spousal trips.
