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Navy Gap stock deal described as loan amid protest
A small defense contractor gains 1.7 million on a 3.1 million Navy contract while the Navy receives preferred stock described as collateral for a government grant. Senator Frox mire denounces the move, calling for War Powers Act amendments, and the firm faces a 900,000 gap between assets and liabilities despite partial completion of 31 fire control units for destroyers.
MENTIONED IN THIS ARTICLE
Pentagon
Langford
Jerry Friedheim
Navy
Sill
Mabill