ducommun incorporated ( nyse : dco ) is a manufacturing company that supplies products , engineering , and support services to the global aerospace and defense industry .

it manufactures structural and electronic components and subassemblies for a wide variety of commercial , military , and space aircraft , notably for the boeing 737 ng and 777 airliners , the c-17 heavy lift cargo jet , the apache , chinook , and blackhawk helicopters , and the space shuttle .

it also provides engineering and program management services to the united states military , homeland security , nasa , and other government agencies .

the company ’s revenues were expected to be about $ 400 million in 2008 ; it employed about 2,000 people in facilities located in california , alabama , arizona , colorado , kansas , mississippi , missouri , and new york .

the company ’s corporate offices are in carson , california .

ducommun

principal subsidiaries : aerochem ; ahf - ducommun ; ducommun technologies ; mechtronics ; brice manufacturing .
glassdoor has 85 ducommun reviews submitted anonymously by ducommun employees . read employee reviews and ratings on glassdoor to decide if ducommun is right for you .
ducommun : 150 years of innovation ,
los angeles : ducommun , inc . , 1999 .
ducommun , élie . much of élie ducommun ' s correspondence is deposited in archives of the international peace bureau in geneva , switzerland .
sorry , we couldn ' t find geographic disribution information for ducommun dit verron .
ducommun began supplying the booming movie industry in the 1920s . in the 1930s , ducommun supplied legendary aircraft designer donald douglas on credit , before he had established himself commercially . ducommun products also flew with aviation pioneers lockheed , ryan , and lindbergh .
ducommun appoints stephen oswald as chairman of its board of directors . . . read more
the people of ducommun are strongly focused on our future and on delivering profitable growth .
as ducommun shed its metals and electronics businesses , gross annual sales fell to $ 60 million in 1988 , down from $ 360 million in 1980 . ducommun was left with jay - el products , aerochem , ahf - ducommun , and tri - tec engineering .
ducommun reports results for the first quarter ended march 31 , 2018 . . . read more
at 166 years and counting , ducommun claims the mantle of california ' s oldest company .
ask a question about working or interviewing at ducommun . our community is ready to answer .
ducommun acted as a middleman in the metal industry . this line of business prospered with the coming of world war i . ducommun supplied regional machine shops making all manner of armaments .
account books , ledgers , deeds , certificates of title , stock certificates , stock lists , hardware catalogs , photographs , and other material pertaining to the history of the ducommun store and its subsequent business entities . the ducommun corporation is los angeles’ oldest continuously operating business dating from 1849 . there are a few personal items from ducommun and his family , including ducommun ' s passports and certificate of citizenship and family photographs . there are a few short histories of charles ducommun and the ducommun business , including one written by charles e . ducommun . some of the items are photoprints , rather than originals . ( bulk dates 1852 - 1906 )
ducommun to present at the b . riley investor conference on may 23 . . . read more
ducommun , élie , précis historique du mouvement en faveur de la paix . bern , 1899 .
between 1963 and 2003 , ducommun life expectancy was at its lowest point in 1984 , and highest in 1990 . the average life expectancy for ducommun in 1963 was 75 , and 83 in 2003 .
ducommun will provide fire control systems to raytheon for the naval strike missile . read about it here .
major aircraft or spacecraft disasters could hurt companies like ducommun during long and exhaustive searches for the causes .
ducommun , élie , derniers sourires : poésies précédées d ' une notice biographique . bern , 1908 .
this section is a placeholder for information about the ducommun surname . surname information is crowd - sourced ; the geni community would be grateful if you helped update this page with information about the ducommun surname .
in 1981 , ducommun was included in the register of historic california businesses compiled by the california historical society .
charles e . ducommun became company president in 1950 , representing the third generation in the company ' s management . ducommun grew alongside the nascent space program as the southern california economy as a whole focused on aerospace .
there are already 141 genealogy profiles with the ducommun surname on geni . join now to find your relatives .
today , ducommun maintains a structural systems group for aerospace products , including aircraft skins , spoilers and helicopter blades .
ducommun died in 1896 , passing ownership of the company to his sons charles albert , alfred , emil , and edmond . they incorporated the business in 1907 as the ducommun hardware company and soon relocated it to a larger store next to the railroad .
ducommun is employee friendly . i believe they offer competitive pay . i believe their goal is to make the employee feel heard . there are engagement surveys that are geared in finding what ducommun employees are asking for , leadership at ducommun is currently weak . there has been an abundance of restructuring taking place . this has left upper management unsure and not all on the same page .
ducommun , élie , discours sur l ' œuvre de la paix prononcé à genève le 23 mai 1893 . bern , 1893 .
ducommun , élie , «the permanent international bureau of peace» , the independent , 55 ( march 19 , 1903 ) 660 - 661 .
ducommun incorporated manufactures components and assemblies principally for domestic and foreign commercial and military aircraft and space programs . ducommun is a subcontractor to lockheed martin on the space shuttle external tank and a supplier of components for the space shuttle , as well as for the international space station .
copyright © 2018 ducommun incorporated , all rights reserved . all information and materials are subject to change without notice . privacy policy terms of use
ducommun is a great place to work with opportunity to grow and promotions . they provide training and education to assist its employees for advancement .
the team visited ducommun ' s gardena , calif . , plant . in its report to boeing , the team said it found that many of the more than 500 heavy - duty manufacturing tools used by ducommun were incorrectly calibrated , misused or not built to boeing ' s specifications .
the team visited ducommun ' s gardena , calif . , plant . in its report to boeing , the team said it found that many of the more than 500 heavy - duty manufacturing tools used by ducommun were incorrectly calibrated , misused or not built to boeing ' s specifications . ducommun , also named in the lawsuit , declined to comment on the allegations beyond stating that the faa and other agencies had already dismissed them .
the company ' s name comes from founder charles louis ducommun , a half - blind smallpox survivor and watchmaker who walked to l . a . from arkansas . ducommun brought a mule and as much as it could carry . the trip took nine months , according to a company history .
economic downturns and any economic problems affecting the aviation industry can also affect its business . ducommun also competes with many other companies to win contracts .
veverka , mark ,
aerospace industry ' s growth cycle may help ducommun soar higher ,
wall street journal , january 29 , 1997 .
ducommun , also named in the lawsuit , declined to comment on the allegations beyond stating that the faa and other agencies had already dismissed them .
abstract : account books , ledgers , deeds , certificates of title , stock certificates , stock lists , hardware catalogs , photographs , and other material pertaining to the history of the ducommun store and its subsequent business entities . the ducommun corporation is los angeles’ oldest continuously operating business dating from 1849 .
cole , patrick e . ,
ducommun looks to the heavens for growth ,
business week , february 29 , 1988 , p . 74d .
mla style :
élie ducommun - biographical
. nobelprize . org . nobel media ab 2014 . web . 9 jul 2018 . < urltoken >
charles louis ducommun ( 1820 ? - 1896 ) collection , 1839 - 1977 . seaver center for western history research , natural history museum of los angeles county
founded in 1849 , ducommun is the oldest company in california . evolving from a hardware supply store opened by charles ducommun in los angeles during the california gold rush , the company assisted in the birth of the aerospace industry in southern california by providing aircraft aluminum to early aerospace pioneers like lindbergh , douglas and lockheed .
the assembly workers prewitt observed were not the only ones who noted problems with parts from a key boeing supplier , ahf ducommun of los angeles . other workers told her many pieces had to be shoved or hammered into place . and documents reviewed by the washington post show that quality managers reported numerous problems at ducommun .
ducommun was founded in 1849 , a year before california became a state . at the time , los angeles was a frontier town , population 1 , 600 .
ducommun diversified in 1961 when it bought east coast distributor kierulff electronics . it bought specialty fastener distributor r . g . wallace co . in the late 1960s .
in the 1970s , ducommun expanded its geographic range west to hawaii and east to texas . its role also grew in depth . for example , ducommun ' s metal service centers were installed with a computer link with client hughes aircraft co . the system was designed to allow ducommun to handle more of the metals handling functions of its clients . mills , also looking for competitive advantages , raised their minimum order requirements for economies of scale , making the service center approach even more valid .
in 1981 the company exited metal sales , selling ducommun metals co . to centaur metals for $ 57 million . that same year , ducommun bought aerochem and airdrome parts , continuing its commitment to aviation . purchases of aircraft hydro - forming , a supplier of aircraft structures , and jay - el products , a maker of switches and keyboards for the aerospace industry , soon followed . in 1983 this segment accounted for ten percent of ducommun ' s sales , but a quarter of profits .
the purchase of brice manufacturing brought ducommun into the airline seating business in 1994 . the acquisition seemed poised to prosper in the light of faa regulations requiring sturdier seats on civil airliners . the next year , ducommun made a brief foray into telecommunications when it bought 3dbm , which it sold to com dev international three years later .
wartzman , rick ,
ducommun ' s turnaround is attributed to basic ' grunt work , ' chairman says ,
wall street journal , march 11 , 1991 .
ducommun incorporated will once again be participating in the 2018 farnborough international airshow . please visit us in chalet a34 . to schedule a meeting , please contact michael moran at .
ducommun began trading its shares on the new york stock exchange in 1996 . with relatively little competition and a sustainable mass , it seemed poised to prosper during the aircraft industry ' s cyclical recovery . airline orders poured in from airlines that had postponed new aircraft purchases during the recession . aircraft manufacturers were outsourcing more of their production . ducommun won a long - term contract to supply fuselage skins to boeing ' s 747 program . boeing , in fact , accounted for nearly a quarter of ducommun ' s business .
the team visited ducommun ' s plant in california . in its report to boeing , the team said it found that many of the more than 500 heavy - duty manufacturing tools used by ducommun were incorrectly calibrated , misused or not built to boeing ' s specifications . contrary to ducommun ' s factory records , the report said , the supplier still was making parts with hand tools such as routers , as it had done for the older 737 models , instead of the sophisticated computer - programmed tools boeing engineers had specified .
gordon , mitchell ,
new role : ducommun scores as distributor of electronic parts ,
barron ' s , october 8 , 1984 , pp . 58 - - 60 .
ducommun went on a shopping spree , buying five companies in five years . the acquisitions gave ducommun a critical role in the production of several diverse aircraft programs , including mcdonnell - douglas fighters , boeing airliners , and the space shuttle . at the end of his ten - year tenure in 1998 , barkeley saw profits rise to their highest level ever . ducommun incorporated posted the highest operating income , $ 29 . 8 million , in its history in 1998 . sales were up nine percent to $ 170 . 8 million for the year .
the team visited ducommun ' s gardena , calif . , plant . in its report to boeing , the team said it found that many of the more than 500 heavy - duty manufacturing tools used by ducommun were incorrectly calibrated , misused or not built to boeing ' s specifications . contrary to ducommun ' s factory records , the report said , the supplier still was making parts with hand tools such as routers , as it had done for the older 737 models , instead of the sophisticated computer - programmed tools boeing engineers had specified .
a world leader in lightning protection systems joins the ducommun portfolio , bringing its proprietary technology for flight and mission critical applications in the aerospace and defense industries . read about it here .
in february , ducommun announced it received $ 7 . 3 million in contracts from raytheon co . to continue producing electronic assemblies for the navy ' s tomahawk cruise missile through 2016 .
census records can tell you a lot of little known facts about your ducommun ancestors , such as occupation . occupation can tell you about your ancestor ' s social and economic status .
california ' s oldest company , ducommun incorporated has gone from repairing watches for prospectors to supplying the world ' s most advanced aerospace programs , including the space shuttle , military aircraft , and virtually all new civil airliners . the company divested its metals and electronics supply businesses , hitching its wagon to high - tech aviation . ducommun celebrated 150 years in business in 1999 .
ducommun is a key partner with leading oem’s and primes , having been chosen for our unique , comprehensive understanding of electro - mechanical and rf principles . if it’s a standard off - the - shelf , in - stock , coaxial switch , waveguide - to - coax adapter or a highly customized ruggedized switch or millimeter wave product , ducommun can provide you products to solutions .
ducommun has grown and consolidated its footprint in the last few years . acquisition and consolidation has caused few growing pains and recent leadership changes has also created a tense environment for the employees .
the boeing audit team issued its report in august 2000 . it noted that boeing was seeking financial compensation for irregularities at ducommun ' s plant and was reconsidering its relationship with the supplier .
the explosion of the space shuttle challenger in 1986 virtually grounded ahf - ducommun inc . for a couple of years . this subsidiary made the spacecraft ' s fuel tanks . a general slowdown in defense spending hurt other parts of ducommun ' s aerospace business . ducommun lost an average of $ 20 million a year from 1985 to 1989 . in 1988 norman barkeley , accompanied by a new management team , was brought in to replace booth . barkeley ' s mission :
survive .
by this time , ahf - ducommun had contracts to supply parts for mcdonnell douglas md - 80 and md - 11 airliners as well as the next generation advanced tactical fighter . in the wall street journal , barkeley attributed ducommun ' s subsequent turnaround to
plain old , ordinary grunt work
- - elevating prices while cutting costs . ducommun posted nearly $ 2 million in income on sales of $ 74 million for 1990 . the company had also cut its long - term debt 75 percent in two years . the ratio of defense to commercial to space work went from a 45 - 45 - 10 split to 60 - 30 - 10 .
the assembly workers prewitt observed were not the only ones who noted problems with parts from a key boeing supplier , ahf ducommun of los angeles . other workers told her many pieces had to be shoved or hammered into place . and documents reviewed by the washington post show that quality managers reported numerous problems at ducommun in memos recorded in boeing ' s system for monitoring its suppliers .
in the early days of the california aerospace industry , ducommun provided aluminum to fledgling firms such as lockheed corp . , founded in 1912 , and douglas aircraft co . , founded in 1921 .
census records can tell you a lot of little known facts about your ducommun dit verron ancestors , such as occupation . occupation can tell you about your ancestor ' s social and economic status .
the assembly workers prewitt observed were not the only ones who noted problems with parts from a key boeing supplier , ahf ducommun of los angeles . other workers told her that many pieces had to be shoved or hammered into place . and documents reviewed by the washington post show that quality managers reported numerous problems at ducommun in memos recorded in boeing ' s system for monitoring its suppliers .
ducommun provided materials for military aircraft and ships during world war ii . the company had 450 employees at the time . the burgeoning civil aviation industry gave the company good prospects after the war . the company had an initial public offering in 1946 and announced sales of $ 16 . 5 million for the year . within a few years , ducommun was the largest metal materials distributor in the pacific .
high valuations of potential takeover targets postponed ducommun ' s acquisition plans in 1998 and 1999 . the company did purchase american electronics , inc . , which made satellite components , in june 1998 . it bought privately held sms technologies in may 1999 . the new purchase was to be incorporated into ducommun ' s mechtronics of arizona corp . subsidiary , a similar operation . sms would remain in california , however .
historical daily stock prices for ducommun since 1973 adjusted for splits and dividends . open , high , low , close ( ohlc ) data as well as percentage changes for multiple date ranges . display 20 , 50 and 200 day moving averages and export charts as images to use in articles and blogs . the latest closing price for ducommun ( dco ) as of july 06 , 2018 is 34 . 17 .
ducommun is a good place to work , people are freindly and diverse . however , the workforce is aging , most are middle aged or older with only a few young people . ( engineers / interns )
census records can give you a fascinating window into the day - to - day lives of your ducommun ancestors - like hours worked per week , level of education , veteran status , employers , and more .
the boeing audit team issued its report in august 2000 . among other things , it noted that boeing was seeking financial compensation for irregularities at ducommun ' s plant and was reconsidering its relationship with the supplier .
the assembly workers prewitt observed at the time were not the only ones who noted problems with parts from a key boeing supplier , ahf - ducommun of southern california other workers told her many pieces had to be shoved or hammered into place . and documents reviewed by the washington post show quality managers reported numerous problems at what is now known as ducommun aerostructures in memos recorded in boeing ' s system for monitoring its suppliers .
in 1993 , ducommun - ahf bought a novel piece of equipment that would triple its business in a few years . this digital router used computer files from designers at the aircraft manufacturers to custom shape metal fuselage parts .
census records can give you a fascinating window into the day - to - day lives of your ducommun dit verron ancestors - like hours worked per week , level of education , veteran status , employers , and more .
charles ducommun ' s descendants left management in 1977 , though they remained the company ' s largest shareholders . sales hit a new peak of $ 245 million in 1978 ; however , a recession was just around the corner .
use census records and voter lists to see where families with the ducommun dit verron surname lived . within census records , you can often find information like name of household members , ages , birthplaces , residences , and occupations .
revenues were $ 164 . 6 million in 1980 , with earnings of $ 3 . 8 million . ducommun soon recovered from the recession of 1979 - - 80 . by 1983 earnings had doubled : $ 8 million on sales of $ 304 million .
in the early part of the decade , the company ' s electronics distribution operation grew to become the country ' s fourth largest . at & t chose ducommun ' s kierulff unit as a distributor of its pcs through its approximately 30 electronics distribution centers .
in the summer of 2004 , the faa closed its two - year probe , saying ducommun ' s current manufacturing processes were sound .
the most important thing is corrective action ,
said peggy gilligan , deputy associate administrator for aviation safety at faa .
ducommun recently won contracts from raytheon co . to continue producing electronic assemblies for the navy’s tomahawk cruise missile through 2016 and from airbus for titanium components and assemblies for the airbus a350 xwb wide - body aircraft . ( cheryl a . guerrero , los angeles times )
[ élie ducommun ( 19 february 1833 , genf – 7 december 1906 , bern ) was a peace activist . he is a winner of the 1902 nobel peace prize , which he shared with charles albert gobat . born in geneva , he work . . .
in the summer of 2004 , the faa closed its two - year probe , saying ducommun ' s current manufacturing processes were sound .
the most important thing is corrective action ,
said peggy gilligan , deputy associate administrator for aviation safety at the faa .
ducommun ' s $ 332 . 7 million in long - term debt at the end of 2013 , much of it from the 2011 acquisition of electronics manufacturer labarge inc . , is higher than many of its competitors and
could limit our financing options ,
the company said .
ducommun ' s statement said it never made a payment to boeing as a financial settlement , but according to documents reviewed by the post , the company agreed in january 2001 to a $ 1 . 6 million settlement with boeing for overbilling and manufacturing problems . boeing declined to comment .
ducommun ' s statement said it never made a payment to boeing as a financial settlement , but according to documents reviewed by the post , the company agreed in january 2001 to a $ 1 . 6 million settlement with boeing for overbilling and manufacturing problems . boeing declined to comment .
his journey took nine months and brought him to the frontier village of los angeles , population 1 , 600 . los angeles was gateway to the gold mines of northern california . ducommun was well - placed to grow along with the city , which incorporated the next year as its population doubled .
ducommun inc . has a special place in the business history of california . it began by outfitting prospectors with hardware and sundries during the gold rush , more than a century and a half ago . now , it makes electronic assemblies for the u . s . navy ' s tomahawk cruise missile .
an unusually short lifespan might indicate that your ducommun ancestors lived in harsh conditions . a short lifespan might also indicate health problems that were once prevalent in your family . the ssdi is a searchable database of more than 70 million names . you can find birthdates , death dates , addresses and more .
the lawyers had provided four experts with the court documents and boeing quality control reports from 1999 and 2000 . all four experts , who are certified by the faa to make decisions about aircraft engineering or airworthiness on behalf of the agency said they believed that practices at ducommun and boeing were seriously flawed .
barkeley was succeeded by joseph berenato , first as president and ceo , then as chairman . berenato continued the company ' s course of growth by acquisition and internal development . company literature compared the aerospace components ducommun sold in the late - 1990s with the hardware sold to pioneers more than a century earlier .
ducommun said it never made a payment to boeing as settlement , but according to documents reviewed by the post , the firm agreed in january 2001 to a us $ 1 . 6 million ( hk $ 12 . 48 million ) settlement with boeing for overbilling and manufacturing problems . boeing declined to comment .
swiss watchmaker charles louis ducommun came to the united states as a young man . he was swept up in the california gold rush in 1849 , and left arkansas on foot , a mule carrying all his possessions . he was 29 years old at the time and smallpox had already blinded him in one eye .
an unusually short lifespan might indicate that your ducommun dit verron ancestors lived in harsh conditions . a short lifespan might also indicate health problems that were once prevalent in your family . the ssdi is a searchable database of more than 70 million names . you can find birthdates , death dates , addresses and more .
today , ducommun is a global provider of innovative manufacturing solutions for customers in the aerospace , defense and industrial markets . we specialize in two core areas – electronic systems and structural systems – to produce complex products and components for commercial aircraft platforms , mission - critical military and space programs , and sophisticated industrial applications .
in september , ducommun said growth in its commercial aerospace business helped boost third - quarter revenue to $ 188 . 2 million from $ 181 . 3 million a year earlier . net income fell to $ 2 . 6 million from $ 4 . 6 million , primarily because of higher taxes , compensation and benefits expenses .
one of the whistle - blowers ' experts wrote in his report that the documents
demonstrate systemic manufacturing control and quality problems
and that
from an engineering standpoint the safety of each ducommun part has to be doubted .
the expert said he could not judge how the parts might affect the jets ' airworthiness .
ducommun opened a small shop on commerce street and began repairing watches . he soon branched out into hardware and sundries , from pencils to saddles . he associated with the pioneer town ' s most eminent citizens , including governors . he helped found the city ' s first bank , the farmers and merchants bank , as well as the municipal water board . he was also known to extend credit to customers hit by hard times such as the drought of 1863 . his clock and meteorological instruments kept track of official time and weather for the city . as los angeles entered a period of ferocious growth , ducommun stocked the orange , oil , and construction industries .
ducommun ' s advanced systems group makes
human machine interface
products , including switches , keyboards and integrated display systems for military aircraft and space vehicles . among the group ' s other products are motion control devices designed to survive in extreme environments such as outer space , for satellites , and deep underground , for oil production .
swiss born businessman who arrived in los angeles in 1849 . he established a watch repair shop on commercial street which grew into a flourishing general merchandising store . ducommun was a director of the los angeles water company , the main and agricultural park railway , the pioneer oil company , and a founder of the farmers and merchants bank .
the electronics components distribution businesses ( kierulff electronics , mti systems , ducommun data systems ) went to arrow electronics inc . of melville , new york , in january 1988 for $ 125 million worth of stock . ( the additional revenues and efficiencies from the purchase helped arrow put itself into the black for the first time in four years . )
the company does well when the us army subsidizes aircraft programs , but since the end of the c - 17 program the company has fallen on hard times . ducommun ' s southern california facilities have all seen massive layoffs . these facilities may recover in the next few years , but are currently trying to stay afloat until they can land new contracts .
prewitt ' s job at wichita was to purchase parts for 737s and other jets from ducommun and other suppliers . she said she saw that some pieces were coming in with inaccurate measurements beyond the margin of error . in the summer of 2000 , she visited one assembly line where the aluminum ribs , known as chords , were being attached to the 737 fuselage .
prewitt ' s job at wichita was to purchase parts for 737s and other jets from ducommun and other suppliers . she said workers informed her that some pieces were coming in with inaccurate measurements beyond the margin of error . in the summer of 2000 , she visited one assembly line where the aluminum ribs , known as chords , were being attached to the 737 fuselage .
the lawyers had provided four experts with the court documents and boeing quality control reports from 1999 and 2000 . all four experts , who are certified by the faa to make decisions about aircraft engineering or airworthiness on behalf of the agency , and one additional expert hired by the post to review the same documents said they believed that practices at ducommun and boeing were seriously flawed .
ducommun is a global provider of manufacturing and engineering services , developing innovative electronic , engineered and structural solutions for complex applications in aerospace , defense and industrial markets . our full - service collaborative approach , broad capabilities and value - added services like new product introduction , supply chain strategies and program management deliver value for our customers and innovative solutions for their complex electronic and structural needs .
millimeter wave components from ducommun include amplifiers , control devices such as pin diode switches and attenuators , and frequency products including mixers , multipliers , and up / down converters . additionally , we design circulators , isolators , and a wide variety of passive components including couplers , filters , diplexers , magic tee’s , waveguide transitions , waveguide - to - coax adapters and other mmw waveguide components .
however , ducommun also sought to become a major player supplying the new computer industry . in 1981 , its kierulff subsidiary bought the distribution operation of texas instruments , with nine outlets . this made kierulff a national player . it added several more outlets in the mid - 1980s and acquired mti systems , a supplier of computer makers in the northeast , for $ 6 . 3 million .
beverly sharkey , who heads the parts investigation office , said the agency decided not to physically inspect the parts already on aircraft because that would have required the
destructive testing or peeling apart
of hundreds of cabins . that was unnecessary , she said , because airlines had no reports of parts failures and the faa had no reason to believe that there was a safety problem . inspectors visited the ducommun and boeing factories and said they found no problems .
the evidence that boeing and ducommun ignored quality controls is
beyond the scope of anything i ' ve ever heard of - where an entire inspection system would be bypassed ,
said sammy hanson , the consultant hired by the post . hanson , who has worked in aircraft certification for 12 years , said that because the faa acknowledges it did not look at parts installed on planes ,
every one of these parts ( in the lawsuit ) is ` unapproved . '
she said the chord problem reinforced worries that others had raised for a year about other ducommun parts . she had examined reports of problems with
bear straps ,
large pieces of reinforcing sheet metal bonded to the skin around an airliner ' s doorways . prewitt said the pieces , which have four jutting corners something like a bearskin rug , were coming in short in one corner . that forced workers to drill holes for rivets closer to the edge of the piece than specified .
in the end , the engineers narrowed their list to 11 of the ' ' most critical ' ' ducommun commercial parts and the faa focused its investigation on how they were being made at the time of its probe . the agency said it has no official documents explaining the decision to eliminate hundreds of parts from investigation . that did not follow procedures requiring that faa inspectors review the manufacturing history , quantity and importance of each part that is reported as suspect and then document their findings .
date 1900s company name m . ducommun co . related companies minerva place new york , new york , united states notes content distributors of precision timing instruments . includes trade catalog black and white images color images physical description 4 pieces ; 1 box record id silnmahtl _ 13644 topic ( romaine term ) clocks and watches ( including clock - making and watch - making equipment ) topic clocks and watches location trade literature at the american history museum library collection smithsonian libraries trade literature collections data source smithsonian libraries
the evidence that boeing and ducommun ignored quality controls is
beyond the scope of anything i ' ve ever heard of - - where an entire inspection system would be bypassed ,
said sammy k . hanson , the consultant hired by the post . hanson , who has worked in aircraft certification for 12 years , said that because the faa acknowledges that it did not look at parts installed on planes ,
every one of these parts [ in the lawsuit ] is ' unapproved . '
management lacking in true leadership qualities and follow through . many employees are quick to point the finger to find fault with another employee . negative culture . a number of long - term employees have only worked at ducommun ( or previous company name ) and continually grumble about their job but don’t look elsewhere . they don’t have well - rounded work work experience and continually do things “the way we’ve always done things” , which can be very inefficient . redundant work . lacking in technology which makes room for errors .
boeing said it did not sanitize the report and its policies prohibit threats or retaliation against employees who raise safety questions . company spokeswoman wall said the fact that the audit team was assembled shows boeing ' s oversight of suppliers is effective . she said the team ' s mission was to look at
cost issues
regarding ducommun ' s accounting and tools and she does not know how the whistle - blowers on the team drew the conclusion that the parts were flawed . she said assessing quality was outside their area of expertise .
faa officials said that rather than restrict themselves to the more than 200 types of parts questioned by the whistle - blowers , their engineers reviewed a list of all ducommun parts made for boeing . they said they found most of the parts were unique to military planes . none of the commercial parts on their own , the engineers decided , were
principal structural elements ,
or parts whose individual failure could lead to a catastrophe . faa officials , however , now say that some parts are in areas considered principal structural elements .
faa officials said that rather than restrict themselves to the more than 200 types of parts questioned by the whistle - blowers , their engineers reviewed a list of all ducommun parts made for boeing . they said they found most of the parts were unique to military planes . none of the commercial parts on their own , the engineers decided , were
principal structural elements ,
or parts whose individual failure could lead to a catastrophe . faa officials , however , now say that some parts are in areas that are considered principal structural elements .
sales for 1998 were $ 170 . 77 million and the company boasted above - average profit margins . as it neared the year 2000 , ducommun braced for an anticipated downturn in the commercial aircraft market . bright spots included the next generation of boeing 737 aircraft , as well as the c - 17 and f - 18 e / f military planes . in june 1999 , the company received a contract to provide leading - edge wing skins for the a330 / a340 line of civil airliners , from airbus , which was just beginning to outsource more work .
boeing said that it did not sanitize the report and that its policies prohibit threats or retaliation against employees who raise safety questions . company spokeswoman wall said the fact that the audit team was assembled shows that boeing ' s oversight of suppliers is effective . she said that the team ' s mission was to look at
cost issues
regarding ducommun ' s accounting and tools and that she does not know how the whistle - blowers on the team drew the conclusion that the parts were flawed . she said assessing quality was outside their area of expertise .
in the end , the engineers narrowed their list to 11 of the
most critical
ducommun commercial parts and the faa focused its investigation on how they were being made at the time of its probe . the agency said it has no official documents explaining the decision to eliminate hundreds of parts from investigation . that did not follow procedures adopted when the agency created an office devoted to investigation of suspect parts in 1995 . those rules require that faa inspectors review the manufacturing history , quantity and importance of each part that is reported as suspect and then document their findings .
as prewitt watched , she said , one worker pulled a chord from the stack and saw its holes were in the wrong place .
i said : ` so what do you do ? ' she grabbed a drill and drills a hole and connects it together ,
said prewitt , now 45 .
we ' re all appalled . i sat there watching her drill , drill , drill .
she said the chord problem reinforced worries that others had raised for a year about other ducommun parts . she had examined reports of problems with
bear straps ,
large pieces of reinforcing sheet metal bonded to the skin around an airliner ' s doorways . prewitt said the pieces , which have four jutting corners something like a bearskin rug , were coming in short in one corner . that forced workers to drill holes for rivets closer to the edge of the piece than specified .
boeing 737 next generation 737ng aircraft full documentary subscribe to us today ! the boeing 737 next generation , commonly abbreviated as boeing 737ng , [ 3 ] is the name given to the −600 / - 700 / - 800 / - 900 series of the boeing 737 aircraft . it is the third generation derivative of the 737 , and follows the 737 classic ( −300 / - 400 / - 500 ) series , which began production in the 1980s . they are short - to medium - range , narrow - body jet airliners . produced since 1996 by boeing commercial airplanes , the 737ng series includes 4 variations and can seat between 110 to 210 passengers . a total of 4 , 733 737ng aircraft have been delivered by the end of december 2013 , with more than 6 , 600 ordered . [ 4 ] currently , only the - 700 , - 800 , and - 900er are produced , as the - 600 was not popular , and neither was the - 900 . its primary competition is with the airbus a320 family . upgraded and re - engined models in development as the 737 max series will eventually supplant the 737ng .
los angeles herald . ( los angeles [ calif . ] ) 1890 - 1893 , july 11 , 1890 , page 2 , image 2 « chronicling america « library of congress
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about los angeles herald . ( los angeles [ calif . ] ) 1890 - 1893
los angeles herald . ( los angeles [ calif . ] ) , 11 july 1890 . chronicling america : historic american newspapers . lib . of congress . < urltoken >
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location location worldwide us - all cities – appleton , wi area – catskill , ny – coxsackie , ny – houston , tx area – huntsville , al area – joplin , mo area – los angeles , ca area – neodesha , ks – new york city , ny area – parsons , ks area – south phoenix , az – st . louis , mo area – tulsa , ok area
your trust is our top concern , so companies can ' t alter or remove reviews .
i get to work on a lot of cool projects , and the pay isn ' t bad .
going thru a major shift currently for a earn and win at all costs culture . recently cut a lot of staff and more staff are looking to leave . poor benefits , no bonus program to speak of , and vacation is capped at 3 weeks . . . forever .
- little pay - little raise / bonus . i ' ve worked there for half a year and got paid more than people who worked there for 12 + years . - management was lacking - very picky on ot , chose specific people
bring the company into the 21st century - push to update technology , which will streamline the work flow . manual processes create room for human error and entering information into multiple resources , which isn’t a good use of time or talent . many roles are more administrative in nature than strategic .
the people that work around you are very supportive . direct managers are helpful and listen to input . there is no one looking over your shoulder demanding work . self motivated personalities will excel here . the benefits for full - time employees aren ' t terrible .
corporate places unrealistic goals to meet . they say you can earn bonuses , but even if everyone worked 60 hours a week the goals wouldn ' t get met . the system is misaligned , and instead of fixing from the bottom to make process more productive and beneficial the focus is to hit the numbers regardless of how . it never feels like corporate cares about their workers , just the numbers and they will do whatever it takes to meet them . hard to move up within the company because training is lacking . you are barely trained for your position and then never taught anything beyond .
focus on the people and the process so that expectations can be met . don ' t throw out nearly unattainable goals without any support .
the family feel of those who work on the floor together . everyone is connected , i ' ve made life long friendships through working in the coxsackie facility .
the management is so out of touch with the daily operations it ' s laughable . engineering is a joke resulting in the unimaginable scrap yield year after year . processes are out of date with the times , and instead of using the brain power of the professionals who run the machines day after day they treat us like we are just a body to perform the job . i was part of the management team before the december layoff , and it made me sick to my stomach that in 8 short years we first referred to our operators as professionals , to now they are just a body .
quit your jobs , your the problem . good people lost their jobs because your incompetence .
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its tubular steel was on charles lindbergh ' s spirit of st . louis , and the company was a supplier during world war ii of stainless steel , carbon steel and alloys for bombers and fighters .
its electronic systems group makes circuit boards and electro - mechanical systems for aerospace , military and industrial uses . it also makes
interconnect systems ,
such as cable assemblies and wiring harnesses .
the company also was awarded its first direct contract from airbus for titanium components and assemblies for the airbus a350 xwb wide - body aircraft .
its products have been used on u . s . space shuttles and the international space station , among many others .
six analysts regularly follow the company . two consider it a strong buy , two say buy , and two have a hold rating on the stock .
( all ) united states - 44 appleton , wi - 6 berryville , ar - 1 carson , ca - 6 coxsackie , ny - 2 east pittsburgh , pa - 2 gardena , ca - 4 houston , tx - 2 huntsville , ar - 1 joplin , mo - 5 los angeles , ca - 1 parsons , ks - 1 phoenix , az - 2 st . louis , mo - 1 stafford , tx - 2 tulsa , ok - 6 mexico - 1 guaymas , son . - 1
many new members of management promising unfounded and unrealistic goals while company underperforms and loses money . management willing to blame others first .
no clear verbal communication on further tasks . not properly trained or not enough trainers for positions . work is not busy . overtime is unnecessary there .
poor work / life balance . lack of skilled resources and employee ' s , if you are good at your job , you tend to be abused and overworked and eventually burnout .
it ' s a great place to work if you deal with the lack of communication and the terrible management . everything else is great . as somebody that worked there for a little over a year i can say that this company can strive to do great things but the lack of communication kills it . for example if you have an idea to help with a process they will say they will help and then than turn around and screw you over .
scm has taken a sharp dive since senior management took over operations . it ' s not the same family atmosphere as before . vp and director of scm didn ' t last long after his arrival . brought in people that didn ' t speak / understand supply chain or material budgets . very disappointing exit from dco .


mark stephen hotchin ( born 25 december 1958 ) is a new zealand property developer and financier .

he was a director of the hanover group which owned a number of finance companies including hanover finance , united finance , nationwide finance and fai finance .

the hanover group also had interests in property and was responsible for developing matarangi beach estates and golf course , and acquired completed lots at the jacks point property sub-division in queenstown .

the group also had property and finance interests in australia .

with eric watson he bought 30 per cent of elders finance in 1999 and in december that year bought it outright .

elders finance became the core of what would become hanover finance .

two years on , their other finance and investment assets ( nationwide finance , leasing solutions , elders home loans and hanover securities ) were rolled in to create hanover group with reported assets of $ 650m .

the flow on effects of the financial crisis of 2007 – 08 and nervous reaction of investors lowered overall confidence in the market and saw over 50 finance companies in new zealand fail by 2010 .

hanover applied to the trustee for a repayment freeze or moratorium rather than a receivership .

after the repayment freeze hanover prepared a debt repayment plan , offering to repay investors over a 5-year period .

as part of the plan , hotchin and watson pledged $ 96 million of assets .

these assets fell in value as property prices declined .

hotchin arranged for allied farmers to take over the failing business , but the losses overwhelmed the new owner and the business was put into liquidation in 2010 .

in december 2011 the financial markets authority ( fma ) announced that it proposed to file civil proceedings against hotchin and the other directors and promoters of hanover .

mark hotchin

but for former hanover group director mark hotchin it seems a case of trading down .
mark hotchin , says
no director of hanover ever did anything knowingly wrong
.
however , mark hotchin yesterday told the herald his brother had died but would not elaborate .
mark hotchin - come and live in the world you helped create for many new zealanders .
mark hotchin ' s tv explanations had little to do with financial reality . photo / paul estcourt
the fire department burned a waiheke home that used to belong to mark hotchin to the ground .
hanover directors bruce gordon , mark hotchin , gregory muir and tipene o ' regan remained unrepentant .
a source who socialised with mark hotchin in that early period of his life said hotchin never touched cannabis
when the rest of us were right stoners .
freezing orders over mark hotchin ' s assets , which have been in limbo since 2010 , will be lifted .
they are manufacturing outrage over the burning down of a house on waiheke because it used to belong to mark hotchin .
the other defendants were mark hotchin , greg muir , bruce gordon , sir tipene o ' regan and dennis broit .
herald columnist brian gaynor was forced to apologise to mark hotchin for defaming him . the herald buried their apology to hotchin on page b12 and never put it online .
mark hotchin met eric watson at an event at the regent hotel and they struck up a friendship . photo / kenny rodger
if mark hotchin is the ace of heart ( les ) s , then fay & richwhite are the aces of spades .
the basic problem with hotchin is that he promised too much and failed to deliver . mark hotchin ' s media blitz cannot be allowed to pass without some comment and analysis .
hanover finance co - founder mark hotchin is selling two waiheke island properties to get on with other things he has to do .
judith collins addresses media after being cleared of any wrongdoing . photo / mark mitchell
turn up the heat : a hell pizza mobile billboard depicting mark hotchin and their greed pizza outside hotchin ' s multi - million dollar house under construction in auckland ' s paratai drive .
mark hotchin has pointed out that relevant disclosures were to be found in prospectus no36 on pages 55 - 61 . we regret the oversight .
former hanover finance boss mark hotchin wants a $ 7000 - a - week allowance to maintain his lifestyle on australia ' s gold coast .
news fha hanover finance deloitte failed finance companies property mark hotchin gregory muir tipene o ' regan bruce gordon eric watson dennis broit . rob everett
justice minister judith collins ' resignation was sparked by a fairfax investigation into a smear campaign by bloggers apparently backed by controversial financier mark hotchin .
a former owner of the failed hanover finance company , mark hotchin , says
no director of hanover ever did anything knowingly wrong
.
the company , which operates 150 owner - driver cars , was bought from mark hotchin at the beginning of the month for an undisclosed price .
allison said mark hotchin did not live at the property , however , which was bought as a holiday home for his former wife , lynette .
confidential settlement talks between former hanover finance boss mark hotchin and the financial markets authority ( fma ) are underway in the high court at auckland .
mr muir said the group , which is owned by multimillionaires mark hotchin and eric watson , would now focus on its property and finance activities .
mark hotchin and three other hanover directors have released a statement saying the fma wouldn ' t have won at trial . photo : brett phibbs .
there wasn ' t a history of tertiary education in the hotchin family and mark left school to work in his father ' s joinery factory . hotchin senior ' s interest in speculative property investment rubbed off .
troubled finance group hanover is accusing hell pizza of positioning a mobile billboard mocking mark hotchin outside his six - year - old daughter ' s school .
mark hotchin faces public odium for living large after the destruction of investors ' wealth that occurred in his and eric watson ' s finance company , hanover . as a director , mark is being investigated by the securities commission and the serious fraud office .
one of mark hotchin ' s current friends told the herald that while hotchin
certainly has an ego
, his financial success wasn ' t handed to him on a plate .
these guys [ mark and john ] grew up pretty tough . they didn ' t have a silver spoon in their mouth .
mark hotchin said of his father in a 2003 interview ,
dad drove things pretty hard . he instilled a strong work ethic . it plagues me sometimes .
a multi - million dollar mansion on waiheke island that was previously owned by former hanover finance director mark hotchin will be burnt to the ground and demolished by firefighters .
but graham told the herald on sunday this week he was simply trying to turn the tide of overwhelmingly negative coverage against his client mark hotchin , former hanover boss .
bruce tichbon says it ' s wrong to see ponzi scheme victims as fools . lawyers and even finance bigwigs like hanover finance ' s mark hotchin have been caught .
this is why the public is angry and why the new zealand herald ' s front page treatment of hanover finance shareholder and director mark hotchin has proved so popular .
mark hotchin has won the right to re - argue his case to make trustees jointly liable for damages over the collapse of his finance companies , hanover and united .
the email released yesterday set out plans to discredit feeley and was sent to a
mark
.
in a 2008 post slater described hotchin as a
crook
, the same word used by sheppard that hotchin alleged was defamatory .
mark stephen hotchin was , according to a company filing , a christmas day baby . he was born in 1958 , the second of three sons to lloyd and beverley .
mark hotchin’s former holiday home has gone up in a ball of flames but the deliberate demolition was little consolation to investors who were themselves burned when his hanover empire collapsed .
jointly owned by multi - millionaires mark hotchin and eric watson , hanover is new zealand ' s largest privately owned financial services group with assets of over $ 1 billion .
the financial markets authority wouldn ' t have won at trial , said mark hotchin and three other hanover directors who have reached an $ 18 million settlement with the regulator .
investors in hanover finance have moved quickly to help the company’s former head , mark hotchin , after a herald on sunday story revealed that he was struggling in poverty in australia . a facebook page entitled “friends of mark hotchin” has already gained over 800 “likes” , and a bank account is to be opened this week for the beleaguered former financier .
members of the friends of mark hotchin group say they have a number of fundraising plans . they have approached tv3 and are in discussions with the broadcaster about a telethon .
hanover finance co - founder mark hotchin has purchased a $ 1 . 5m holiday home on waiheke island sparking fresh suggestions he is eyeing up permanent return home to new zealand .
former hanover director mark hotchin has fought to have guardian trust included in the fma ' s civil case against him and five others associated with the finance group . photo / brett phibbs
hanover finance co - owner eric watson is still in the frame of a securities commission investigation that this week invoked unprecedented powers to freeze the assets of his business partner mark hotchin .
this being the first day of june , 2012 , i am simply publishing a piece i first penned december , 2011 , to mark the then first twelve months of ex - finance company director mark hotchin ' s asset freeze , not only without trial , but without a charge having been laid . nothing has changed from when i wrote this ; hotchin now enters his
mark hotchin may be about to return to live in auckland . interests linked to the former hanover co - director and co - owner paid $ 8 million for a landmark remuera mansion .
the real reason behind judith collins’ demise justice minister judith collins’ resignation was sparked by a sunday star - times investigation into a smear campaign by bloggers apparently backed by controversial financier mark hotchin .
iris smythe is one of the people behind the campaign to help hotchin . she said the way hotchin had been forced to suffer was a outrage .
he will find that respected judge lester chisholm completely exonerated mark hotchin from paying anyone to attack the sfo . parker’s dreaming when he makes baseless allegations from imaginary friends he may have at the sfo .
it is notworthy that john’s brother mark hotchin was recently granted high profile exposure on public television in a primetime tv3 interview to share with the public how much he is suffering in terms of material deprivation etc . following the collapse of hanover finance , that also left $ 13 , 000 investors out of pocket . mark hotchin was director at the time of its collapse and eric watson its owner .
it ' s no longer jack ' s point , it ' s eric & mark ' s point now . . lol
threatened by litigation , his business in tatters , former hanover finance boss mark hotchin appeared to back a public relations campaign aiming to discredit criminal investigations into his company and attack personal enemies , documents suggest .
former hanover finance principal mark hotchin can try to force the failed lender ' s former trustee guardian trust to contribute to an $ 18 million settlement after winning his appeal in a split supreme court decision .
auckland ' s most expensive house , the seven - bedroom mansion on exclusive paritai drive partly financed by former hanover finance director mark hotchin , has been sold to businessman deyi shi for $ 39 million .
we have now seen labour’s dirty politics tactics in actions with the brazen coward david parker standing in the general debate yesterday and outrageously smearing and defaming mark hotchin , carrick graham , cathy odgers and myself .
hotchin is fair game however reference to his wife or children is morally reprehensible .
well written comment bernard , hotchin was corrupt and headed a giant ponzi scheme .
i don’t see any advantage to collins to side with hotchin to undermine feeley .
mark started doing two or three a year and made a bit of a margin and thought ' why don ' t i do 20 or 30 a year , or as many as i can find ' ,
says mark ' s friend .
shareholder support package the documents also disclose that hanover ' s shareholders , mark hotchin and eric watson , $ 96 million support package agreed to in the moratorium proposal has actually ended up with a lower value .
at the end of last night ' s interview , journalist mark sainsbury read out feedback from some readers who suggested the appearance was a public relations stunt and mr hotchin ' s remorse wasn ' t genuine .
ms collins resigned from cabinet in august after an email was revealed in which her name was linked to a smear campaign against mr feeley run by mr slater and other parties linked to former hanover director mark hotchin .
pascoe recalls the young mark hotchin as energetic , hospitable and industrious . in his early 20s he would buy and do up old houses for resale .
i remember visiting him when he and john were living in one such house in campbell rd , one tree hill , about the time mark ' s girlfriend gave birth to his daughter .
hotchin blames allied farmers for hanover ' s problems and refuses to accept responsibility himself .
the pair are negotiating to buy wellington corporate cabs , also owned by mr hotchin .
qv lists hotchin as owner of 50 ohinerau st in remuera , with lynne pamela hotchin and jillian allison . it has a current council valuation of $ 1 . 4m .
see the full statement from hotchin , gordon , muir and o ' regan below .
mark hotchin ' s friend says he is a good bloke to socialise with .
on a personal level he ' s very good with people , loyal to his mates and not pretentious in any shape or form .
two weeks ago the press council busted the nz herald and david ‘tainted’ fisher for making stuff up . the herald and brian gaynor also had to apologise to mark hotchin for defamatory comments made in their articles about him ,
principal mark hotchin ' s assets have been frozen since december 2010 by the fma ' s predecessor , the securities commission , including the proceeds from his multi - million dollar mansion on auckland ' s exclusive paritai drive .
an inquiry into judith collins ' downfall is poised to investigate links between former hanover boss mark hotchin and right - wing bloggers who waged a smear campaign against ex - serious fraud office ( sfo ) chief executive adam feeley .
stupidity is relative . like you voting to approve the sale go forward rather than to tip hanover into receivership - gifting mark hotchin and eric watson a houdini like exit strategy . take some responsibility snowflake . actions have consequences .
all the financier’s men threatened by litigation , his business in tatters , former hanover finance boss mark hotchin appeared to back a public relations campaign aiming to discredit criminal investigations into his company and attack personal enemies , documents suggest .
the dissenting judges , justices terence arnold and mark o ' regan , agreed hotchin would have to accept liability in pursuing a claim against guardian trust , but disagreed damages caused by the trustee was equal to that of the directors .
kiwi in europe just to help you understand it in the most simplest way . . mark & eric are wearing different hats ( entities ) . . mark + eric = axis properties & hanover . . . right ? ? hope this helps you out coz u sound very confused .
mark hotchin had sought to make trustees guardian trust and perpetual trust jointly responsible for paying any compensation , alleging they would have breached their duties to investors if the directors were found at fault - but later abandoned his claim against perpetual .
today ' s report also reveals key figures in the inquiry into ms collins tried to suspend the probe , given the possibility of a criminal investigation into the aggressive public relations strategy employed on behalf of former hanover finance boss mark hotchin .
jacks point may be a very nice piece of land , but sadly same old names keep popping up when ever an investor has lost out , and those names are mark hotchin , eric watson and handover ( also axis properties ) . whenever you hear those names , look for your wallet and make certain it is shut . they have a way of parting investors from their money and turning the investors equity into their ( mark and erics ) equity . and for the investors trouble mark and eric give you their debts .
mark had been pretty successful to be able to have the equity to [ set up ] hanover , to buy the assets from elders .
you better watch out ! you better not cry ! you better hold on 2 ya cash coz mark n eric r coming 2 town . .
what a disappointment that she’s apparently so two - faced , as her mercenary involvement in carrick graham’s protracted ‘hit jobs’ on behalf of mark hotchin appear to indicate . but more to the point : does it look like she was deceiving us ?
hanover finance director mark hotchin attended a meeting of the company’s investors yesterday , and spoke about how the company’s plight had affected him personally . emotional and struggling to hold back tears , hotchin told the gathered investors about the pain he felt . “the recession has left me financially devastated , ” he explained . “i feel your pain . i…
the hotchin property in paritai drive reportedly cost $ 43 million to build . photo / brett phibbs
nbr understands both mr watson and mr hotchin are on the serious fraud office border alert list .
group co - founder denis sheridan said he hoped they could help hotchin and others like him .
and former hanover boss mark hotchin , despite his offer to talk from overseas via video link , was also not interviewed . at the time of the email the sfo was investigating hanover , and the investigation was eventually dropped with no charges laid .
mark hotchin credits as having given him
a leg - up
on the wealth ladder a st heliers property called regency court . he bought it 1991 in a distressed sale for $ 6 million , completed it and sold it for $ 10 million .
watson and hotchin companies took $ 117 . 8 million out of hanover finance in related party loans .
gapes , a former close friend of hotchin , was also among the victims of the smear campaign .
i read your article re hotchin et al with great interest and very much agree with your sentiments .
lloyd hotchin ' s death notice , published in the herald in november 2005 , said in part ,
lloyd , darling husband and best friend for 50 years , of beverley , and beloved father and mentor to mark , john and lost son paul .
rod pascoe , a friend of john hotchin in their younger days , recalls that mark was rescued by his father when his first business , a sports goods store , got into financial trouble .
lloyd helped mark out financially ,
says pascoe .
our group of mates were very impressed that lloyd would help his boy in this way rather than let him get a bad credit rating with a business failure .
justice glazebrook said she would have let costs where they lie
given the formidable obstacles to mr hotchin ultimately succeeding
, but chief justice elias and justice young awarded them to hotchin because of his success .
it was also sent to a
carrick
- carrick graham who was representing hotchin at the time .
since the demise of hanover in 2008 , hotchin , 57 , has lived mostly in australia and hawaii .
no wonder people welcome the inconvenience and embarassment being visited on mr hotchin by a reporter and a photographer .
freezing orders over hotchin ' s assets will also be lifted as a result of the settlement .
the home is owned by a family trust , which mr hotchin said he was unable to talk about .
soon after the release of dirty politics , odgers ' employer confirmed she was no longer working for them
by mutual consent
. mark hotchin allegedly paid odgers to run a smear campaign against the head of the serious fraud office and the financial markets authority , while hotchin was being investigated by said authorities . this led to the minister of justice judith collins losing her job .
quite right , mark hotchin ' s not the only one - so let ' s leave him be . just like osama bin laden isn ' t the only terrorist in the world and jeff dahmer isn ' t the first guy to eat his victims after killing them .
mark hotchin puts a lot of effort into fitness but is also a smoker . the herald understands he gave instructions that a house ( not yet built ) for his property on boatshed bay , waiheke island , be designed to give him sheltered outdoor smoking spots whatever the wind direction .
paul lloyd hotchin would now be 53 . his family has not heard a word from him in at least 30 years . lloyd hotchin died without discovering what became of his eldest son , a friend of the father says .
it is also illusory for hotchin to claim that for every $ 1 that went out $ 2 went in .
the fma’s asset preservation orders over the assets of mr hotchin have been lifted as a result of the settlement .
carrick graham issued a statement this afternoon , saying mr chisholm ' s report had exonerated his client mr hotchin .
funny , ron mark said this was a bad choice now he is minister rubber stamps the buy . in the end it is the public service that runs the . . .
when you engineer a scheme with highly questionable ethics and self serving outcomes you never plan to get caught . mark i believe you - ' this was never the plan ' .
people close to hotchin say while his new zealand assets are frozen , he still has access to money in australia .
in november , hotchin family trust ka no 3 bought 74 korora rd , oneroa , for $ 3 . 4m .
hotchin and watson et al are the poster children for a morally empty society that venerates material wealth over other values .
hotchin ' s assets and a related trust are in limbo , with freezing orders issued in 2010 remaining in force .
however a majority verdict of the supreme court in wellington has warned there are
formidable obstacles
to hotchin succeeding .
the korora rd property that the hotchin family trust has purchased for $ 3 . 4 million . photo / dean purcell
david parker is running his mouth in places he shouldn’t with an outrageous name check and then smear in the house against cactus kate , carrick graham , mark hotchin and myself . this has to be a joke from a man who has integrity so low he ran off with his sick mates missus .
mr hotchin said in a statement through his lawyers that : “as the matter is before the court , and the investigation is said to be incomplete , hanover and mr hotchin do not propose to make any further comment at this time . ”
made first fortune in office supplies . branched into retail mid - 1990s when he bought large new zealand bookseller whitcoulls . with mark hotchin ( see ) , co - owns privately held hanover group financial services firm . lives in london . also owns a stake in new zealand warriors , a professional rugby team .
news that hanover finance’s mark hotchin is struggling to find the money to pay contractors to finish his $ 50 million palace has galvanised the orakei community into action . last week a team of volunteers went onto the property to help with the landscaping and building work . and on saturday morning jim mora and the crew…
you deliberately miss my point again , pragma . which is that hotchin was not , repeat , not , my point .
as hotchin accepted , however , he would need to prove at trial that he is liable in tort to the investors .
the emails indicate the campaign was orchestrated by hotchin ' s then spokesman carrick graham , a pr consultant and tobacco lobbyist .
more substantive previous tweets by @ whaledump have led to new questions about the actions of various players in nicky hager ' s dirty politics , including mr slater , ex - justice minister judith collins , mark hotchin , former pm staffer jason ede , food & grocery council ceo katherine rich and pr operator carrick graham .
so after the serious fraud office can find no case to make mark hotchin answer , yet another government department , the draconian financial markets authority ( fma ) can in a yet to be held civil case , keep this individual’s assets frozen for five years without trial . justice this slow is not justice at all .
so get stuffed mark and grow up son . own up to your responsibilities and repay every cent that have available to repay investors - then and only then will people have respect for you .
her friend myra zhang , 63 , lost her savings when hanover finance collapsed . she once owned a house in a good auckland suburb , but now lives with her son in a small two - bedroom unit . her health is poor and she cannot work , and she spends most of her time thinking about mark hotchin .
after the collapse new zealand properties owned by john hotchin and his brother mark hotchin , both co - founders of nathans finance and vtl group , “appear to have been sold in early 2008 . one , a substantial remuera residence , was sold to former auckland mayor john banks for $ 3 . 4m . a beachfront house at pauanui sold for $ 2 . 7m – a healthy gain on the $ 1 . 9m the hotchins paid in 2004 . ”
the hotchin boys grew up in mangere across the road from the kirwans , whose son john found fame with the all blacks .
hotchin appears to have also attended st paul ' s college which lists him among its alumni as having done well in business .
it was obvious i was someone hotchin was worried about when he was being investigated by the sfo ,
said gapes .
the house , at 46a matapana road in boatshed bay , was previously owned by hotchin through a trust known as ka 3 .
mr hotchin last night claimed that allied farmers , which took on hanover ' s debt , had wrecked it and wasted it .
mark hotchin , the former hanover finance boss who told the high court in february he could not live on $ 1000 a week , has hired top defamation lawyer julian miles qc to sue the new zealand herald and business columnist brian gaynor for a series of stories published over the past two - and - a - half years .
“building a vast mansion even as the company you operate is collapsing all around you… well , that could happen to anyone . ” investors in hanover finance have moved quickly to help the company’s former head , mark hotchin , after a herald on sunday story revealed that he was struggling in poverty in australia . a facebook page entitled “friends…
the settlement comes after the fma filed civil proceedings against directors and promoters of hanover including former owners mark hotchin and eric watson in april 2012 . the proceedings covered a period when investments and reinvestments in hanover totalled $ 35 million . the former directors have not admitted any liability . watson is not contributing any money toward the settlement .
thus watson , hotchin and their associated companies took out $ 163 . 3 million and put in $ 68 . 5 million during this period , a far cry from hotchin ' s claim that they put in $ 2 for every $ 1 they took out .
at the same time , a hawaiian mansion owned by a trust associated with hotchin has reportedly been on the market for $ 16m .
hotchin and other hanover directors in 2015 paid $ 18 million to settle a civil claim brought against them by the financial markets authority .
mr hotchin and mr watson are also co - owners of ohl , formerly hanover overseas , owns several tracts of forestry in northland .
i wonder if we should be heaping all this opprobrium and vitriol upon mr hotchin without giving some thought as to the possible consequences .
if say mark hotchin was to approach me for work i would charge absolutely heaps because a ) he has heaps of coin , b ) he has a reputation worse than a tobacco company and c ) because he can ,
slater wrote . he has previously denied accusations of cash - for - comment by saying all his published articles are honestly - held beliefs . but a review of whaleoil posts mentioning hotchin finds a marked change in opinion about the hanover boss .
the directors of the hanover finance companies ( hfl , hcl and ufl ) are mark hotchin , gregory muir , tipene o ' regan , and bruce gordon . the directors of hanover group ltd ( hgl ) , which the fma alleges was a promoter of offers made by the three hanover finance companies , were eric watson and dennis broit .
nothing attracted vitriol to my old blog life behind the iron drape more than the pieces i wrote on mark hotchin and allan hubbard ( no relation ) . i may soon put them up again here , over december . for the coming one year anniversary i ' m writing of is the freeze that was put on mark hotchin ' s assets over december , 2010 . i have no idea whether hotchin will be found wanting in respect of the laws of new zealand , but he has now had his life frozen by the state for a year and not only has never been given the chance to defend himself in court , he ' s still not had a single charge laid against him . to me , this denotes a state with far more power than i ' m comfortable with , and no justice for the individual of mark hotchin , no matter what you think of him . the champagne thieving bureaucrats at the sfo need to charge hotchin , or not , and give him his day in court ( and unlike mr hubbard , don ' t make him have to sue to use his own money to defend himself ) . this isn ' t putin ' s russia , is it ? it ' s new zealand . perhaps the difference is far less than we would all like to think .
hotchin and watson stand accused of taking millions of dollars out in dividends and borrowing from hanover for their own property developments and joint ventures .
the herald on sunday has learned that interests associated with hotchin recently bought the luxury ash hurst mansion on the suburb ' s northern slopes .
ms brown confirmed the order was sought over concerns assets might be appropriated abroad were civil or criminal action to be brought against mr hotchin .
i always had a lot of time for mark . even when he got hugely wealthy , he didn ' t shun mates and acquaintances from the past or pretend he didn ' t see them at events .
in other words hotchin has come out of hiding to tell us that allied farmers created the mess while accepting no responsibility for the debacle himself .
the broad strategy adopted by the trio was outlined by graham in an email to hotchin and former hanover chief executive kerry finnigan in december 2011 .
accountant bruce sheppard , a hanover critic , said hotchin had been spotted on waiheke island and in auckland ' s eastern suburbs in recent months .
hotchin and five others associated with hanover companies are being sued by the financial markets authority for allegedly misleading or untrue statements in finance company prospectuses .
but fairfax did have a large tranche of emails that inform an in - depth investigation revealing hotchin ' s apparent backing for the smear campaign .
he said mr hotchin had been the subject of numerous defamatory or misleading media reports , and his organisation facilitate communications had worked to address this .
smythe said she planned to donate what little she had left . she said she hoped the cash would help hotchin enjoy a better life abroad .
ironically , watson probably didn ' t know what was going on ( doesn ' t mean he ' s less reponsible ) and didn ' t get to share in all mark ' s little side deals if these were happening .
he considered hotchin to be more conservative than watson .
eric just wants leverage . he ' s always talking about how he can raise capital .
the emails were sent at the same time as the former shareholders ' association president was involved in defamation against hotchin and fellow hanover boss eric watson .
hell put the face of mr hotchin , hanover ' s co - founder , on a billboard next to the word greed , the name of one of its pizzas . this week it drove the billboard around auckland and parked it outside the $ 30 million home that mr hotchin is having built .
two exclusive waiheke island properties owned by the ka no . 4 trustee , a family trust associated with hotchin , have also come on the market .
we don ' t have to justify where we get our money or what it ' s spent on , to anyone .
- amanda hotchin
but the fma did not have any such orders over any trusts associated with hotchin , and therefore could not intervene in any purchases by the trusts .
an order , granted to the securities commission in december , froze mr hotchin ' s assets and gave him $ 1000 a week to live on .
r . mcleod - the real issue is whether hotchin committed fraud or not . the premium hanover offered was hardly sufficient to take that particular risk .
serioulsy , is mark hotchin the real bad guy ? is he the only one guilty of bad investment decisions ? if he is smart enough to protect his assets via a trust , good on him ! he was in a risky industry , and poeple invested in the upside . the issue is not hochin or hannover but why so many invested in such risky assets . . . .
hotchin and five others , including watson , will face a high court trial next year after they pleaded not guilty to civil charges brought by the fma .
in march , the five supreme court judges were told hotchin had abandoned his claim against perpetual trust after reaching a settlement , leaving only guardian trust remaining .
hotchin ' s lawyer , nathan gedye , qc , said he had yet to read the judgment or speak to his client to discuss the next steps .
we do not believe the fma would have succeeded at trial ,
a statement issued by hotchin , muir , gordon and o ' regan said .
it was hotchin ' s flagship development and a plaque to his late father , lloyd , was installed next to the first green , overlooking the water .
i remember reading the endless posts on cactus kate about how hard hotchin was being done by , and at the time thinking how tiresome it was getting .
what fran o’sullivan and matt nippert do not realise is that cactus kate has already answered this in the inquiry even though it is beyond the terms of reference of the inquiry . they would like to think that mark hotchin ( completely exonerated in the chisholm report ) paid to “stitch up” not only adam feeley but a serious charge of influencing a witness . he did no such thing . read more »
watson said this week he was not aware hotchin had any plans to return to new zealand , but added it was not something he would expect to know .
it ' s not surprising that hotchin tries to hide behind his family . he did it with the hell pizza ads , he ' s doing it now .
some of you will have heard of madoff ( cleans out $ us50b in ponzi scam ) , fuld ( lehman bros ceo , watches over one of the largest corporate failures ) , well on a population basis mark and eric are right up there .
hotchin ' s wife is just as culpable as hotchin for lavishly spending all that money they conned . his kids are spoilt brats - and , like most spoilt rich kids , they ' ll join
a band
and
go travelling
as their career - financed by the inheritance taken from a more needy family .
as former managing director of hanover finance , hotchin was at the time under investigation from the sfo and fma for his role in the failure of hanover in 2008 .
hanover and its sister , united finance , owned by hotchin and business partner eric watson , collapsed in july 2008 owing $ 553 million to 17 , 630 investors .
action could go global the hanover pair have in recent years lived mostly abroad – mr watson in the uk , and mr hotchin in hawaii , italy and australia .
the herald has well and truly lowered itself to the gutter . i thought it was a shameless piece of journalism . this in no way is to defend hotchin .
the court of appeal had previously ruled against hotchin , saying the trustees had different responsibilities from hanover ' s principals and could not be held liable for their fault .
all posts copyright mark hubbard and life behind the iron drape . contents may be reproduced without permission provided credit is given to the author , it is not altered in any way , the context is made clear and a link is provided to the original .
working within tightly prescribed terms of reference , justice chisholm inquired into the sleazy , dishonest ‘destabilisation’ scheme which saw dirty pr operator carrick graham apparently engage slater and fellow attack blogger cathy odgers / cactus kate to publish smears against financial regulators and investigators on behalf of hanover finance director mark hotchin . they were ‘working for’ graham , chisholm finds . apparently some journalists were ( witting or unwitting ) pawns in that dirty campaign . shame .
image 13 of 20 : justice minister judith collins during her stand - up press conference where she revealed she had dinner with the head of oravida while in china last year . photographed at parliament , wellington . 12 march 2014 new zealand herald photograph by mark mitchell
hotchin appealed against the freezing orders ; three months later chief high court judge helen winkelmann has yet to rule on the matter . nor have the regulators completed their investigations .
hotchin purchased the two - bedroom , 190sqm home with
magnificent sea views
overlooking sandy bay with his former wife lynette and jillian allison , according to property records .
on top of this around 10 , 000 hours of fma staff time was spent on the case and on the asset freeze proceedings against hotchin and entities associated with him .
we all know that if hotchin returned every penny , that had been invested , people woudl still want their dividends . . . the perfect storm of greed and stupidity !
articles entitled
hanover house of cards doomed to fail
dated 6 march 2010 and
mark hotchin : the man behind the money
dated 19 february 2011 asserted that hanover declared dividends out of non - cash profits , and an article entitled
brian gaynor : message to hotchin - own up or shut up
asserted that those dividend payments should not have been made . the first two of these articles also asserted that hanover was , in effect , operated like a ponzi scheme . the herald acknowledges that hanover was not a ponzi scheme , and that mr hotchin did not act illegally in receiving dividends from hanover , and apologises if any readers took those messages from these articles . the main purpose of all of these articles was to call for greater regulation of the finance industry .
the main item in the $ 76 million was the transfer of property companies from hotchin and watson to hanover for $ 40 million as part of the december 2008 moratorium proposal .
hotchin :
because they went back in , it was liquidity , every dollar that went out two dollars was going back in , so it was actually creating liquidity .
hotchin :
yes although in part it ' s about liquidity as well , so if we hadn ' t paid that money , those debts would have stayed higher .
the settlement was reached with no admission of liability , and in a statement hotchin and three other directors said the fma would never have won had the case gone to trial .
these trusts , a series of numbered companies beginning with ka no . 1 trustee , own property connected with mr hotchin including his half - built $ 30m paratai drive mansion .
belinda moffat , from the financial markets authority , said hotchin ' s personal assets remained frozen as it continued to have asset preservation orders granted by the high court over these .
mark came to realise that if he owned the finance company , he could control all angles ,
says the friend .
at a time when the price of assets [ property ] was going up because anyone could get credit , it was easy money .
the picture of a sneering , snarling hotchin telling them to leave him alone will , i hope , been seen as the photo of the year . it captures the man perfectly .
i have no sympathy for hotchin but the reality is that he has been charged with no crime and the action against him in freezing his assets is no more than a sc / govt publicity stunt aimed to show their detractors that it was not sitting idly by in not taking any action aginst these people while putting an old man into statutory management . at least the actions against hotchin appear to be legal but one has to question the fairness of that law . as mentioned previously it is very effective and limits both hotchin and hubbard ' s right to natural justice i . e . inablility to pay for legal representation although i do note that this does not seem to be a issue for mr hotchin at this time .
i am not a fan of some of the contributors to the nz herald but the fervour with which they have hunted and hounded hotchin must surely give the investors some small satisfaction .
“hotchin and his business partner eric watson should be booed by the crowd at mt smart stadium if he ever dares to return home to watch the warriors play on home turf . ”
in one email , odgers said :
remind him [ hotchin ] he pays cam n i to f - - - w fma so he can focus on important things .
this column - run without disclosure that odgers was allegedly being paid at the time by hotchin and described by her in emails as a
hit
- is now heavy with irony .
last year , hotchin ' s former holiday home went up in a ball of flames but the deliberate demolition was little consolation to investors who were themselves burned when his hanover empire collapsed .
in 2013 auckland ' s most expensive house , a seven - bedroom mansion on exclusive paritai dr , which was partly financed by hotchin , sold to businessman deyi shi for $ 39m .
hotchin was among a group of six directors who in 2015 reached an $ 18m settlement with the financial markets authority which had filed civil proceedings alleging untrue statements in certain hanover offer documents .
the judge also noted hotchin ' s
very strong public statements
rejecting any liability when reaching a deal with the fma , which he said wouldn ' t affect the contribution claim .
undeterred by this business - like ‘rebuff’ , businessday has accessed hotchin’s us property records to dig deeper . it notes justice lang’s comments in court at sentencing that hotchin owned no assets , other than a house in america , which secured loans exceeding its value . he added : “it is virtually inevitable … . that at 51 years of age you will be declared bankrupt . ”
hotchin and five other directors and promoters of the failed finance company are being sued by the fma , which alleges they were responsible for false statements that led to major losses for investors .
in a parallel legal battle that has gone all the way to the supreme court , hotchin is also attempting to make trustees jointly liable for any damages that result from the civil lawsuit .
fran , is there any chance you could interview mr hotchin i am sure you would ask a better quality question . also it would be interesting to get him and his brother together .
“when jim died i had to borrow money off my daughters just to pay the funeral bill . but hotchin can’t even afford the money for a personal trainer . the poor man . ”
i am not saying that means every individual action with regards to the sharing of information was wise or appropriate . some clearly was not . but it was not a conspiracy or a concerted effort . one could have published a breathless book on how the nz herald conspired with agents of mark hotchin to attack the head of the sfo , and demand a commission of inquiry into the nz herald – if you were to take the least benign interpretation of the e - mails .
ok . . so , i ' m not a mark hotchin fan given the deplorable and frankly immoral , ' sharp - practice ' that hanover interests appear to have indulged in over the last few years . however , i am christian so i do hope that your readers have banded together at this festive time and recognized a family in need of a food parcel or two ! ! ( tongue in cheek ) . i do hope that a parcel gets deposited onto his expensive australian doorstep ( and photographed there ) given that he is likely to remain at his ( luxurious ) premises for a while . sad to think that his trusty ( mercedes and porsche ) steads are unlikely to follow him over there ! merry christmas mark - we all follow your story with interest !
actually , come to think of it , all this emotion about hotchin applies equally to hubbard . in fact hubbard is probably worse , with all his timaru ( yes - men ) cronies . at least hotchin brought in an independent board . the reality is look at the litany of failed finance companies . the property boom went bust , the finance companies followed . that simple .
the basic problem with hotchin is that he promised too much and failed to deliver . but he blames everyone else for hanover ' s problems and continues to paint himself as a white knight .
this was purported to be an injection of $ 40 million because hanover did not have to pay watson and hotchin the $ 40 million until all of principal repayments to secured depositors were repaid .
last year , hotchin won the right to pursue new zealand guardian trust for a contribution to the settlement , so long as he accepted he would need to prove he was liable to investors .
meanwhile the wheels of justice turn , albeit slowly . the unprecedented decision by the securities commission to freeze hotchin ' s assets is welcome . as is the serioud fraud investigation into his affairs .
it ' s karma of a sort . i ' m sure hotchin and his mates would set a lot more than a herald cameraman onto people who owed his company a few thousand dollars .
i just hope that we don ' t let up on hotchin , but i also hope that the focus on him doesn ' t allow the behaviour of others to slide under the radar .
george craddock , of waihi , said news of the waiheke island purchase left a sour taste . the herald on sunday could not contact hotchin for comment . his accountants said he was overseas .
the four directors - hotchin , bruce gordon , gregory muir and tipene o ' regan - also said the failed finance company had
excellent reporting systems and high quality management and governance
.
graham emailed slater and odgers in may 2011 , including snippets of material from hotchin ' s defamation claim against sheppard and complaints sheppard had made about hanover to regulators obtained under the official information act .