Bush uncle benefits from war spending
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A report filed with the U.S. Securities and Exchange Commission shows that William H.T. Bush collected a little less than $1.9 million in cash plus stock valued at more than $800,000 as a result of the sale of Engineered Support Systems Inc. to DRS Technologies of New Jersey.
The $1.7 billion deal closed Jan. 31. Both businesses have extensive military contracts.
The elder Bush was a director of Engineered Support Systems. Recent SEC filings show he was paid cash and DRS stock in exchange for shares and options he obtained as a director.
Missouri-based ESSI experienced record growth prior to its purchase by DRS through expanded U.S. military contracts — many to supply current U.S. efforts in Iraq and Afghanistan — and an aggressive buyout strategy targeted at other defense contractors. The military contracts, some awarded on a sole-source basis, include a $77 million pact to refit military vehicles used in Iraq with armor.
Other ESSI products used in the war include radar and detection services, field medical stations and field electrical generator units.
SEC filings show there are two ongoing federal investigations of ESSI — one involving a stop order issued by the federal government on the ESSI contract to supply field generators. The order was issued because of operational problems with the units.
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A report filed with the U.S. Securities and Exchange Commission shows that William H.T. Bush collected a little less than $1.9 million in cash plus stock valued at more than $800,000 as a result of the sale of Engineered Support Systems Inc. to DRS Technologies of New Jersey.
The $1.7 billion deal closed Jan. 31. Both businesses have extensive military contracts.
The elder Bush was a director of Engineered Support Systems. Recent SEC filings show he was paid cash and DRS stock in exchange for shares and options he obtained as a director.
Missouri-based ESSI experienced record growth prior to its purchase by DRS through expanded U.S. military contracts — many to supply current U.S. efforts in Iraq and Afghanistan — and an aggressive buyout strategy targeted at other defense contractors. The military contracts, some awarded on a sole-source basis, include a $77 million pact to refit military vehicles used in Iraq with armor.
Other ESSI products used in the war include radar and detection services, field medical stations and field electrical generator units.
SEC filings show there are two ongoing federal investigations of ESSI — one involving a stop order issued by the federal government on the ESSI contract to supply field generators. The order was issued because of operational problems with the units.
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posted by TheFuriousGourmet | 5:45 AM
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