A Classification of American Wealth
History and genealogy of the wealthy families of America - Sponsors


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  Part III-Chapter 13 : Automobile and Aviation  > W. C. Durant  :     Previous   1 - 2 - 3 - 4 - 5 - 6 - 7 - 8 - 9 - 10
                                                                                                                                                     
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   William Crapo Durant - November 1920

Page entitled : William C. Durant squeezed in November 1920

Content of this page is about :
How Billy Durant got trapped between the interests of General Motors and his own, and how he choose to support the stock price to favor two essential new stock emissions


Extract :
... Expected to bring in $36 million, this private placement still fell short $28 million of a needed $64 million capital injection, to be raised through stock issues. For the balance, General Motors approached J.P. Morgan & Company, who accepted to float another 1.5 million shares to raise it. The investment bank enforced its usual hard terms ...

 

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