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for which he paid approximately $10,000 in cash and $90,000 in
notes. Gallagher told representatives of Bankers Trust and also
Bennett and probably Black that he was receiving this special
deal.
Bennett is a graduate of the New York State Maritime
Academy, from which he received a degree in marine engineering in
1950. After graduation he tested for a Coast Guard license and
was qualified to operate any ship as a third assistant engineer.
Bennett began working for Ingersoll-Rand in the fall of 1951.
Bennett started as an applications engineer in the centrifugal
pump marketing department where he was responsible for working on
worldwide customer inquiries, and was a specialist on power
plants and marine and navy equipment. From 1951 to 1968 he
served in a marketing capacity and continuously dealt with
product pricing. During 1972 he completed an advanced management
program at Harvard University. By 1978 he had been promoted to
vice president in charge of strategic planning, and became
involved in the planning for all of the businesses and also
mergers and acquisition analysis and studies. In mid-1981 he was
reassigned to the Torrington Company, an Ingersoll-Rand
subsidiary located in Torrington, Connecticut, which manufactured
roller bearings.
As an officer of Ingersoll-Rand, Bennett received financial
counseling from Bankers Trust. The Bankers Trust representative
during 1981, Gallagher, told him about Empire. Bennett reviewed
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