Thomas E. and Joan A. Bennett - Page 10

                                       - 10 -                                         
          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            




Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  Next

Last modified: May 25, 2011