- 12 -
investigate whether there were any existing or potential
competitors for the Sentinel EPE recycler.
Black joined the U.S. Marine Corps. at the end of 1945. In
1949 he entered the U.S. Naval Academy, and in 1953 he graduated
with a bachelor of science degree in electrical engineering.
Black began his career at Ingersoll-Rand in 1957. Over the
course of his career, Black held the positions of salesman,
technical personnel director, account manager, general manager,
district manager, president, and chairman and chief executive
officer. As general manager of the turbo products division in
1967, he first became responsible for pricing specially
engineered equipment with unique proprietary technology. In the
fall of 1974, Black attended an advanced management program at
Harvard University.
Black first heard of the Sentinel EPE recyclers from
Gallagher in 1981. He had no formal education, training, or
background in chemical engineering, plastics engineering, or
plastics processing, although he had substantial knowledge of
some plastics processing from the standpoint of the seller of
machinery. His investigation of the Empire transaction did not
extend beyond discussions with Gallagher and a review of the
offering memorandum. Black did not see a Sentinel EPE recycler
prior to investing in Empire, did not speak to anyone at IMCO,
and never did a personal investigation of the competition.
OPINION
Page: Previous 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 NextLast modified: May 25, 2011