Preston Tucker - Revision history

Red marquis: /* Tucker Legacy */

2010-01-03T07:02:53Z

Tucker Legacy

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	Today, remaining original stock certificates for Tucker Corporation common stock, circa 1947, are valuable to collectors, and are worth more than when originally issued at their then share prices.<ref>Catalogued with an estimated value of between $ 2000 -$ 3000 by W. M. Smythe & Co. in New York City in 2003.</ref> Stock certificates of over 10,000 shares were personally signed by Preston Tucker himself, making these larger certificates the most desirable.		Today, remaining original stock certificates for Tucker Corporation common stock, circa 1947, are valuable to collectors, and are worth more than when originally issued at their then share prices.<ref>Catalogued with an estimated value of between $ 2000 -$ 3000 by W. M. Smythe & Co. in New York City in 2003.</ref> Stock certificates of over 10,000 shares were personally signed by Preston Tucker himself, making these larger certificates the most desirable.

			==See Also==
			{{Tucker}}

	==External links==		==External links==

Red marquis at 07:00, 3 January 2010

2010-01-03T07:00:46Z

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	'''Preston Thomas Tucker''' (September 21, 1903 – December 26, 1956) was an American [[automobile]] designer and entrepreneur.		'''Preston Thomas Tucker''' (September 21, 1903 – December 26, 1956) was an American [[automobile]] designer and entrepreneur.

	He is most remembered for his 1948 Tucker Sedan (known as the "[[Tucker '48]]" and initially nicknamed the "[[Tucker Torpedo]]"), an automobile which introduced many features that have since become widely used in modern cars. Production of the Tucker '48 was shut down amidst scandal and controversial accusations of stock fraud on March 3, 1949. The 1988 movie, ''Tucker: The Man and His Dream'' is based on Tucker's spirit and the saga surrounding the car's production.		He is most remembered for his 1948 [[Tucker]] Sedan (known as the "[[Tucker '48]]" and initially nicknamed the "[[Tucker Torpedo]]"), an automobile which introduced many features that have since become widely used in modern cars. Production of the Tucker '48 was shut down amidst scandal and controversial accusations of stock fraud on March 3, 1949. The 1988 movie, ''Tucker: The Man and His Dream'' is based on Tucker's spirit and the saga surrounding the car's production.

	==Early life (1903-1931)==		==Early life (1903-1931)==

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External links

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	[[Category:Automotive pioneers]]		[[Category:Automotive pioneers]]
	[[Category:American founders of automobile manufacturers]]		[[Category:American founders of automobile manufacturers]]
			[[Category:car designers\|Tucker, Preston]]
			[[Category:Automotive company founders\|Tucker, Preston]]

Red marquis at 06:58, 3 January 2010

2010-01-03T06:58:12Z

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74.96.142.125 at 22:31, 2 January 2010

2010-01-02T22:31:36Z

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Red marquis at 21:53, 21 April 2008

2008-04-21T21:53:58Z

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 Tucker's next career was as a car salesman. He was successful in selling cars at a Michigan dealership and soon became the manager of a luxury car dealership in Memphis, Tennessee.
-.	This "Car of Tomorrow" was the vision of Preston Thomas Tucker (1903-1956) of Ypsilanti, Michigan.
+==Entrepreneur==
-.	51 were built, of which 47 survive now (and many are on display to the public)
+With this new financial success, Tucker began an annual journey to the [[Indianapolis 500]].  His enthusiasm for automobiles again getting the better of him, Tucker convinced [[Harry Arminius Miller|Harry Miller]], maker of more Indy 500-winning engines than any other in those years, to join him in building race cars, and Miller and Tucker, Inc was formed in 1935.  The company's first job was building 10 souped-up Ford V-8 racers for Henry Ford.  The time to develop and test the cars was insufficient, however, and the steering boxes on all entrants overheated and locked up, causing them to drop out of the race.  The design was later perfected by privateers, with examples running at Indy through 1948. Miller and Tucker, Inc moved to Indianapolis and continued race car development and construction until Miller's death in 1943.
-.	This fastback sedan was styled by Alex S. Tremulis.
-.	The car was put together by chief mechanic John Eddie Offutt, who had worked with Tucker and Harry Miller at Indy. Offutt's cars won twice at Indy.
+Tucker moved back to California intending to start his own auto company.  He soon began designing a narrow-wheelbase [[armored car|armored combat car]] for the U.S. government.  The car could reach over 115&nbsp;mph (185&nbsp;km/h), far in excess of the design specifications.  It was rejected; however, the highly-mobile, power-operated gun turret the combat car featured earned the interest of the U.S. Navy.  The ''Tucker Turret'' was soon in production (initially at Tucker's Ypsilanti, MI shop); it was used in PT boats, landing craft, and B-17 and B-29 bombers.  During World War II, Tucker became associated with Andrew Jackson Higgins, builder of Liberty ships, PT boats and landing craft.  Higgins acquired Tucker Aviation Corporation (formed in 1940) in March of 1942, and Tucker served as a vice-president of Higgins Industries, specifically in charge of the Higgins-Tucker Aviation division.  This entity was to produce gun turrets, armament and engines for Higgin's torpedo boats.  Tucker severed his association with Higgins in 1943.  (See: Andrew Jackson Higgins and The Boats That Won World War II, Strahan, LSU Press, 1994)
 ==The 1948 Tucker Sedan==

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Entrepreneur

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 Tucker's next career was as a car salesman. He was successful in selling cars at a Michigan dealership and soon became the manager of a luxury car dealership in Memphis, Tennessee.
-==Entrepreneur==
+.	This "Car of Tomorrow" was the vision of Preston Thomas Tucker (1903-1956) of Ypsilanti, Michigan.
-With this new financial success, Tucker began an annual journey to the [[Indianapolis 500]].  His enthusiasm for automobiles again getting the better of him, Tucker convinced [[Harry Arminius Miller|Harry Miller]], maker of more Indy 500-winning engines than any other in those years, to join him in building race cars, and Miller and Tucker, Inc was formed in 1935.  The company's first job was building 10 souped-up Ford V-8 racers for Henry Ford.  The time to develop and test the cars was insufficient, however, and the steering boxes on all entrants overheated and locked up, causing them to drop out of the race.  The design was later perfected by privateers, with examples running at Indy through 1948. Miller and Tucker, Inc moved to Indianapolis and continued race car development and construction until Miller's death in 1943.
+.	51 were built, of which 47 survive now (and many are on display to the public)
+.	This fastback sedan was styled by Alex S. Tremulis.
-Tucker moved back to California intending to start his own auto company.  He soon began designing a narrow-wheelbase [[armored car|armored combat car]] for the U.S. government.  The car could reach over 115&nbsp;mph (185&nbsp;km/h), far in excess of the design specifications.  It was rejected; however, the highly-mobile, power-operated gun turret the combat car featured earned the interest of the U.S. Navy.  The ''Tucker Turret'' was soon in production (initially at Tucker's Ypsilanti, MI shop); it was used in PT boats, landing craft, and B-17 and B-29 bombers.  During World War II, Tucker became associated with Andrew Jackson Higgins, builder of Liberty ships, PT boats and landing craft.  Higgins acquired Tucker Aviation Corporation (formed in 1940) in March of 1942, and Tucker served as a vice-president of Higgins Industries, specifically in charge of the Higgins-Tucker Aviation division.  This entity was to produce gun turrets, armament and engines for Higgin's torpedo boats.  Tucker severed his association with Higgins in 1943.  (See: Andrew Jackson Higgins and The Boats That Won World War II, Strahan, LSU Press, 1994)
+.	The car was put together by chief mechanic John Eddie Offutt, who had worked with Tucker and Harry Miller at Indy. Offutt's cars won twice at Indy.
 ==The 1948 Tucker Sedan==

Red marquis: /* External links */

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External links

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	[[Category:car designers\|Tucker, Preston]]		[[Category:car designers\|Tucker, Preston]]
	[[Category:~~Automobile~~ company founders\|Tucker, Preston]]		[[Category:Automotive company founders\|Tucker, Preston]]

Red marquis: /* Later life */

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Later life

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	==Later life==		==Later life==
	Preston Tucker's reputation rebounded after the acquittal. Investors from Brazil even approached him about building a [[sports car]], the "[[Carioca]]". But he died from cancer before the project saw fruition. [[Otto Kerner~~, Jr.\|Otto Kerner]]~~, the ~~[[United States Attorney\|~~US Attorney]] who had aggressively investigated Tucker for fraud, ironically became the first ~~[[United States court of appeals\|~~Federal appellate~~]] [[~~judge]] in history to be jailed—for stock fraud.		Preston Tucker's reputation rebounded after the acquittal. Investors from Brazil even approached him about building a [[sports car]], the "[[Carioca]]". But he died from cancer before the project saw fruition. Otto Kerner, the US Attorney who had aggressively investigated Tucker for fraud, ironically became the first Federal appellate judge in history to be jailed—for stock fraud.

	==External links==		==External links==

Red marquis: /* Demise of Tucker Corporation */

2007-02-16T00:18:30Z

Demise of Tucker Corporation

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	==Demise of Tucker Corporation==		==Demise of Tucker Corporation==
	~~[[Image:Tucker_podium.png\|thumb\|left\|200px\|'''Preston Tucker''' waves to the crowd after speaking at a press conference.]]~~
	One of Tucker's most innovative business ideas caused trouble for the company, however. His Accessories Program raised funds by selling accessories before the car was even in production. The son of the patent attorney to the [[Wright Brothers]], ~~[[Harry Aubrey Toulmin, Sr.#Toulmin Sr.'s Reach from Beyond the Grave\|~~Harry Aubrey Toulmin, Jr.]], and the then-chairman of the board of the Tucker Corporation, blew the whistle in a September 26, 1947 [http://jcgi.pathfinder.com/time/magazine/article/0,9171,804280,00.html letter] to the [[U.S. Securities and Exchange Commission]]. In the letter, Toulmin Jr. indicated that he quit "because of the manner in which Preston Tucker is using the funds obtained from the public through sale of stock." He went on to say that President Tucker had ignored persistent requests that the $15 million "be spent and administered under… controls normal to legitimate business." Described as "a tall, dark, delightful, but inexperienced boy," by Toulmin Jr. to news personnel, Toulmin Jr. added that [http://www.sportscarmarket.com/profiles/2004/July/American/index.html the Tucker 48] machine does not actually run, it just goes "chug-chug" and "I don't know if it can back up."		One of Tucker's most innovative business ideas caused trouble for the company, however. His Accessories Program raised funds by selling accessories before the car was even in production. The son of the patent attorney to the Wright Brothers, Harry Aubrey Toulmin, Jr., and the then-chairman of the board of the Tucker Corporation, blew the whistle in a September 26, 1947 [http://jcgi.pathfinder.com/time/magazine/article/0,9171,804280,00.html letter] to the U.S. Securities and Exchange Commission. In the letter, Toulmin Jr. indicated that he quit "because of the manner in which Preston Tucker is using the funds obtained from the public through sale of stock." He went on to say that President Tucker had ignored persistent requests that the $15 million "be spent and administered under… controls normal to legitimate business." Described as "a tall, dark, delightful, but inexperienced boy," by Toulmin Jr. to news personnel, Toulmin Jr. added that [http://www.sportscarmarket.com/profiles/2004/July/American/index.html the Tucker 48] machine does not actually run, it just goes "chug-chug" and "I don't know if it can back up."

	In reply, Tucker stated that he had asked Toulmin to resign "to make way for a prominent man now active in the automobile industry." The "prominent man" turned out to be Preston Tucker himself.		In reply, Tucker stated that he had asked Toulmin to resign "to make way for a prominent man now active in the automobile industry." The "prominent man" turned out to be Preston Tucker himself.

	Tucker's innovative business idea was investigated by the U.S. Securities and Exchange Commission and the [[United States Attorney]], and led to an [[indictment]] of Tucker and six other Tucker Corporation executives for fraud on [[June 10]], [[1949]].		Tucker's innovative business idea was investigated by the U.S. Securities and Exchange Commission and the United States Attorney, and led to an indictment of Tucker and six other Tucker Corporation executives for fraud on June 10, 1949.

	The trial began on [[October 4]], [[1949]]; coincidentally, Tucker Corporation's factory was shuttered by the government on the very same day. All told 37 Tucker '48s had been built; 13 were later finished from parts stores for a total production of 50 cars (not including the prototype). At trial the government contended that Tucker never intended to produce a car.		The trial began on October 4, 1949; coincidentally, Tucker Corporation's factory was shuttered by the government on the very same day. All told 37 Tucker '48s had been built; 13 were later finished from parts stores for a total production of 50 cars (not including the prototype). At trial the government contended that Tucker never intended to produce a car.

	A former Tucker employee, engineer Frank Millender Kincaid, agreed with this allegation. He later said that the company never bought production machinery, leading to his suspicion that Tucker never intended to build the car, or at least was so over his head in the project that Tucker could not handle the massive undertaking and simply gave up. This, despite the fact that Tucker had the largest factory building under one roof (the former Chicago Dodge plant that had been used for manufacture of aircraft engines during the war and leased to Tucker by the US government). The suspicion that the Tucker enterprise was a sham and headed for inevitable disaster led Mr. Kincaid, by his own statement, to quit the company. Tucker had 50 cars that he called "prototypes", each one hand built. Unlike production vehicles, these cars featured numerous running engineering changes, resulting in many detail differences.		A former Tucker employee, engineer Frank Millender Kincaid, agreed with this allegation. He later said that the company never bought production machinery, leading to his suspicion that Tucker never intended to build the car, or at least was so over his head in the project that Tucker could not handle the massive undertaking and simply gave up. This, despite the fact that Tucker had the largest factory building under one roof (the former Chicago Dodge plant that had been used for manufacture of aircraft engines during the war and leased to Tucker by the US government). The suspicion that the Tucker enterprise was a sham and headed for inevitable disaster led Mr. Kincaid, by his own statement, to quit the company. Tucker had 50 cars that he called "prototypes", each one hand built. Unlike production vehicles, these cars featured numerous running engineering changes, resulting in many detail differences.

	After the Christmas recess, the trial turned in Tucker's favor. It went to the jury on [[January 22]], [[1950]], and Tucker and the other executives were acquitted on all charges just seventeen hours later. However, Tucker Corporation, now without a factory, was no more.		After the Christmas recess, the trial turned in Tucker's favor. It went to the jury on January 22, 1950, and Tucker and the other executives were acquitted on all charges just seventeen hours later. However, Tucker Corporation, now without a factory, was no more.

	Tucker's defense attorney [[William T. Kirby]] later became Chairman of the Board of the [[John D. and Catherine T. MacArthur Foundation]].		Tucker's defense attorney William T. Kirby later became Chairman of the Board of the John D. and Catherine T. MacArthur Foundation.

	The location of the former Tucker Corporation at 7401 S Cicero Ave, Chicago, IL 60629-5818, is now the corporate headquarters of [[Tootsie Roll]] Industries and the Ford City shopping mall (the name owing to ownership of the building for a time by Ford Motor Company). The building is so large that it was split in two, and even with a large open area between the two resulting buildings, each structure is still substantial.		The location of the former Tucker Corporation at 7401 S Cicero Ave, Chicago, IL 60629-5818, is now the corporate headquarters of Tootsie Roll Industries and the Ford City shopping mall (the name owing to ownership of the building for a time by Ford Motor Company). The building is so large that it was split in two, and even with a large open area between the two resulting buildings, each structure is still substantial.

	It is of note that today, remaining original stock certificates for Tucker Corporation common stock, circa 1947, are valuable to collectors, and are worth more than when originally issued at their then share prices. (Source: Catalogued with an estimated value of between $ 2000 -$ 3000 by W. M. Smythe & Co. in [[New York City]] in [[2003]].)		It is of note that today, remaining original stock certificates for Tucker Corporation common stock, circa 1947, are valuable to collectors, and are worth more than when originally issued at their then share prices. (Source: Catalogued with an estimated value of between $ 2000 -$ 3000 by W. M. Smythe & Co. in New York City in 2003.)

	==Later life==		==Later life==