The high hopes with which retired Admiral Bobby Inman formed Westmark Systems Inc to acquire and revitalise defence companies back in November 1986 – and in 1987 picked Tracor Holdings Inc, Austin, Texas as its first candidate – have turned to ashes: the admiral has resigned his chairman, president and chief executive posts at both companies after the expected increased business from his Washington contacts failed to materialise, and Tracor laboured to manage its mountain of leveraged buy-out debt; a sadder, wiser Admiral Inman declared to the Wall Street Journal that while he is considering investment options in the technology arena, the one thing I can tell you with certainty is that I won’t be involved in another leveraged buyout.
