Shrewd old Henry J. Kaiser and his son Edgar never put much of their own fortune into Kaiser Frazer Corp., their automobile manufacturing company which Edgar runs. Kaiser-Frazer lost some $52 million during its seven years of existence, and is $48.4 million in hock to the RFC. Old Henry put most of the family's millions into the highly profitable Kaiser Steel, Kaiser Aluminum & Chemical and Permanente Cement companies, controlled by his personal holding company, the Henry J. Kaiser Co.
But with RFC insistently pressing for payment, Old Henry Kaiser had to decide whether to let K-F go under or take the...
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