Business: Chance Vought Takeover?

Like most storied Texans, James Joseph Ling, 38, does not spare expense when he wants something. Once he wanted to indulge his golfing hobby by bringing big-time professional golf matches to hometown Dallas. They failed miserably, lost $100,000. But he could well afford it. Since 1947 he has run an investment of $3,000 in an electrical contracting business into the $150-million-a-year Ling-Temco Electronics, Inc. and made himself a millionaire.

Last week Ling wanted something else: Chance Vought Corp., the oldtime aircraft company turned missile and electronic producer. Ling, willing to spend more...

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