Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
Search instead for
Did you mean:
Did GM steal the innovation that made the LT1 possible? The decade-long legal battle.
Chevrolet’s LT1 V-8 was a major step forward for General Motors. From 1992 to 1997, the LT1 helped pull GM out of the Malaise Era, updating the nearly half-century-old small-block engine for modern use. The General dubbed this V-8 the second-generation small-block, but in reality, the engine shared a great deal with the original Chevrolet “mouse motor” introduced in 1955. The $100-million revamp was the pinnacle of old-school Chevy engineering, a host of simple solutions and tiny improvements executed in pursuit of power and efficiency.
Mr. Evans got himself painted into the corner that all the big corporations want smaller sub-contractors to be in. GM owed his company for work previously done. They used that as leverage by "by referring the payment to their auditing department" thus delaying payment of money owed. The amount owed wasn't a large amount to GM but it represented a substantial amount for Evans to carry as a receivable. The survival of his company depended on getting paid.
I worked as a commercial lender that had loan requests from guys like Mr. Evans for accounts receivable and inventory that large contractors like GM, Boing and the defense industry forced them hold. It is the way the big guys do business. Let the little guy buy the materials, pay for the labor to produce and then store the inventory they contractually ordered and have sometimes taken contractual delivery of but have not paid for because the contract is being "Audited". The little guy has few choices he either does not do business with them or he has to pad the contract initially to offset the cost of money. If they overbid to protect themselves they take the chance that the big guy will just find another mom and pop manufacturer that will bid the actual cost get the contract and then get burned.