L-3 CEO Frank Lanza dies

He was a very astute and remarkable businessman.

<snip>

L-3 Communications (NYSE: LLL - News) announced today with great sadness that Frank C. Lanza, its chairman and chief executive officer, suddenly passed away earlier this evening. He was 74.

"We are all shocked and saddened by the passing of Frank C. Lanza," said Robert B. Millard, lead director of the L-3 Communications Board of Directors. "On behalf of the Board of Directors and all L-3 employees we would like to extend our deepest condolences to the Lanza family."

Mr. Millard noted that Mr. Lanza had visited his doctors yesterday and it was determined that he was proceeding satisfactorily in his recovery from surgery two months ago. His death was sudden and unexpected.

"There is no question that Frank Lanza has been one of the most visionary business leaders in the defense industry," continued Mr. Millard. "Frank worked to build Loral into a leading defense firm. Frank went on to co-found L-3, the fastest-growing high technology defense company in the world by acquiring a number of small and large businesses that he transformed into leaders in their niche markets."

<snip>

More at: http://biz.yahoo.com/bw/060607/20060606006266.html?.v=1

Message removed by moderator. Click here to review the message board rules.

Lanza picked up the company after its price was driven down because of these problems, because Titan has a lot of niche products and a lot of engineers working on classified programs.

He wasn't responsible for Titan's business shenanigans, but saw their acquisition as an opportunity to grow his own company significantly.

It worries me that such a troubled company has so much classified work.

... interent traffic routed through Level 3 Communcations at Cheyenne, Wyoming (Air Force base there) after the Patriot Act went through? Do a trace route on your interent connection. Mine has been routed through Level 3 at Cheyenne or northwest Colorado (Broomfield?) since then.

It's a common misperception, even among analysts (which makes one question the sagacity of their financial advice). Level-3 has a lot of fiber in the ground, and is one of only a handful of businesses that survived the 2001 financial meltdown of companies that were laying down fiber.

In regard to Lanza, he was a unique businessman -- someone who was a primary builder of two multibillion corporations (Loral with Bernard Schwartz, and L-3 with Robert LaPenta). I'm not sure that Titan was his most astute acquisition, but I'm not one to argue with a businessman that savvy.