Unemployment Benefits

When skidding Studebaker-Packard Corp. was rescued from the brink of bankruptcy last summer (TIME, July 30), President James J. Nance agreed with his benefactor, Curtiss-Wright Corp., that he would surrender his $150,000-a-year job. Nance also gave up a long-term contract that would have paid him $200,000 a year by 1961 plus a guaranteed annual wage of $40,000 if he left. In return, Jim Nance got a fat unemployment compensation settlement. The deal, disclosed last week: a $286,000 trust fund, an additional $75,000 plus for salary through Jan. 31. He also took over a $600,000 life insurance policy which the company had helped support. The $286,000 will be paid beginning in 1966 over a ten-year period, thus reducing income taxes. It will be cut only if Nance takes a job with another automaker.

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