meat packing, sporting goods, and pharmaceuticals. Wilson's president Roscoe Haynie was not aware of the takeover scheme until two weeks before the takeover was complete. Ling later split Wilson into three parts (meat packing, sporting goods (Wilson Sporting Goods), and pharmaceuticals (Wilson Pharmaceutical and Chemical)), and spun them off into separate companies traded on the American Stock Exchange. In 1968, Ling-Temco-Vought added Greatamerica Corporation, Troy Post's holding company for Braniff International Airways and National Car Rental, and J & L Steel. In addition, it acquired resorts in Acapulco and Guerrero, Mexico, and Steamboat Springs, Colorado. By 1969, LTV had purchased 33 companies, employed 29,000 workers, and offered 15,000 separate products and services, and was one of the 40 biggest industrial corporations. Conglomerate and antitrust problems Ling-Temco-Vought had a combined sales of $3.6 billion in 1969 ($ today), but investors found that the conglomerates were not growing any faster than the individual companies had before they were bought out. Share prices plummeted, sparking a bear market, and there was a general feeling that conglomerates were to blame for the market woes. An antitrust lawsuit was filed that year. Eventually the board of directors demoted James Ling in 1970 and he left the company, to be replaced by former Ling-Temco-Vought executive, Paul Thayer. LTV Corporation As part of a 1971 antitrust settlement, the company sold its Braniff and Okonite components, and Thayer changed the company name from Ling-Temco-Vought to LTV Corporation. Thayer was succeeded by former Xerox executive Raymond Hay. First bankruptcy In July 1986, LTV Corporation filed for Chapter 11 bankruptcy protection. With $6.14 billion ($ today) in total assets and $4.59 billion in debt, it was the largest bankruptcy in US history to that point. The company went into a series of divestitures, most notably the entire LTV Aerospace division; the aerospace component retained the legacy Vought name as the independent Vought Corporation, while the missile component later became part of Loral Corporation and later became the Lockheed Martin Missiles and Fire Control division. After the 1984 merger of the Jones and Laughlin Steel Company subsidiary with Republic Steel Corporation, the company continued to exist primarily as a steel producer, renaming itself LTV Steel, and moved its headquarters to Cleveland, Ohio in 1993. LTV did not leave Chapter 11 bankruptcy protection until June 28, 1993 in what was described in 1999 as one of the longest and most complicated bankruptcies