a increase in cabin length which also allowed for a third fuselage side window. It had of fuel capacity compared to in earlier models, and grossed an additional . This year, the company exceeded $1,000,000 in profits. The M20G Statesman, a version of the M20F with less-powerful engine, was released in 1968. It had a larger airframe than the M20C, but the same engine, and as a result was slower. It was not as successful as the M20F and was produced for only three years, from 1968 to 1970, with a total production run of 189 units. Despite strong sales, Mooney was short of cash. The company went into chapter 7 bankruptcy in early 1969, and was acquired by American Electronics Laboratories and then Butler Aviation International. Sales that year were less than half of the previous year's figures, although a new version of the M20E Chaparral was released with electrically operated flaps and landing gear. Butler Aviation also acquired the troubled Aerostar company and combined it with Mooney in an attempt to save both. The Mooney name was dropped in 1970, as was the M20 designation; the planes were called Aerostars. 1970s Butler Aviation closed the Mooney plant in early 1971, and it remained closed for more than two years. In October 1973, Mooney was purchased by Republic Steel. Robert Cumming, a general manager at Republic Steel, had owned a Mooney M20F Executive for years and flew it frequently, and wished to put the Mooney M20 back into production. This began in January 1974 with the reintroduction of the M20F Executive. Roy LoPresti, formerly of Grumman American, had been hired as the vice president of engineering. Through the efforts of his engineering group, various improvements were made to the M20 with the goal of increasing its speed, and the M20J was introduced in July 1976. It was also known as the Mooney 201 because it was capable of with its engine. The 201 was a big seller, and a turbocharged version was developed later that year. The next year, 1977, three models were offered: the M20C Ranger, the M20F Executive, and the M20J 201. By 1979, the M20C had been dropped, ending production of the short-body M20. The same year, 1979, the company's first turbocharged M20 was released: the M20K 231, so designated because its top speed was . It was based on the earlier 201 with further improvements.