The Great Depression ruined the aircraft market, and Detroit Aircraft went bankrupt. A group of investors headed by brothers Robert and Courtland Gross, and Walter Varney, bought the company out of receivership in 1932. The syndicate bought the company for a mere $40,000 ($ in 2023). Ironically, Allan Loughead himself had planned to bid for his own company, but had raised only $50,000 ($), which he felt was too small a sum for a serious bid.Parker 2013, p. 59.
The Great Depression ruined the aircraft market, and Detroit Aircraft went bankrupt A group of investors headed by brothers Robert and Courtland Gross, and Walter Varney, bought the company out of receivership in 1932. The syndicate bought the company for a mere $40,000 ($ in 2023). Ironically, Allan Loughead himself had planned to bid for his own company, but had raised only $50,000 ($), which he felt was too small a sum for a serious bid.Parker 2013, p. 59.