Financial Difficulties
The company was grossly undercapitalized and struggled financially after running out of money and laying off its almost 300 employees in the fall of 1970. The principal owner and Board Chairman of Windecker Industries, a West Texas oilman and rancher, unwilling to accept the terms of numerous financial offers over the following six years, closed the company in 1976, stopping work on ongoing stealth and UAV projects for Lockheed and the U.S. military. A company restart attempt was made in 1977 by Gerry Dietrick, owner of Eagle N4198G, who attempted to buy the rights and tooling, but no more aircraft were constructed. Gerry Dietrick set five trans-Atlantic world speed records in his Eagle, including New York to Paris, besting the previous record holder, a Beechcraft Bonanza, by 13 miles per hour.
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