George W. Bush’s Uncle Bucky (William H.T. Bush), brother of George H.W. Bush, has collected about $1.9 million in cash, plus $800,000 in stocks, from the recent sale of Engineered Support Systems, Inc. ESSI, of which Bush was a director, was sold to DRS Technologies for $1.7 billion at the end of January, after the company experienced record growth from expanded military contracts, most related to activity in Iraq and Afghanistan.
The contracts, some awarded on a no-bid basis, include a $77-million deal to refit military vehicles with armor for use in Iraq.
Securities and Exchange Commission filings indicate that there are two investigations of ESSI in progress. One involves a stop order from the U.S. government on field generator units. It seems ESSI did not tell its shareholders about the stop order until seven months after it was issued. During that seven month period, several of the company’s executives, including William Bush, cashed in millions of dollars worth of stock and stock options.
DRS is not commenting on the investigations (the second one involves an insurance contract), other than to say it is cooperating with SEC officials.