Moving Metal

This task, along with Neilan’s complex business arrangements involving N.J. Thomas & Co., made settling his estate difficult. Complicating matters further for Reliance was the prospect of having to underwrite Neilan’s estate and inheritance taxes. Indeed, the Neilan estate executor informed Gimbel in May that Reliance might be expected to redeem between $600,000 and $700,000 worth of N.J. Thomas & Co.’s stock to meet the obligation. Plans for further facility expansion and new equip- ment purchases came to an abrupt halt while Gimbel began negotiations with Farmers & Merchants Bank for a potential loan to buy the stock. The troublesome estate issue, like the litigation, dragged on into 1962. Through a series of complex buy-sell agree- ments, Reliance redeemed well over $500,000 of Neilan’s stock in installments, with funds borrowed from Farmers & Merchants. In the end, the taxes were paid, Neilan’s estate was settled, N.J. Thomas was dissolved, and Bill Gimbel and Cora and Florence Neilan became Reliance’s chief stockholders. MOVING FORWARD Neilan’s affairs finally settled,Gimbel felt confidentmoving forward with his own ideas about how to build Reliance. It did not take long for him to impress everyone. Bill Rumer recalled that “he was really a sharp guy” but “very private,” never discussing his boyhood, his upbringing, or even his wartime naval service. Bob Henigson described him as “a man of great energy” who “could work endless hours very efficiently.” He was highly principled in his business dealings, Henigson pointed out, and he also “had a sixth sense for horseflesh” when it came to assessing people. “He could go into a room and pick out the five most mature and most likely

Bill Rumer filled the vacancy on the Reliance Board created by the death of his uncle by marriage, Tom Neilan. He encouraged Gimbel to take Reliance off the market and build up the business.

to succeed in a very short period of time,” Henigson recalled, “Needless to say, I respected him enormously.” Gimbel was a deep thinker and fully able to consider input from experts like Rumer, who advised him early on that “the essence of good command is anticipation.” He was particularly interested in pursuing opportunities Rumer recommended in the mobile home, aerospace, and electronics industries.

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