Thresher Industries, Inc. (THRR)

[ryanmnly]

Researching the Potential Buyer:

In 2008, a person named Dr. Bill Harrigan signed on as an advisor to Talon Composites. In a letter to investors it says:

"Dr. Bill Harrigan, PHD Metallurgist has joined our team as an advisor to help define direction for the composites group and to assist us in development of advanced metal matrix composites for cast applications. Dr. Harrigan is highly respected in the industry and is a leader in advanced materials" (Ref. 1).

I located via LinkedIn a person named William Harrigan who works for Boeing in ceramic technologies (Ref. 2). He also resides in Orange County, where Talon Composites is located.

The boron carbide in Talbor is "an advanced ceramic that is the third hardest material in the world" (Ref. 3). Is it possible that The Dr. Bill Harrigan in the letter and William Harrigan at Boeing are the same person? The letter states that he is advising to "help define direction" of the development of metal matrix composites. Could it be that Boeing showed interest in the technology at Talon Composites and thus offered Dr. Harrigan to hone it so it fit Boeing's needs?

Talbor fits right into Boeing's scope of work and there is ample information on the Internet regarding how they turn to Universities such as Cal Poly and ASU for employees and new technologies. Look up ceramic or cast moldings or composites as well and they are involved. There is also a reference to a part-time engineering professor, Professor Bill Harrigan, at CSU Northridge, which is also in Orange County (Ref. 4).

If this Bill Harrigan is all one and the same, is the buyer Boeing? The secrecy would be perfectly understandable if it was. The binding contract between Boeing and Thresher in regards to Harrigan would most certainly call for non-competes and confidentiality agreements. Plus, causing a bidding war with Lockheed Martin or anyone else would set off a chain of legal events that would result in lawsuits against Thresher and/or negation of agreements.

Ref. 1: http://www.thresherindustries.com/Open%20Letter.pdf
Ref. 2: http://www.linkedin.com/pub/william-harrigan/10/32b/91b
Ref. 3: http://www.taloncomposites.com/
Ref. 4: http://www.ecs.csun.edu/msem/faculty.html

(My thoughts only, please be aware this is only speculation.)