 With the stock market crash in October 1929, Detroit Aircraft stock fell to 12.5 cents a share and by 1932 Lockheed Aircraft was bankrupt.A group of investors headed by brothers Robert Gross and Courtlandt S. Gross, and including Walter Varney bought the Lockheed company out of receivership in 1932.Allan Lockheed returned as a consultant but had no formal management role with his namesake company.