Gerard "Jerry" Vultee and Vance Breese started the Airplane Development Corporation in early 1932 after American Airlines showed great interest in their 6-passenger V-1 design. Soon after, Errett Lobban (E.L.) Cord bought all 500 shares of stock in the company and the Airplane Development Corporation became a Cord subsidiary. Due to the Air Mail Act of 1934, AVCO established the Aviation Manufacturing Corporation (AMC) on November 30, 1934 through the acquisition of Cord's holdings, including Vultee's Airplane Development Corporation. AMC was liquidated on January 1, 1936 and Vultee Aircraft Division was formed as an autonomous subsidiary of AVCO. Vultee acquired the assets of the defunct AMC, including Lycoming and Stinson Aircraft Company. Vultee Aircraft was created in November 1939, when Vultee Aircraft Division of AVCO was reorganized as an independent company. Jerry Vultee died in an aircraft crash in 1938. The Vultee Aircraft Division began to develop military designs, such as the BT-13, BT-15, and SNV Valiant trainers, and had other major production programmes such as the V-72 Vengeance, serving in the USAAC as the A-31 and A-35. The AVCO Vultee division became the separate Vultee Aircraft Corporation in 1939. The P-66 Vanguard was a 1941 fighter that was intended for Sweden but was inherited by the USAAC, Great Britain and finally, China. The P-66 had a mediocre combat record in China and was out of service by 1943. The XP-54 fighter project was the last Vultee Aircraft design but only 2 examples were built. In 1943, Consolidated and Vultee officially merged, creating the Consolidated Vultee Aircraft Corporation, popularly known as Convair.