There is no question that Larry and Wendy Culp are bullish on Chestertown. Long before he assumed the leadership as CEO of General Electric, the Culps purchased and renovated the interior and gardens of the Wickes House in the 100 block of High Street and more recently acquired Broad Reach Farm in Quaker Neck.
The Culps were part of a group of local benefactors who provided bridge funding for the Chestertown Marina project. And their Chestertown bullishness has continued with their multi-million dollar renovations of the Stam’s Pharmacy building and the former Andy’s/Lemon Leaf properties, both on High Street.
Culp affirmed his confidence in his plan to turnaround the 127 year old industrial giant with the acquisition of an additional $3 Million stake in GE on August 12, bringing his holdings to 942,668 shares owned individually or in trust, according to an SEC filing. Culp’s stake is worth an estimated $8.5 Million in today’s market.
The Street’s Jim Cramer speaking the CNBC shares his view of Culp’s recent stock acquisition.