Initially I thought, "I'm not going to re-litigate this." Then, I waited a few minutes, and thought "what the hell........."
First, A. Y. Malcomson was indeed one of the two major shareholders in Ford Motor Company. The other, equal largest shareholder? Henry Ford.
Now, why that doesn't make a damn bit of difference. I once sat on a board of directors for several years. The company was owned by shareholders. Just as with FMC, the shareholders had a meeting, once a year. We, the BOD, on the other hand, held meetings every other month. Some of our directors held ownership in the company, some of us, like myself, did not. Regardless of these facts, each of us had 1 vote. We did not vote as a board based on how many shares of the company we did, or did not possess. I doubt any independent BOD does.
At our meetings, management, the day to day leaders of the company, primarily the CEO and CFO, presented issues to us, usually with a plan, or plans of action. Because we were not "day to day" hands on employees, we listened to their proposals, and usually went along with their plan of action(s). That's how BOD work. They are not in place to determine day to day operations, nor even plan long term specific actions. They exist to provide oversight, and to give opinions from outside the walls of the company.
With that said, Malcomson was all but absent by the time the Model K was being planned, and was a "persona non gratta" when the Model K went into production. Malcomson had secretly signed an agreement with Reeves Manufacturing for 500 20 hp air cooled motors on November 1, 1905. He was already heavily invested in his new (and competing) start up company. When news of his company broke, in early December 1905, the Ford Motor Company BOD immediately drafted a letter instructing him to resign from the board due to his creation of a competing company. It should be noted, the BOD did not direct Malcomson to sell his shares of FMC stock (and in fact, they couldn't). They simply told him, in writing that due to major ownership in a competing company, he should not retain any authority over FMC operations.
There is one other aspect of this story, regarding Malcomson and the creation of Ford Manufacturing Company (the company brought on to build Model N motors) I'll save for an independent thread at another time, which deserves attention, but again, for another time.
The Model K (and N, which was very similar, in regard to steering, drive train, etc. etc) bear no similarity to the new for 1906 Aerocar. While Malcomson produced both an air cooled and water cooled model for 1907, his sole offereing for 1906 was a 20 hp Reeves air cooled engine, that was designed in 1903! The chassis included a non-spectacular simple steering design, completely different rear drive system, and three speed sliding gear transmission. Nothing about the Aerocar and Ford K (and N) was similar, except four wheels.
Had Malcomson somehow "forced" Henry Ford to build the Model K (and some times the Model B is thrown into this argument), wouldn't he (Malcomson) have built the same, or a similar version, of the car(s) he is purported to have 'forced" FMC to produce?
I could (and have, many many times before

) go on an on. However, I'll let someone who was in the room speak to the subject. After all, who would know better than another shareholder, who was, and remained, friends of both Henry Ford and A. Y. Malcomson the remainder of both their lives?

Once the rubber hit the road (some say all puns are intended......), the Ford Model K, the car HF was "forced to produce," became an immediate success, causing FMC to become the largest manufacturer of six cylinder cars in the world (sound familiar?) for both 1906 and 1907. Furthermore, the 1907 Model K was completely revamped, adding six inches to the wheelbase, a newer design body, 20% more hp, a much heavier, and trussed frame, and a flex flywheel system to allow more frame movement without damaging the drive train. And this redesign occurred long after any outside influence from investors may have been a factor (with Malcomson and a few other shareholder sales, HF owned well over 50% of FMC shares). What's more, and definitely more to a shareholder, 1906 Model K sales kept the company in the black, generating 85% of FMC's Fiscal Year new car revenue!

Meanwhile, Aerocar floundered from the start. Although financed with $400,000 capital (largely provided by Malcomson, who infused Aerocar with another $100,000 of capital following his sale of FMC stock in the summer of 1906), Aerocar struggled to meet sales for 1906. How do we know? Because Aerocar was bankrupt by the summer of 1907. Furthermore, Aerocar, and Malcomson found themselves in a courtroom in 1909, sued by Reeves Manufacturing for only taking 300 of the 20 hp aircooled motors over the three years Aerocar was produced, 1906 - 1908. Meanwhile, Aerocar did move to a larger model four cylinder offering for 1907 and 1908, along with retaining a 20 hp touring and adding a 20 hp air cooled roadster. But, all to no avail. Aerocar became a spectacular flop and faded into history. Meanwhile, the owner of that one water cooled Aerocar still in existence that was referenced earlier on this thread is a good friend of mine. I'm thrilled that this distant cousin to Ford will again be on the road. And that owner and I have shared information about his Aerocar, and we've noted how very different that 1907 Aerocar is from the Ford Model K.

Two very different "animals:"
I rest my case (for the moment........)
