Money's Paper Chase

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Potential bidders had pinned their hopes for this year's contract on a new provision that would give them, for the first time, a two-year mobilization period to invest in new technology, effectively lengthening the contract to six years. But Crane protested, and the old rules were restored. Treasury officials would not disclose whether any companies besides Crane bothered to bid, but observers say it's unlikely there were others. They may have reached the same conclusion as Appleton, which bowed out of the race in January. "We couldn't find any way to make money," Van Den Brandt says. The winning bid will be announced in September.