Yes, lot's of rumors about this. This is the story as I heard it. Pearson was going out of business in the bay area and shipped the Alberg 35 molds to the dump with instructions that the operator cut them up. The manager there was an enterprising guy and instead cut a deal with Handy and Jenkins to purchase them. Ray Handy offered Bruce a job who was then working as a draftsman for Columbia. Design fees and royalties were to be paid only after the first hull was built and sold. The first assignment was to redesign and tool the deck. These dubious/sketchy beginnings were the birth of Ericson Yachts.
Thanks for your response, Martin. Fascinating history of boating in SoCal in the 60s. Your dad was definitely in the right place at the right time. I think I looked into it once and concluded that he was still in his 20s when he designed my boat (Ericson 30). That means he was even younger when he designed the Islander 37, a very beautiful boat IMO. Pretty amazing, not only that a naval architect in their 20s could do this kind of work but also that they would have the opportunity.