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Vanguard about to bite the dust!
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FL717
As the World Turns
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- Jul 23, 2002
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TWA is looking to acquire Eastern Airlines
F.Y.I.!!!
http://query.nytimes.com/gst/fullpage.html?res=950DE1D9153DF93AA35750C0A96F948260
T.W.A.'S CHAIRMAN WANTS TO DISCUSS ACQUIRING EASTERN
By AGIS SALPUKAS
Published: March 9, 1989
LEAD: Carl C. Icahn, the corporate takeover specialist, said yesterday that he would begin talks with striking machinists about taking over Eastern Airlines if Frank Lorenzo, chairman of Eastern's parent company, the Texas Air Corporation, gave him permission.
Carl C. Icahn, the corporate takeover specialist, said yesterday that he would begin talks with striking machinists about taking over Eastern Airlines if Frank Lorenzo, chairman of Eastern's parent company, the Texas Air Corporation, gave him permission.
Mr. Icahn, who is chairman of Trans World Airlines, has had several discussions in recent months with Eastern's unions and with Mr. Lorenzo about acquiring the financially troubled airline if the unions would grant wage and benefit concessions.
Wall Street analysts said the move reflected the underlying strategy of the machinists and Eastern's pilots, who have refused to cross the machinists' picket lines, thus paralyzing the airline. That strategy is to use the strike to force Mr. Lorenzo to sell. Issue of Wage Concessions
The unions' thinking is based on the premise that in return for partial ownership of Eastern, the unions would be willing to give Mr. Icahn wage and benefit concessions they are unwilling to give Mr. Lorenzo. The desire to remove Mr. Lorenzo from ownership of Eastern has been one of the forces unifying Eastern's unions.
People close to Mr. Icahn said yesterday that he had not yet talked to Mr. Lorenzo about beginning discussions with the unions.
Mr. Lorenzo's options for dealing with the Eastern Airlines strike, which began last Saturday, appear to be narrowing. Outside experts on the airline's financial condition said the carrier might soon face a cash crisis and might have to file for protection under Chapter 11 of Federal bankruptcy law.
To counter a loss of traffic on its East Coast shuttle, Eastern announced it would cut the one-way fare to $12, from $69, for this weekend, and to $49, from $99, for Monday through Friday next week. The shuttle flights connect New York, Boston and Washington.
Eastern has greatly reduced its expenses by laying off many nonstriking employees (leaving only about 1,500 at work) and by flying only a small part of its schedule, but the analysts believe that the airline still faces a potentially large drain on its cash reserves and that this could force Mr. Lorenzo to file for bankruptcy protection soon.
''We're talking a matter of weeks,'' said Michael Salshutz, an analyst who follows Eastern for L. F. Rothschild & Company.
Although Eastern has more than $300 million in cash, much of it came from advance ticket sales, he said, and this cash could be drained quickly because passengers are demanding refunds on tickets and other airlines are seeking payment for Eastern tickets used by stranded Eastern passengers.
Mr. Icahn and the machinists are old hands at forging an alliance in an airline takeover. They combined forces in 1985 to put together an offer in which Mr. Icahn gained control of T.W.A. and snatched it away from a bid made by Mr. Lorenzo.
Brian Freeman, an investment banker who represents the machinists and played a large role in putting together the successful T.W.A. bid, said that he had been in touch with Mr. Icahn. Mr. Icahn said he had promised Mr. Lorenzo he would not talk to the unions unless he had Mr. Lorenzo's permission, Mr. Freeman said.
Mr. Icahn said in a statement yesterday that he and Mr. Freeman had been discussing the possibility of a takeover attempt since the strike began.
The T.W.A. chairman said he would be ''willing to speak to the unions only if Eastern permits me to because I do not want to be accused by Eastern of interfering with the collective bargaining process.''
Mr. Icahn said Mr. Lorenzo had allowed him to negotiate with the unions two months ago about a possible bid but that he and Mr. Lorenzo could not agree on a price and other terms.
In those negotiations, Mr. Icahn added, he and the unions ''were close to getting concessions for a T.W.A.-Eastern merger and they were close to getting what they wanted - a piece of the merged company.''
F.Y.I.!!!
http://query.nytimes.com/gst/fullpage.html?res=950DE1D9153DF93AA35750C0A96F948260
T.W.A.'S CHAIRMAN WANTS TO DISCUSS ACQUIRING EASTERN
By AGIS SALPUKAS
Published: March 9, 1989
LEAD: Carl C. Icahn, the corporate takeover specialist, said yesterday that he would begin talks with striking machinists about taking over Eastern Airlines if Frank Lorenzo, chairman of Eastern's parent company, the Texas Air Corporation, gave him permission.
Carl C. Icahn, the corporate takeover specialist, said yesterday that he would begin talks with striking machinists about taking over Eastern Airlines if Frank Lorenzo, chairman of Eastern's parent company, the Texas Air Corporation, gave him permission.
Mr. Icahn, who is chairman of Trans World Airlines, has had several discussions in recent months with Eastern's unions and with Mr. Lorenzo about acquiring the financially troubled airline if the unions would grant wage and benefit concessions.
Wall Street analysts said the move reflected the underlying strategy of the machinists and Eastern's pilots, who have refused to cross the machinists' picket lines, thus paralyzing the airline. That strategy is to use the strike to force Mr. Lorenzo to sell. Issue of Wage Concessions
The unions' thinking is based on the premise that in return for partial ownership of Eastern, the unions would be willing to give Mr. Icahn wage and benefit concessions they are unwilling to give Mr. Lorenzo. The desire to remove Mr. Lorenzo from ownership of Eastern has been one of the forces unifying Eastern's unions.
People close to Mr. Icahn said yesterday that he had not yet talked to Mr. Lorenzo about beginning discussions with the unions.
Mr. Lorenzo's options for dealing with the Eastern Airlines strike, which began last Saturday, appear to be narrowing. Outside experts on the airline's financial condition said the carrier might soon face a cash crisis and might have to file for protection under Chapter 11 of Federal bankruptcy law.
To counter a loss of traffic on its East Coast shuttle, Eastern announced it would cut the one-way fare to $12, from $69, for this weekend, and to $49, from $99, for Monday through Friday next week. The shuttle flights connect New York, Boston and Washington.
Eastern has greatly reduced its expenses by laying off many nonstriking employees (leaving only about 1,500 at work) and by flying only a small part of its schedule, but the analysts believe that the airline still faces a potentially large drain on its cash reserves and that this could force Mr. Lorenzo to file for bankruptcy protection soon.
''We're talking a matter of weeks,'' said Michael Salshutz, an analyst who follows Eastern for L. F. Rothschild & Company.
Although Eastern has more than $300 million in cash, much of it came from advance ticket sales, he said, and this cash could be drained quickly because passengers are demanding refunds on tickets and other airlines are seeking payment for Eastern tickets used by stranded Eastern passengers.
Mr. Icahn and the machinists are old hands at forging an alliance in an airline takeover. They combined forces in 1985 to put together an offer in which Mr. Icahn gained control of T.W.A. and snatched it away from a bid made by Mr. Lorenzo.
Brian Freeman, an investment banker who represents the machinists and played a large role in putting together the successful T.W.A. bid, said that he had been in touch with Mr. Icahn. Mr. Icahn said he had promised Mr. Lorenzo he would not talk to the unions unless he had Mr. Lorenzo's permission, Mr. Freeman said.
Mr. Icahn said in a statement yesterday that he and Mr. Freeman had been discussing the possibility of a takeover attempt since the strike began.
The T.W.A. chairman said he would be ''willing to speak to the unions only if Eastern permits me to because I do not want to be accused by Eastern of interfering with the collective bargaining process.''
Mr. Icahn said Mr. Lorenzo had allowed him to negotiate with the unions two months ago about a possible bid but that he and Mr. Lorenzo could not agree on a price and other terms.
In those negotiations, Mr. Icahn added, he and the unions ''were close to getting concessions for a T.W.A.-Eastern merger and they were close to getting what they wanted - a piece of the merged company.''
airplane wizard
Well-known member
- Joined
- Mar 30, 2006
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DiverDriver
Welcome to The Fall.
- Joined
- Oct 13, 2003
- Posts
- 446
Snapperhead
Well-known member
- Joined
- Nov 28, 2001
- Posts
- 177
You mean Ozark with the 9s, or Ozark with the Dornier 328 jets? Either way, good luck on your interview.
Secret Squirrel
Well-known member
- Joined
- Jun 6, 2003
- Posts
- 1,257
You mean Ozark with the 9s, or Ozark with the Dornier 328 jets? Either way, good luck on your interview.
He probably wants the DC-3
http://www.airliners.net/photo/Ozark-Air-Lines/Douglas-DC-3A/0931058/M/
DiverDriver
Welcome to The Fall.
- Joined
- Oct 13, 2003
- Posts
- 446
Bingo! I got me 5 hours right seat time so that should give me a leg up on the competition. Those 3s still around? Haven't heard the drone in awhile.
WHHAAATTT!!!...I didn't get that e-mail yet, my dial up connection has been giving me trouble ever since i upgraded to the Commodore 64.
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