Word: airwest
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...Burgin, a partner in New York's Bessemer Venture Partners: "We prefer to invest in people with a track record, or we find a good manager for someone who comes up with a good idea." One such person was Irving Tague, who had been general manager of Hughes Airwest, a West Coast airline. Tague headed a group of executives that founded Chicago's Midway Airlines in 1979. The company, which was launched largely with $6 million in Bessemer venture money, earned more than $3.4 million during this year's second quarter alone...
...from Acapulco to his native Houston. Lummis, Hughes' first cousin, is now standing in as head of most Hughes enterprises, a chaotic financial empire once estimated to be worth $2.3 billion. Lummis last week took another major step toward straightening out the family business when he sold Hughes Airwest, the West Coast carrier, to Republic Airlines for $38.5 million...
...that Summa is making money. In 1978 the company earned $30.9 million before taxes on sales of $762.3 million. Last year earnings dipped to $13.5 million, although sales rose to $869 million. The main reason for the lower 1979 profits: a strike-induced loss of $26.2 million by Hughes Airwest. Last year the hotel-casino group was the largest moneymaker, earning $38.7 million. The aviation group, on the other hand, made only $5.9 million. Says Rick Harrison, a Texas lawyer close to the protracted Hughes estate-tax fight: "Lummis has done a very good job. He's flat turned...
...Mart of the skies. Midway takes the plain pipe rack approach to flights between Chicago and Detroit, Cleveland, Kansas City, St. Louis and Washington. Founder and Chairman Irving Tague, 52, the former head of San Francisco-based Hughes AirWest, got the line aloft by leasing three ten-year-old DC-9 jets from TWA and daubing them with rainbow colors. Uniforms for flight attendants came off the peg rather than being designer-made. No meals are served aloft, yet drinks are a bargain at $1 each. Midway's nonunionized ticket agents cheerfully help load bags or straighten...
...history by outfitting PSA stewardesses in tangerine-colored hot pants. When PSA balked at his plan to put out an in-flight magazine, he formed East/West Network, Inc. Butler gradually picked up other clients, and today the Los Angeles-based firm publishes magazines for PSA, Allegheny, Continental, Eastern, Hughes Airwest, Ozark, Pan Am, Southern, Texas International and United.* East/West figures that last year a total of 10 million passengers read the magazines each month. Combined revenues were $20 million, and profits were about $2 million...