Word: bonderman
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...unorthodox agreement, Northwest will buy 14% of Continental's common shares--but 51% of the company's voting shares--effectively creating a domestic and international network to compete with megacarriers like United and American. The Continental shares are being sold by Air Partners, controlled by investor David Bonderman. Continental was operating on a wing and prayer five years ago when Air Partners and Air Canada (which since sold its shares) each invested about $50 million to lift the carrier out of bankruptcy. Last week Air Partners sold its remaining shares for $519 million. The alliance will boost Northwest and Continental...
...MAJOR INVESTORS IN CONTINENTAL AIRLINES AND NORTHwest Airlines are quietly talking merger. DAVID BONDERMAN, whose investor group controls 28.7% of Continental Airlines, and RICHARD C. BLUM, a key Northwest Airlines board member, recently held a secret meeting in the very conspicuous Hotel Bel-Air in Los Angeles. If the two can work out the snags -- such as the fact that Air Canada owns a chunk of Continental -- Bonderman and Blum could make a deal that would shake up the airline industry...
...lost its prized family spirit, which some critics say led executives to place loyalty to the company above respect for the law in the campaign-fund scandals. Five men - Heltzer, Cross, Hansen, Bennett and former Chairman William McKnight - have agreed to pay the company $475,000 to settle the Bonderman suit. McKnight offered to contribute $300,000 of his own funds, even though he was not implicated. "These other men don't have the kind of money I do," explained McKnight, now 87, whose 3M holdings are worth about $200 million...