Word: borman
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...June alone, 40,852 flights were at least 15 minutes late, an increase of 106% over June 1983. Accounting for 60% of the delays are a handful of airports in the New York metropolitan area, Chicago, Denver, Atlanta and St. Louis. Eastern Air Lines Chairman Frank Borman reckons that this year the slow-ups have cost his line more than $30 million. The air-traffic-control system, he says, "is clearly overtaxed at this time...
...employees on "inactive status," and started up service again with workers willing to accept as little as half the wages that Continental employees had been making. Lorenzo said that his maneuver would give Continental an "opportunity to compete." Some critics called it union busting. After Eastern Airlines Chairman Frank Borman warned that his carrier might follow Continental into bankruptcy proceedings, his major unions agreed to pay reductions and work-rule changes worth $367 million. In return, workers will get 15 million shares of Eastern stock and control two seats on the airline's board...
Meanwhile, in the airline industry, labor last week suffered another setback. Responding to a threat by Chairman Frank Borman that Eastern Air Lines faced bankruptcy, three major unions agreed to accept wage cuts of up to 22% next year and work-rule changes worth $367 million. In return, according to Eastern's Machinists Union President Charles Bryan, workers will get 15 million shares of stock and be able to designate candidates for two seats on the airline's board...
...after it had first filed for protection from creditors under bankruptcy laws and then ordered its workers to take pay cuts that in some cases exceeded 50%. At Eastern (1982 revenues: $3.76 billion), where losses reached $128.9 million during the three quarters that ended last month, Chairman Frank Borman gave employees an ultimatum: accept wage reductions of 15% by Oct. 12, or Eastern would also file for bankruptcy. In addition, Eastern's more than 5,000 flight attendants were set to strike the Miami-based carrier unless it agreed to a new contract...
...Eastern, one hopeful sign emerged late in the week when Borman abruptly dropped his ultimatum. The action followed a series of labor-management talks prompted by former U.S. Labor Secretary William Usery Jr., whom Eastern had hired as a consultant. Eastern agreed during the sessions to retain a pair of outside advisers to examine its financial woes and propose solutions. The move was welcomed by the carrier's unions...