Word: braniff
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...airline industry these days resembles an executive-suite version of The Matchmaker. Pan Am is flirting with Eastern Airlines and has an eye on Braniff. Northwest Orient last week won permission to take ailing Northeast for better or worse but lost the dowry it had expected. The Civil Aeronautics Board ruled that Northeast's Miami-Los Angeles route was not part of the arrangement-which consequently could fall through. Meanwhile, American and Continental were both vying for Kirk Kerkorian's Western Airlines, and American took over Trans-Caribbean, which flies between the East Coast and some Caribbean points...
...heavy interest charges on its $862 million debt, Ling was forced to sell off National Car Rental, Staco, Inc., Wilson Sporting Goods, Allied Radio and Whitehall Electronics, as well as most of the conglomerate's holdings in Computer Technology and some of its stock in Braniff Airways. Last week the cash squeeze got worse when Jones & Laughlin directors voted to omit the quarterly dividend−cutting off $4.2 million in income that LTV could have applied to its debts...
...investment in the company. For example, E. Grant Fitts, the president of Gulf Life Holding Co., is accountable to his stockholders for LTV securities that once had a value of some $34 million but are now worth only about $8.8 million. The word around headquarters last week was that Braniff Airways President Harding Lawrence, husband of Adwoman Mary Wells Lawrence, will be a powerful figure on the new LTV board...
...installments. Last week LTV announced that it expected to prepay up to $47 million of the debt "in the near future." The money will come from the sale of Wilson Sporting Goods, which was disposed of in February. Discussions have also been going on with several possible purchasers of Braniff Airways and Okonite Co., two sizable pieces of LTV that Ling agreed to sell in return for the Justice Department's withdrawal of its J & L antitrust suit. Those sales could be held up, however, by Federal Judge Louis Rosenberg, who will begin hearings next week in Pittsburgh...
...positioned before a string of A.M.C. models under the headline: "I can't believe that people enjoy paying more for a car than they have to." Mary Wells Lawrence, president of Wells, Rich, Greene, the agency that produced the ad, made her reputation with frivolous promotions like painting Braniff Airways planes in pastel colors and suiting up the stewardesses in Pucci pajamas. Such stunts, she agrees, would not work today. "You can't emphasize fantastic luxury," she says. "What smells right at the moment is sweetness, honesty and a clear explanation of value...