Word: burrs
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...wings of high-flying People Express had been drooping under the heat of intense competition. In the first six months of 1986, the revolutionary discount airline lost an estimated $103 million, an alarming deterioration compared with a $5.7 million deficit for the same period last year. Finally, said Donald Burr, 45, People's founder and visionary chairman, "we had to do something." Last week Burr did. In a tersely worded statement he announced the possible upcoming sale of part, "or under certain circumstances even all," of the country's fifth-largest airline, which had 1985 revenues of nearly $1 billion...
...interview with TIME, Burr clarified his position, declaring that "it's not really my intention to sell the whole airline. First we'll sell some assets and cut our costs." He added, "We've been tested before. We'll find a way to deal with this setback too." The stock market, however, ( remained skeptical. People stock, which had been trading fitfully in the $9 range since January, was pummeled in the past two weeks on Wall Street down as low as $4.88. Five days after Burr's announcement, People shares closed at only $6.75. There was considerable irony...
...million last year. But People bought planes and added flights so rapidly that the percentage of seating capacity used dipped from a 1983 high of 75% to an average so far this year of 60%. The company needs to fill 65% of its seats to break even. As Burr puts it, "Right now we're simply offering more than the public wants...
...case, at the close of 1936's three-day event, President Conant proposed, and the gathering unanimously approved, a motion adjourning the celebration until "the eighteenth of September, 2036." But 50 years short of that date, Harvard is preparing to strike up the band and celebrate, in Burr's words, "350 years of education in America and Harvard's role...
...those who have worked with him putting together the Crimson's big birthday bash see Stephenson's role a little differently. "If you want details Steve Stephenson is the man to see. He tackles the nitty-gritty details of the job," says Francis H. Burr '35, former senior fellow of the Corporation and one of the ceremony's chief organizers...