Word: deale
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Dates: during 1980-1989
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Ueberroth's complex deal to buy the troubled airline has been hailed by Wall Streeters and airline experts as a masterpiece of risk sharing that will help make his task more manageable. The ownership of the restructured airline will be divided among Ueberroth and his investors, who will get 30% of the carrier, Eastern's employees (30%) and other new stockholders (40%). Ueberroth's core group of investors will put up only $200 million in cash. The new company will cover the remaining $264 million of the purchase price by forgiving $185 million in debt that the parent company, Texas...
While Eastern's employees will become part owners, they will have to make sacrifices to do so. Under the agreement, Ueberroth can withdraw from the Eastern deal unless its unions agree to return to work by early this week. Ueberroth maintains that the airline's machinists and pilots must give up $210 million in wage and benefits concessions. That is far more than the $125 million in cutbacks that Lorenzo demanded from the machinists, who walked out when no compromise could be reached...
...pilots' union has looked favorably on the deal. So have rank- and-file machinists, but by week's end machinists' union officials were criticizing the transaction as a giveaway to Lorenzo. "I think the deal stinks. They are cutting up Eastern so that it can't survive," said Wally Haber, senior general chairman of the airline's machinists' union. "I like to play baseball, but I like to play on a winning team." Some labor officials may have been talking tough because they still had to go to the bargaining table with Ueberroth...
Responding to the criticism, headmaster Burns said last week that the school's handling of Rogers "may have been . . . in retrospective, not the best." Rogers was offered a new contract for the next school year, but she has yet to accept the deal, partly because it makes her return to the campus contingent on a "substantial" determination by the Naval Investigative Service, the FBI and the San Diego police that she does not pose a security threat. "Does Sharon feel betrayed? I think she does," says a friend. "Twelve years of her life she's given to that school...
...instructed how to evacuate the building during a bomb threat, and a psychologist has counseled Rogers' pupils. Officials held a "terrorism awareness" briefing for faculty members. And 21 fourth-graders anxiously await the return of their beloved Mrs. Rogers. "What Americans need to understand is that the way to deal with terrorism is not to isolate the victim but to stand together," observes San Diego Congressman Bill Lowery, Rogers' most vocal supporter. "((The terrorists')) weapon is fear. Most Americans realize that, and I hope the parents and the administration at La Jolla Country Day realize...