Word: feldman
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Continental Airlines Chairman Alvin Lindbergh Feldman, 53, worked for several hours with an aide Sunday, Aug. 9, in his office at the Los Angeles International Airport. The two men were preparing a press release to be published the next day announcing that nine banks had pulled out of a plan aimed at stopping a Texas International Airlines takeover of the company. The banks had changed their minds about making a $185 million loan to a group of about 11,000 employees who wanted to buy controlling interest in their ailing company. Without the loans, the takeover seemed inevitable. After finishing...
...Continental chairman had built up a reputation as one of the top executives in the airline industry. Only two months ago, Pan American Chairman William Seawell offered Feldman the Pan Am presidency, but Feldman declined. During nine years as chairman of Denver-based Frontier Airlines in the 1970s, Feldman transformed that carrier from a major loser to a consistent moneymaker by paring unprofitable routes, streamlining management and restructuring its flight operations...
...When Feldman took over Continental in early 1980, it was a troubled airline. Although it had a good network of domestic and international flights, Continental had never fully recovered from a long strike in 1976. The company lost $13 million in 1979, more than $20 million in 1980 and $34.7 million for the first half of this year. Like many other carriers, Continental was also suffering from the tough competition set off by the deregulation of the airline industry and the high cost of jet fuel...
...merger looked like a good move, and Feldman started talking to Western Airlines, a regional carrier that flies in 15 states west of the Mississippi, Canada and Mexico. The two companies tried to merge in 1979, but the Civil Aeronautics Board at the time stopped them, arguing that such a deal would reduce air competition on the West Coast. But in March the CAB changed its decision and gave Continental and Western the go-ahead...
Said one Pan Am official: "The really good people didn't necessarily want it be cause the airline is in something of a mess." Seawell himself had interviewed A.L. Feldman, the president of Continental Airlines, and Edwin I. Colodny, the chairman of USAir, in an apparent attempt to pick his successor, only to be rebuffed at the time by both...