Word: hugheses
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Dates: during 1960-1969
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Costly Rescue. Frye quarreled with Hughes and quit in 1947 while the company was in the throes of serious losses. In return for more common stock, Hughes came forward with a major loan ($10 million) to keep TWA flying. In time, he hired a gifted administrator, Ralph Damon, who got...
Because of Hughes's habits, TWA was late ordering-and obtaining-jets, a lapse which let Pan American run away with the lucrative transatlantic trade for several years. Then, characteristically, Hughes ordered so many jets that even his fabulously profitable Hughes Tool Co. could not meet the bill. While...
"Now, I told him what a mess TWA was, except for the flying operations," Breech recalls. Tillinghast insisted that Breech become TWA's chairman (he still is). For himself, he arranged a contract that would continue his in come even if Hughes regained control of TWA and-as was...
Now Hughes made his worst mistake. Chivvying Tillinghast about his Boeing purchases-he argued that other planes should have been bought-Hughes threatened to sue the airline for ignoring his wishes. Instead, backed by Breech and his star-filled board, Tillinghast sued Hughes for $145 million treble damages on antitrust...
This spring, Hughes stunned everybody by cashing in his chips-all 6,584,937 shares of TWA, for $546 million, six times his original $90 million investment. Still, Tillinghast has insisted that the suit against Hughes remain alive. "It's a corporate asset," says TWA's General Counsel...