Word: icahn
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Dates: during 1990-1999
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...corporation worth its public relations department would want to be heard temporizing with an old saw like "The check is in the mail" when a fresh, Desert Storm excuse is handy? Trans World Airlines, plagued by high debt and slow traffic since it was purchased in 1986 by Carl Icahn, cited the Persian Gulf in announcing that it would not be making $75.5 million in scheduled payments to bondholders in February. As for the dismal performance of retailers over Christmas, who would imagine that thigh-high hemlines or sticker shock over $100 cotton sweaters and $200 tennis shoes rather than...
Hard times in the airline industry have left a few strong carriers with most of the traffic and a handful of debt-ridden ones struggling to stay aloft. Last week two of the weaker airlines decided that a merger may help them survive. TWA chairman Carl Icahn, who began pursuing a merger with Pan Am two months ago, finally persuaded the rival carrier to agree tentatively to a deal. Under the terms, TWA would acquire Pan Am for $375 million, or $2.50 per share in cash and securities. The merger, however, depends upon Icahn's ability to provide a bridge...
...Icahn raised money for the merger by agreeing last week to sell TWA's profitable U.S.-to-London routes to American Airlines for $445 million. Just last October, Pan Am entered into a similar agreement to sell its London routes to United Airlines for $400 million...
...term debt in the process of building itself into one of the five largest U.S. carriers. Rival carrier Delta confirmed last week that it may buy some of Continental's assets. At TWA, market share has slipped from about 10% in 1985 to 8% currently. Since TWA boss Carl Icahn failed to move quickly enough to replace his aging aircraft, the airline is stuck with a fleet that is particularly thirsty and costly. New Boeing and McDonnell Douglas passenger jets are as much as 25% more fuel efficient than the older 747s and DC-9s that fill TWA's hangars...
...companies. In March, Dallas investor Harold Simmons tried to convince shareholders at Lockheed's annual meeting that he could do better than the present management to rescue the defense contractor from its financial troubles. And on May 7, shareholders of USX (formerly U.S. Steel) will vote on raider Carl Icahn's proposal to get out of the steel business once and for all. Icahn had threatened an all-out proxy fight if the matter were not put to a vote. Already 18 major proxy battles have been launched so far this year, up from only a handful last year...