Word: icahn
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...Carl Icahn of TWA says you are trying to drive him out of business...
Predictably, Crandall's revolutionary fare changes triggered a dogfight last week with Carl Icahn, the corporate raider turned executive who heads TWA. Icahn challenged the new fares by slashing TWA's rates as much as 40% below American's prices. Icahn also vowed to keep volume discounts for corporate travelers, which American's plan eliminated. "We are here to stay," he told TIME. "I'm not a passive guy. It's hard to drive a low-cost competitor out of business. And, as far as I'm concerned, it won't work...
...Icahn brings some surprising strengths to this skirmish. Bankruptcy-court protection keeps his airline's costs down and permits it to offer some of the industry's lowest prices. TWA has suspended payments on $1 billion of debt and is renegotiating lease payments on some aircraft as it works out a plan to satisfy creditors. While Icahn says he expects to fly TWA out of court late this summer, some analysts argue that he may try to stay in Chapter 11 proceedings while doing battle with American...
...additional $25 million. But Delta, which had come up with $115 million to keep Pan Am flying in recent weeks in exchange for 45% of the company, refused to pay any more. Desperate, Pan Am's lawyers and bankers scrambled fruitlessly for fresh cash, reportedly begging TWA chairman Carl Icahn for a relatively paltry $15 million in a late-night call. Fat chance: TWA has said it will seek bankruptcy protection early next year...
...only to turn to his wife Linda. As president of the Manhattan p.r. firm Robinson, Lake, Lerer & Montgomery, she ranks among the most powerful -- and controversial -- publicists in America. Her clients range from Texaco, which she helped to fend off a takeover bid staged by raider Carl Icahn, to junk-bond king Michael Milken, whose infamy she tried to % subdue. Together the Robinsons are a nonpareil power couple who cut a broad swath through the toniest boardrooms and ballrooms of the corporate elite...