Word: icahn
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Imagine having to hitch a 3,000-mile ride to your job. That is the plight of TWA crew members in Los Angeles who feel stranded by Carl Icahn's decision to sell off the airline's transcontinental routes. Hundreds of Los Angeles-based crews who handle international flights out of New York must sometimes leave a full day early to snare a TWA standby seat. Many employees contend that the commute leaves them too fatigued to do their job, but they see little choice. Why not relocate? "Leave California and move to Queens?" asks an incredulous senior pilot...
...1980s corporate raider going the way of the 1890s robber baron? Exhibit A: last week Carl Icahn, TWA chairman and high-stakes player during the Decade of the Deal, sold his 13.3% interest in Pittsburgh-based USX. Icahn became a force in the company in 1986, when takeover fever was at its height. He waged an unsuccessful 1990 proxy war to force the firm out of the steel business, but seemed to achieve partial victory in January when the company agreed to split its common stock into separate steel and energy issues -- an agreement that went into effect barely...
...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...