Word: icahn
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...dramatic as the Eastern deal was, it was only the first installment of the one-two punch that rocked the airline business in a single week. Four days later TWA Chairman Carl Icahn said the carrier would buy St. Louis-based Ozark Air Lines for $225 million. That union would increase TWA's annual traffic by 30%, to some 27 million passengers, and strengthen its position as the fourth- largest U.S. airline. The merger would be a coup for Icahn, a New York financier who gained control of TWA only seven months ago. Though a TWA-Ozark deal was already...
...Monday--At a private auction in Washington, the Administration sells the National Park system to General Dynamics Corp. and the Supreme Court--along with a 25-year supply of black robes--to Carl Icahn, and sells a 99-year lease on the Department of Health and Human Services to a pan-Arab investment consortium. The total proceeds...
...borrowed money to acquire a firm. R.H. Macy, one of the most celebrated U.S. retailers, is putting together a similar plan. In entertainment, the American Broadcasting Co., whose treasures include Dynasty, is now the crown jewel of the Capital Cities Communications empire. In transportation, Corporate Raider Carl Icahn is flying off with...
...hand are corporate raiders and many economists, who argue that takeovers and mergers help to make businesses more efficient. The threat of a takeover can be an effective way of dislodging inept managers. To Carl Icahn, the typical chief executive is merely "a nice guy, a good drinking buddy." Sir James Goldsmith, a feared acquisitor who gained control of the Crown Zellerbach paper company last summer, told Congress that he has freed firms from "the dead hand of the bureaucrat" who produced only "complacency, ossification and decline...
...unions. Frontier's employees, though, were anxious to avoid dealing with Lorenzo, whom they consider anti-union. In 1981, he bought Continental Airlines and two years later declared bankruptcy in order to get out of costly union contracts. In August, TWA's unions joined forces with Corporate Raider Carl Icahn to block Lorenzo's attempt to take over that airline. Says Lorraine Loflin, president of Frontier's flight attendants union: "We had directives from the membership that Lorenzo was not acceptable." The unions, which had given $32 million in wage concessions while trying to take over Frontier, said they would...