Word: jumbos
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Dates: during 1970-1979
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...blasts that demolished four hijacked airliners in the Middle East last week had more than political repercussions. They created shock waves in airline head offices round the world, threw the aviation insurance market into a tailspin, and endangered delicate arrangements for financing the new generation of jumbo jets...
...value. Under the Federal Aviation Act of 1958, Washington may offer such insurance when private firms are unwilling to sell it at reasonable rates. The companies had declined to provide more than partial coverage for the costly 747s. The Federal Government therefore agreed to make up the difference for jumbo jets on international flights, starting last July 31. Washington's insurance fund is so new that premiums had brought in only $160,000 by last week. The rest will probably have to be made up by congressional appropriation...
Test of Ingenuity. The insurance tangle threatened to upset future financing arrangements for jumbo jets because the consortiums that finance many naturally insist on full coverage as a condition of their loans. Pan Am's 747 was owned by First National City Bank of New York, but mainly financed by a group of other banks pending an offer of guaranteed loan certificates to the public later this month. After the explosion, the offer was withdrawn until new arrangements can be devised...
...meeting is a waste of time. First Hughes feigns ignorance of its purpose. Then Zeckendorf cuts through the mumbo-jumbo and makes an offer. Hughes rejects it out of hand but has what he wants: a free appraisal of his property's value from one of the nation's most astute and best-publicized business brains...
Passenger traffic is rising, but as new routes and jumbo jets add capacity, the critically important "load factor"-percentage of seats occupied-is dropping. The jumbos themselves are well filled and efficient, but they are drawing passengers from the smaller jets. In the first seven months of this year, TWA filled only 47.2% of its seats, down from 50.3% a year earlier; American's load factor in early 1970 was 49.6% v. 50.1% in 1969. Airline costs of all varieties are climbing at an accelerating pace. TWA's costs for rental and construction of ground facilities have gone...