Word: lorenzo
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Dates: during 1980-1989
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Public debate scarcely considered that Lorenzo's reckless management style, not unreasonable union demands, might be at the root of Eastern's financial distress...
...ugliest buyouts in recent history, Lorenzo purchased the successful Continental Airlines. Within two years, he had dragged the company into bankruptcy. While the case was still in bankruptcy court, Lorenzo used Continental's $50 million in cash reserves to purchase stock' in other companies...
Conveniently, under the provisions of Chapter 11 bankruptcy laws, Lorenzo was allowed to void all prior union contracts to help bring Continental back to its feet. Today, Continental Airlines flies the skies again--staffed by nonunion workers...
...satisfied with busting the Continental union, Lorenzo is poised to perform the same trick on Eastern only two years later...
LAMENTABLY, the travelling public was only too eager to join in Lorenzo's anti-labor effort. Last weekend, hundreds of people flocked to Eastern ticket counters for bargain $12 shuttle tickets to New York...