Word: lorenzo
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Dates: during 1980-1989
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CONTINENTAL Airlines' flight attendants recently went on strike. Since Continental is the sister airline of Frank Lorenzo's Eastern, you can be sure that the call will soon go out for flight attendant scabs...
...choosing bankruptcy, Lorenzo has won some breathing room, but he has also given up considerable power. Under federal law, Eastern management will have 120 days to submit its reorganization plan to the bankruptcy court. In the meantime, the airline can resume normal operations if it reaches an agreement with its unions. But the rules have changed since Lorenzo's previous foray into Chapter 11 with Continental. Management can no longer toss out union contracts under Chapter 11 without the court's approval...
Eastern's unions welcome the prospect of dealing with a judge instead of Lorenzo. But they too will lose clout under Chapter 11. For one thing, the bankruptcy court has the power to set terms for a contract settlement. But the unions will also be able to file a reorganization plan for the airline. Union leaders gave every indication that the strike will continue. At week's end its focus turned to picketing Continental facilities at airports in Miami, Houston, Denver and Newark...
...dramatic events took their toll on Lorenzo. "I'm not going to kid you by saying that some of those efforts haven't hurt my family and me," he said last week. "They have." Lorenzo maintains that he has done everything in his power to prevent Eastern from folding. He recalls the options that former Eastern Chairman Frank Borman described for the airline in 1986: "Fix it, sell it, or tank it." Unable to fix it, Borman sold it. As the bankruptcy court now begins to address the formidable task of putting Eastern back together again, Lorenzo was facing...
...Frank Lorenzo hopes to rebuild the airline. -- A new Third World debt plan. -- Time and Warner join forces to form a communications giant...