Word: lorenzo
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Dates: during 1980-1989
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...think that Eastern would be any bed of roses when we bought it three years ago," said a haggard-looking Frank Lorenzo. "But I never believed that we would be here today." Thus, six days into a bitter walkout by some 9,000 mechanics, baggage handlers and other members of the International Association of Machinists and Aerospace Workers, Eastern last week became the largest airline in history to go bust. And even as Lorenzo vowed to bring Eastern out of bankruptcy stronger than ever, he conceded that it might be impossible to avoid selling off more of Eastern's already...
...strike been higher. After 17 exhausting months of glacial negotiations with management, rank-and-file union members at Eastern decided to strike despite the risk that they might force the 60-year- old carrier to go belly up -- and lose Eastern's 31,200 jobs in the process. For Lorenzo, the intense chairman of Eastern's parent firm, Texas Air, the prospects were no better: the nation's seventh largest airline was clearly in for a bone-jarring ride, huge financial losses and a very uncertain landing...
...jobs, and their action grounded all but a handful of the airline's 250 planes. With a dwindling war chest of $200 million, hemorrhaging at a rate of $4 million a day, Eastern was forced to file for protection under the Chapter 11 provisions of the Federal Bankruptcy Code. Lorenzo used the same tactic 5 1/2 years ago to break the unions and reorganize Continental, but this time, under revised bankruptcy laws, he will find the process more arduous...
Libretto by Lorenzo de Ponte...
...that Lorenzo and the Bush administration were willing to exploit such self-interest against the strikers. If commuters really wanted to act in defense of their own interests, they would have realized that the profit motive that encourages Frank Lorenzo to drive his companies into bankruptcy in order to drive out unions is the same attitude that creates shoddy service and higher fares...