Word: lorenzo
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
Stepping up to the microphones during a Manhattan press conference last week, Peter Ueberroth looked every inch the Designated Hero. Frank Lorenzo, the embattled chairman of Texas Air, had just announced that an investor group headed by the boyish-looking former commissioner of major league baseball will buy strike-bound and bankrupt Eastern Air Lines for $464 million. Celebrating Ueberoth's move in a Miami union hall where they heard the news, boisterous Eastern machinists began singing Take Me Out to the Ball Game. The initial response of striking employees to their prospective new boss held promise that Ueberroth...
...Ueberroth can withdraw from the Eastern deal unless its unions agree to return to work by early this week. Ueberroth maintains that the airline's machinists and pilots must give up $210 million in wage and benefits concessions. That is far more than the $125 million in cutbacks that Lorenzo demanded from the machinists, who walked out when no compromise could be reached...
...pilots' union has looked favorably on the deal. So have rank- and-file machinists, but by week's end machinists' union officials were criticizing the transaction as a giveaway to Lorenzo. "I think the deal stinks. They are cutting up Eastern so that it can't survive," said Wally Haber, senior general chairman of the airline's machinists' union. "I like to play baseball, but I like to play on a winning team." Some labor officials may have been talking tough because they still had to go to the bargaining table with Ueberroth...
...Lorenzo has been vilified by Eastern workers as a union-buster who was stripping the airline of its assets and funneling them to Continental, which is substantially non-union...
Ueberroth, who flew to New York late Tuesday night from his California home, began personal negotiations with Lorenzo early Wednesday morning and continued them until about 8 p.m., resuming talks early yesterday...