Word: lorenzo
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...labor-management battles in the 1980s have matched in bitterness the feud between Texas Air Chairman Frank Lorenzo and the machinists at Eastern Air Lines. Since 1987 the International Association of Machinists and Aerospace Workers (I.A.M.) has staunchly resisted Lorenzo's demands for wage concessions. At midnight last Friday, after more than a year of federal mediation failed to produce an agreement, the union launched a strike that is producing havoc for the carrier's 100,000 daily passengers and could throw East Coast airports and other transportation hubs into turmoil...
Both sides in the dispute realize that a strike at the financially hemorrhaging carrier may finally send Eastern to "the corporate graveyard," as Lorenzo puts it. Eastern posted record losses of $335 million in 1988 and since then has been losing an estimated $1 million a day, a deficit that can only grow during the strike...
...machinists were the last major obstacle to Lorenzo's cost-cutting campaign. Since taking over the troubled airline in 1986, Lorenzo has slashed the work force from 40,000 to 30,000, dropped service to 14 cities and sold off the profitable Eastern Shuttle for $365 million to Donald Trump. Eastern's pilots and flight attendants had already submitted to wage cuts before Lorenzo took over...
Bakes and Lorenzo avoided specific comment on news that Lorenzo rival Carl Icahn had been asked by Eastern strikers to consider a buyout of Eastern...
...This bill would prevent Frank Lorenzo and any other airline buccaneers from using bankruptcy to escape their creditors and destroy their workers," Metzenbaum said...