Word: lorenzo
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Union leaders lashed out at Lorenzo as a "robber baron." Machinists called for a public boycott of Eastern's sister airline, Continental, and said they would oppose Eastern's reorganization plan and any sale of assets...
...Lorenzo and Bakes pledged that all creditors would be paid in full; shareholders would receive "fair value"; passengers would be protected; and as many employees as possible would return to work. Eastern had 31,200 employees before the strike...
Henry Duffy, president of the Air Line Pilots Association, said he hoped the move meant Lorenzo is "finished" at Eastern...
Union leaders long have said they believe Lorenzo wants to break them and tear Eastern apart. But Lorenzo would have a tougher time imposing lower wages at Eastern than he did when he reorganized Continental in 1983. Congress amended bankruptcy law in 1984 to require bankrupt companies to negotiate with unions and prove economic necessity before abrogating contracts...
...Lorenzo stressed the filing covered only Eastern and not its parent Texas Air Corp., of which he is chairman. But yesterday, Sen. Howard Metzenbaum (D-Oh.) filed a bill to allow Eastern creditors to collect from the parent company...