Word: lorenzo
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Never one to pass up a good thing, billionaire developer Donald Trump entered the airline business last week. He bought the shuttle from Frank Lorenzo, who owns Texas Air, which owns Eastern, for roughly $365 million in cash. For that Trump gets a fleet of 17 Boeing 727s, landing facilities in Boston, New York City and Washington, and the right to stencil his already ; household name on the tail of an Establishment institution. And never one to leave well enough alone, Trump vowed to run it as a "diamond," with immaculate planes swooping in and out on time, providing...
...offering coffee, rubbery bagels, seat phones and boat service connecting a swank art deco terminal to Wall Street. This prompted Eastern to counter with some apple juice of its own. Though Eastern's market share dropped from roughly 80% to 58%, it remained the most profitable segment of Lorenzo's airline empire...
...also in a good position to boost northeast-corridor profits even further. Shuttle prices have been going up, from $69 in 1985 to $99 today, while fuel costs are going down. As the cash purchase demonstrated, Trump has the capital to expand and improve service in ways that Lorenzo could not. He is also likely to be spared the crippling labor disputes that have dogged Lorenzo and prior owners for the past ten years. Lorenzo has been wrestling with his unions in an effort to cut costs, and the infusion of cash is likely to strengthen his hand...
...many marriages, it is a case of opposites attracting. Lorenzo said he was counting on SAS employees to impart their dedication to service to his 70,000 workers. Carlzon said he hopes to learn some of Texas Air's cost- cutting techniques as the European airline industry enters a period of deregulation akin to the one that Lorenzo has weathered...
...week's end Lorenzo was working on another bold move. Sources close to Texas Air confirmed that both TWA chairman Carl Icahn and New York developer Donald Trump were negotiating with Lorenzo to buy all or part of Eastern. Trump's particular interest is the shuttle connecting Boston, New York City and Washington...