Word: lorenzo
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...sharpest charges of maintenance laxity have been leveled at Texas Air and its two struggling carriers, Eastern and Continental. In assembling the largest U.S. air company (market share: 20%) and making it the industry's discount leader, Texas Air Chairman Frank Lorenzo has tried to cut costs drastically. His pressure for concessions from unions at Eastern, especially on pilots and machinists, has prompted bitter accusations that the company is flying close to the edge. Pilots for Continental and Eastern claim they are given planes with problems ranging from broken gauges to leaking fuel tanks, while Eastern mechanics say their nonunion...
...faded red EXIT light, a frayed seat belt and a minor oil leak, the agency says it has uncovered no major problems during the investigation, which is expected to conclude next week. Texas Air believes the special inspection will exonerate the airline and win back public confidence. The checkup, Lorenzo predicted in a speech last week, "will put into perspective the misinformation and nonsense that's been peddled to the media, the FAA and Congress" by the company's unions. Yet Eastern's financial condition and Lorenzo's standoff with his workers are growing worse. Late in the week Eastern...
...names of the actors too linger like legendary godfathers and godmothers. Among them: Lorenzo ("the Magnificent") de' Medici, Ludovico ("the Moor") Sforza and Lucrezia Borgia, a victim of tabloid history's sensational headlines. Reports that Lucrezia was a sexual adventurer who mixed a heavy drink have never been adequately substantiated...
...have to focus on the economy. Some analysts think that Texas Air's enormous $4.5 billion debt would make the company vulnerable in a recession. But Lorenzo notes that Texas Air has $1.2 billion in cash. And, he says, Continental's low costs and fares would make the company more able than most competitors to weather an economic downturn. Says Lorenzo: "We're putting a lot of blood, sweat and tears into a company that has the attributes to be successful." Maybe so, but the fastest way to make customer confidence take off might be to turn a divided work...
...undergraduate days at Columbia in the early 1960s, classmates dubbed Frank Lorenzo "Frankie Smooth Talk." But as chairman of Texas Air in the 1980s, Lorenzo saves his talking for Wall Street and the boardroom, granting few interviews. In a rare 45-minute conversation last week with Richard Woodbury, TIME's Houston bureau chief, the feisty chairman answered his critics. Some excerpts...