Word: lorenzo
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...bold and risky ploy. Bryan apparently assumed that Borman would resign rather than agree to sell Eastern. Borman, for his part, calculated that the labor leader would never allow a takeover by Lorenzo. Reason: Lorenzo had enraged virtually every card-carrying union member in 1983, when his Continental Airlines filed for bankruptcy and abrogated the airline's union contracts. Lorenzo laid off the firm's 12,000 employees and offered them their jobs back at about half salary...
...Lorenzo savored his success last week, he sounded alternately conciliatory and pugnacious toward Eastern's employees. "We're not union busters, we're airline builders," he said at one point. Later, though, Lorenzo took the offensive, declaring that it was essential that he receive wage concessions from the machinists' union. Said he: "There is no Santa Claus...
Eastern's unions met last week to discuss what Lorenzo might do as head of Eastern. They are plainly suspicious of their new boss. Said John Mazur, spokesman for the pilots' union: "Everyone knows what Frank Lorenzo is and what he does...
Many industry experts expect Lorenzo to re-create Eastern in the image of cut-rate Continental and New York Air. If that happens, few airlines will escape the fallout. Atlanta-based Delta is probably the most vulnerable, since it now competes with Eastern on 80% of its domestic flights...
...industry did not wait for Lorenzo to make the first move in a new bout of price slashing. American Airlines last week announced its "Spring for Less" fares, offering discounts of up to 75% on some seats on flights to 117 U.S. cities. The offer is good from April 1 through May 22. United, Delta, Republic and Eastern quickly unveiled their own discounts...