Word: lorenzo
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Only two weeks ago, it looked as if Frontier would have a quite different fate. Texas Air Chairman Frank Lorenzo had offered to buy 60% of the outstanding stock of Frontier Holdings, the airline's parent company, for $20 a share, topping a $17-a-share bid made by four of Frontier's five unions. Frontier's employees, though, were anxious to avoid dealing with Lorenzo, whom they consider anti-union. In 1981, he bought Continental Airlines and two years later declared bankruptcy in order to get out of costly union contracts. In August, TWA's unions joined forces with...
...full impact of the calamity was brought home at burial grounds like the dusty San Lorenzo Tezonco cemetery on the southern outskirts of Mexico City. On a typical day last week, hundreds of bereaved relatives filed through San Lorenzo to pay their last respects to loved ones buried in hastily fashioned wooden coffins. Some 170 people were interred during a single day, a total that did not include the mass burial of an unknown number of mangled, unidentified corpses...
...Frontier Airlines the past year has been a struggle. The Denver-based carrier lost $31 million in 1984 and sold almost half its fleet to raise cash. Last week Texas Air Chairman Frank Lorenzo unveiled his plan to solve the airline's woes. Lorenzo, who was outbid for TWA in August by Corporate Raider Carl Icahn, offered $20 a share in a deal that could mean $250 million to Frontier. Said Lorenzo: "It's extremely hard for a small airline to compete...
Purchase of Frontier would enable Texas Air, which also owns Continental, to boost its share of business in the Rocky Mountain region substantially. Frontier, the 15th-largest U.S. carrier, would provide connections to Continental flights in Denver and in other cities that are served by the two airlines. Lorenzo may not be able to acquire Frontier without a fight. GenCorp, an Ohio-based company that holds a controlling interest in Frontier, had been planning to sell the carrier to its union employees for $17 a share. The workers may well decide to oppose the offer by Lorenzo, who is known...
...gusto. Turin's La Stampa carried a headline about "poison salad on the table." Public fears grew when one newspaper erroneously reported that infant mortality was widespread in the tomato-growing area. Although the Italian government gave the crop a clean bill of health, public uncertainty lingers. Francesco De Lorenzo, Under Secretary of the Ministry of Health, declared that the state had tested the samples with procedures identical to those of the U.S. Food and Drug Administration and had found no traces of the pesticide above .05 parts per million. According to World Health Organization standards, consumers would have...