Word: marckesano
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Dates: during 1980-1989
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...Eastern-Texas Air and TWA-Ozark deals merely accelerate a merger binge that was already well under way. In the past four months, People Express has acquired Frontier, and Northwest has agreed to buy Republic. Says Louis Marckesano, who follows the industry for the Janney Montgomery Scott investment firm: "At this rate, in five to ten years the American airline industry will look like the U.S. auto industry, with three or four megacarriers covering the globe." If that happens, Texas Air and TWA are determined to be among the survivors...
...airline's 60 creditors want to see the company go under, each is demanding results, and fast. In 1985 Eastern eked out a tiny $6.3 million profit on revenues of $4.8 billion, but during the final three months of the year the carrier lost $67 million. Says Louis Marckesano, an airline- industry expert at the Philadelphia-based investment firm of Janney Montgomery Scott: "The banks are not playing games. They want more reassurance from Eastern, and they want a game plan that shows how the company will make money...
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