Word: pan
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Dates: during 1960-1969
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...Pan, Clavell...
...under President William M. Allen, employs 125,000 people in 18 countries, last year sold $2 billion worth of products and services. On its books are $3.1 billion worth of orders for everything from helicopters and hydrofoils to the 490-passenger Boeing 747 jet continent hopper, for which Pan Am alone has committed itself to spending another $525 million for deliveries starting...
Because of Hughes's habits, TWA was late ordering-and obtaining-jets, a lapse which let Pan American run away with the lucrative transatlantic trade for several years. Then, characteristically, Hughes ordered so many jets that even his fabulously profitable Hughes Tool Co. could not meet the bill. While he still could have done so, Hughes brushed off proposals that he give up a small part of his 78% ownership of TWA to raise money. In the end, forced to borrow $165 million or face receivership, he had to surrender operating control of TWA to the Metropolitan and Equitable...
Crossing the Cartel. Tillinghast learned fast. TWA had only 28 jet planes as against its chief rivals' 124 (Pan American had 46, United 44, American 34). It took Tillinghast ten days to make up his mind to order 26 Boeing 707s for $150 million. With good luck, he was soon able to buy six Convair 880s for immediate delivery when General Dynamics repossessed them from troubled Northeast Airlines. The planes helped TWA catch up in the equipment race. Still, TWA continued to lose money, and for a time Tillinghast seriously talked merger with Pan American. Before the deal jelled...
...biggest traffic gains have come across the Atlantic, largely at Pan American's expense, and owing in significant part to Tillinghast's decision to plunge into free in-flight movies, at a cost of $60,000 per plane just for the apparatus. Though the earphones needed to hear the movie sound track were pretty uncomfortable, and the programming was often dreary, the novelty lured passengers. But it jolted the International Air Transport Association, the fare-fixing cartel dominated by European lines, which couldn't stand the cost of competing. Delicately hinting that TWA would otherwise face harassment...