Word: panning
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Dates: during 1970-1979
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Once proud Pan American World Airways has been steadily losing money since 1969, the victim of overstaffing, overcompetition and overbuying of costly jumbo jets. But nothing has threatened the airline's survival more than the quintupling of oil prices. Pan Am's fuel bill last year soared by $194 million and was the prime factor behind its $81.8 million deficit, the alltime highest for a U.S. airline. There is a certain irony, therefore, in the fact that desperately needed succor will come from a major instigator of high oil prices. Last week the White House endorsed a deal...
...investment will be the largest ever made in a U.S. company by an OPEC country. If the Civil Aeronautics Board approves-which it is expected to do within two months-Iran will pay about $55 million for a half interest in Pan Am's profitable chain of 66 Inter-Continental hotels and will provide Pan Am with about $245 million in direct loans. In addition, Iran will appoint one member to Pan Am's 17-member board and will get an option to buy 13% of the airline's outstanding stock...
Only the stock purchase is likely to be controversial: although federal law permits foreign investors to own up to 25% of a U.S. airline, the CAB must determine whether ownership of 10% or more is in the public interest. Pan Am's current management will have to prove to the CAB that it will still make the decisions, even if Iran becomes by far the largest single stockholder. "It was very clear from the beginning that Iran did not want control of Pan Am," says George Ball, the senior managing director of Lehman Brothers and former U.S. Under Secretary...
Lately Stefani and his wife have taken to buying Princess Ortega heavy pan sets before union meetings, to use them as door prizes to entice people to come. If 50 people show up for a meeting, one of them gets the Princess Ortega; if less people come Stefani keeps it until the next meeting...
Stefani likes to show the latest Princess Ortega heavy pan set to visitors, along with all the old photographs of union meetings, to show them what things have come to. The pans are new, shiny; they stand out against the heavy, scuffed atmosphere of the Local 186 office...