Word: pritzkers
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...since the airline returned to the skies. To raise additional cash, the company will sell leases on nine of its twelve gates at Dallas-Fort Worth Airport for $20.5 million to archrival American, and plans to lease ten of its jets to Northeastern International Airways. Braniff Chairman Jay Pritzker hopes that the slimmed-down carrier will now be able to fly out of trouble, but the cuts may be the beginning of the end for the new Braniff...
...airline's savior was Chairman Jay Pritzker, 61, of Hyatt, the hotel-operating company. Pritzker and Braniff put together a deal that gave the carrier $70 million to get back into business, while Hyatt got control of 80% of the airline's stock. Everyone, it seems, gave up something. Braniff s workers saw their ranks dwindle from 9,400 to 2,200 and their pay shrivel: pilots agreed to annual salaries of $38,000, vs. an industry average of $68,900. Creditors approved the revival plan, as did most of Braniff's unions. Slattery was recruited from...
...passenger DC-9 Super 80s are part of a major American expansion drive. The carrier also plans an aggressive program to cut costs and keep ticket prices low. Renewed fare wars and an economic downturn could hurt Braniff, but owning an airline has long been one of Pritzker's ambitions and he intends to stick by the venture. Says he: "I've always flirted with airplanes. It's an exciting thing...
...deal with Hyatt was originally suggested by two of Braniff's retired pilots. When efforts to find someone to rescue the airline dragged, they pitched the idea to Hyatt Chairman Jay Pritzker, 60, who calculated that Braniff's hefty losses before going bankrupt could be worth some $300 million in tax credits to Hyatt. The agreement was completed just in time. The clock was due to run out on Braniff's flying future this week, and the company would have been turned into a small-aircraft maintenance firm...
Some of the most successful programs find new ways of stressing the importance of diligence and study. In Chicago, Abram Nicholas Pritzker, whose family controls the Hyatt hotel chain, has set up a trust fund to pay the $50,000 yearly expenses of the after-hours program...