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...chairman from taking over TWA, ALPA Executive Council Chairman Harry Hoglander quietly approached Icahn with a highly unusual deal. The union said that if Icahn bought the airline, TWA's 3,500 pilots would accept a 26% pay cut in exchange for a block of the airline's stock. Icahn accepted the pilots' proposition and then concluded a similar arrangement with TWA's International Association of Machinists and Aerospace Workers. The two unions represent about 17,000 of TWA's 27,000 workers, and the total value of the wage concessions offered amounted to about $145 million annually. In return...
...company and then sell out to another bidder at a huge profit. But this time the New York City financier may stick around and keep the business. Last week he gained virtual control of TWA, the sixth largest U.S. airline, by accumulating at least 45.5% of the company's stock. In the process Icahn may have defeated Frank Lorenzo, the chairman of Texas Air and a rival bidder for TWA, with a series of intricate maneuvers worthy of the Navy's Blue Angels flying aces...
With the labor agreements in hand, Icahn sweetened his bid to $24 a share, or a total of more than $500 million for the two-thirds of the airline's stock that he did not already own, topping the Texas Air offer by $1 a share. Lorenzo countered at week's end with a $26-a-share bid, but' Icahn disregarded this last-ditch offer, saying that he would continue to purchase TWA stock and close in on the 51% total needed for outright control of the company. Said Icahn's ally Hoglander: "Full steam ahead and damn the torpedoes...
...year. The Administration, not eager to rock its relations with Japan, may ask the Court of Appeals for a rehearing of the case and could possibly take the issue to the Supreme Court. The outcome will determine when Japan's whalers will have to hang up their harpoon guns. STOCK TRADING An Insider Faces Jail...
...thriving service economy has presented investors with many opportunities, but nothing quite like the stock of Strong Point, a little-known Irvine, Calif., real estate firm. In its strategic plan to diversify, Strong Point has fixed on an unlikely industry: prostitution. Last week the publicly traded company paid $18 million to acquire Nevada's Mustang Ranch, the largest legal brothel in the U.S. "It looked like a terrific investment opportunity," says John Davis, the company's president. The ranch currently features two bunkhouses with 108 bedrooms, a staff of 100, two neglected tennis courts and 495 acres. Since the ranch...