Word: taca
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...steamship lines have been barred by CAB from operating scheduled airlines to foreign points, though foreign lines can do so. Last week Mobile's aggressive Waterman Steamship Corp. got around CAB. Through its subsidiary, Waterman Airlines, Inc., the steamship company made a deal to get control of TACA Airways, S.A., shaky Central and South American airline system (TIME, Dec. 31, 1945). As TACA is incorporated in Panama, it is beyond CAB's authority. Yet recently, under the reciprocal rights granted foreign lines, TACA was given the right to operate out of Miami and New Orleans on its routes...
...showdown came last week at a conference in Havana. TWA and Pennroad bought out Yerex's contract as TACA president for about $100,000, half what he would have received in the eight years the contract still had to run. In return, Yerex agreed not to operate airlines in TACA's Latin American bailiwick for two years. He kept some $3,500,000 in TACA stock and a seat on the board of directors...
...years ago Yerex invited Transcontinental & Western Air, Inc. and other U.S. investors to buy into TACA. Yerex, a New Zealander, hoped this would bring him more American planes and landing rights-in effect, make TACA a U.S. flag line. When the U.S. was slow to get behind TACA, Yerex tried dickering with the British, tried to get them to buy out the American interests. This irritated TACA's new stockholders, chiefly TWA and Pennroad Corp., an investment trust; so did Yerex's highhanded way of running things. They began to bring him down to earth...
...first move against Yerex was the election of Pennroad President Benjamin Franklin Pepper as chairman of TACA's board. Then in came ex-Brigadier General Tom ("There will be no weather") Hardin as executive vice president (TIME, Nov. 12). Out went Yerex's longtime personal assistant and fellow New Zealander, Edward W. Scott...
...TACA's Manhattan office, bulky, genial Ben Pepper leaned back comfortably in the red leather chair once reserved for Yerex and took charge of TACA's corporate and financial affairs. Soon a new president will be picked. Most likely candidates: Ben Pepper or Tom Hardin...