Word: tillinghast
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Dates: during 1960-1969
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CHARLES C. TILLINGHAST...
...Hughes made his worst mistake. Chivvying Tillinghast about his Boeing purchases-he argued that other planes should have been bought-Hughes threatened to sue the airline for ignoring his wishes. Instead, backed by Breech and his star-filled board, Tillinghast sued Hughes for $145 million treble damages on antitrust charges. While he had control, the suit charged, Hughes had forced the company to buy planes that did not fit its needs, notably 20 Super-Constellations. TWA wrote the Connies off its books as a $38 million loss after flying them only a year and a half. Hughes countersued, but when...
This spring, Hughes stunned everybody by cashing in his chips-all 6,584,937 shares of TWA, for $546 million, six times his original $90 million investment. Still, Tillinghast has insisted that the suit against Hughes remain alive. "It's a corporate asset," says TWA's General Counsel Melvin Milligan...
Though rid of the Hughes incubus, Tillinghast and TWA do not lack for problems, thanks to the lively state of airline competition. "Our industry," says American's President Sadler, "can't compete on price, so we have to compete with gimmicks...
...degree of reason underlies the apparent fare madness. Explains Tillinghast: "We're trying to bribe the public to go at non-peak times. If you had a single fare system, you would get an unwholesome peaking of traffic and an unhealthy number of empty seats...