Word: tillinghast
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Anxious to Move. Each of the air lines that Halaby called seemed to get the idea that it would be the first to order a made-in-the-U.S. supersonic, and the result was an unseemly squabble. Trans World Airlines President Charles Tillinghast was the first to announce that he had placed an order. But American Airlines President C. R. Smith contended that he had telegraphed an order four days earlier, and Pan American's Juan Trippe argued that he, too, had ordered planes before TWA. TWA, at least, was first to send along a check...
...four lines are now in good shape, and of the four none has greater reason to cheer than TWA. After losing $20 million in two years, the line has climbed back into the black, and this year expects to earn $10 million or more. President Tillinghast, 52, is so confident of TWA's good health that last week he broke off the merger agreement made with Pan American last December, when TWA's plight was still perilous...
...most trusted associates. He controlled TWA until December 1960, when he was forced by a group of New York banks and insurance companies to place his stock in trusteeship in return for a $165 million loan to buy jets for TWA. When Hughes began to badger Charles Tillinghast, TWA's new, trustee-appointed president, Tillinghast fought back by suing Hughes for damages. Hughes countersued, charging Tillinghast and the lenders with conspiring to take TWA away from...
...snatch off TWA opened up two years ago when Millionaire Industrialist Howard Hughes was forced by a consortium of banks and insurance companies to put his 78.2% of TWA's stock into a voting trust in return for $165 million in loans to the airline. Under Charles Tillinghast, 51, the new president appointed by the trustees, TWA lost $38.7 million last year. In desperation, Tillinghast began seeking a merger partner...
...Hughes Problem. Even if the merger should win the consent of the White House-which by law has final say on U.S. airline operations abroad-there would remain what TWA President Charles Tillinghast glumly calls "the Hughes problem." Unpredictable Financier Howard Hughes, who apparently has his heart set on merging TWA with faltering Northeast Airlines, remains TWA's majority stockholder with 78.2% of its outstanding shares. Even though his TWA stock is currently being voted by trustees unsympathetic to his dreams, Hughes might find legal means of delaying indefinitely a merger with...