Word: trumps
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Dates: during 1980-1989
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When is a deal not a deal? Buyout agreements are getting trickier because they now bristle with escape hatches. Last month Donald Trump balked on his $365 million pact to buy Eastern's shuttle when the airline sought bankruptcy protections. Brandishing a clause that allowed him to dicker on the price if shuttle business fell off before his deal closed, Trump pressured Eastern into including four more airliners for the same price. The concession was worth up to $26 million...
Before the strike, Lorenzo was selling off Eastern's assets in order to keep the airline in service. Now Lorenzo, under Chapter 11 of the bankruptcy code, cannot sell assets without the approval of a Federal bankruptcy judge, and his sale of the Eastern Air Shuttle to Donald Trump is stalled. Lorenzo can draw on the assets of Continental Airlines and Texas Air to keep up the fight, but you can be sure that every $29 you give to Lorenzo goes straight into the unionbusting side. Every passenger must ask him or herself, in the words of the famous union...
...Harvard table tennis team, sporting a non-Trump-like budget of $400 this year, captured two first and one third-place finish in the 1989 U.S. Intercollegiate Table Tennis Team Championships last weekend at Princeton...
...strike strangled airline operations, 9,500 nonunion secretaries, ticket agents and other workers were laid off. Aside from making a handful of flights between Miami and Latin American cities, the airline concentrated its efforts on keeping the Northeast shuttle flying so that the cash-rich deal with Trump would not fall through. To attract passengers, Eastern offered a temporary fare of $12 for weekend shuttle flights from New York to Washington or Boston, a fraction of its usual rate of $69. The tactic worked: the first flights sold well...
...USAir. In addition, Eastern leased landing slots on its New York-Miami routes to Continental. Accusations flew that Lorenzo was dismantling the airline even during the strike. Responded Lorenzo angrily: "Had we sold assets quicker, Eastern wouldn't be in bankruptcy today." Along with the shuttle sale to Trump, the deals with USAir will have to be approved by the bankruptcy judge...