Word: twa
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Dates: during 1960-1969
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...Lockheed's facilities are presently committed to fulfilling the Pentagon order for the military transport jet. Douglas Aircraft has designed a DC-10 that is roughly the equivalent of Boeing's 747. Now that Pan Am has ordered its jumbo jet, competitive U.S. airlines such as TWA and United have little choice but to follow suit, and it is possible that Douglas or Lockheed will land a contract from some of them. No matter what happens to Douglas and its DC-10, it has already taken orders for 72 of its stretched-out DC-8s, which can carry...
...mean so much to him as his control of Trans World Airlines. A pilot obsessed, Hughes, now 60, once set a coast-to-coast speed record, flew round-the-world in 91 hours in 1938, conceived the Constellation airliner, was badly hurt in two crashes. He bought control of TWA from Lehman Bros, in 1939, becoming the only operating chief of a major U.S. airline who also owned it. After a long series of bitter battles with bankers and managers, he found his airline bogged in debt and was forced in 1960 to turn over the management to hostile trustees...
...gross well over $500 million. In Wall Street's record books, the secondary offering will rank behind only the Ford Foundation's $658 million sale of Ford stock ten years ago. Hughes stands to net about $400 million on his original investment of some $90 million in TWA. What will he do with the money? Said one top Wall Street banker: "I hope he changes it into pennies and drops...
...Houston-based Hughes Tool Co. makes huge profits from leasing and selling drilling equipment, and from selling Hughes helicopters. California-based Hughes Aircraft Co. is a $300 million electronics firm that makes the Falcon missile and fire-control and electronic systems for fighter planes. On top of his TWA holdings, Hughes owns real estate in Phoenix, Tucson, and Culver City, Calif., that is worth an estimated $250 million...
...York, where David changed his name to Merrick: a cross between Margulois and Garrick, the name of the most famous 18th century English actor. He never looked back. At 54, Merrick still hates his home town so violently that when he flies west he refuses to fly TWA because he thinks TWA planes pass over St. Louis...