Word: twa
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Dates: during 1960-1969
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...situation did not last long. Despite the Kennedy Administration's brave talk and the Civil Aeronautics Board's bold sloganeering that the hike was "not in the public interest," the U.S. ignominiously retreated from its stand. Knuckling under to the British, it ordered Pan American and TWA to begin putting the higher fares into effect. The increase means that Atlantic air travelers-70% of whom are Americans-will have to pay an additional $30 million this year* for air tickets...
...Senators agreed, but seemed in a mood to give quick approval to an Administration bill, sent to Congress last week, that would give the CAB specific authority to deal with international air fares. The American case was hampered by the fact that the two U.S. carriers (Pan Am and TWA) had not opposed the fare raise and that the CAB had not intervened until two weeks before it was to take effect. This is what brought on the charges of U.S. bad faith. Though clumsily handled, the U.S. case had merit in its main point that when many...
...business world's most celebrated hermit, Hughes has been seen by no one in nine years except a handful of his 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...
...tangle went into pretrial hearings that lasted 13 months, until Hughes's time to testify came. Because Hughes refused to appear, the judge found him in default and dismissed his, suit against TWA. TWA has been smacking its lips over the prospect of a $145 million windfall-but it has not got the money yet. Since Hughes's lawyers said that they will appeal, the judge decided to let the higher court determine whether TWA was actually damaged by Hermit Howard Hughes...
...full review of all fares. Boyd was not budging. At week's end, after three days of negotiations, Boyd's opponents backed down temporarily, offered to extend the truce to May 15. But nothing was solved yet. A British official told a reporter: "We will tell TWA and Pan Am in mid-May that they must charge increased fares or they will not be allowed access to airports in this country." Boyd planned to use the extra time to make the rounds of European capitals pleading the U.S. case for lower fares...