Word: twa
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Dates: during 1960-1969
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Although he is one of the world's wealthiest men, eccentric, elusive Howard Hughes is often short of cash-usually on a grand scale. For the last six months he has been short just $340 million, the money needed to pay for jet planes ordered for his TWA. Hughes, who owns 78% of TWA stock, would have had little trouble raising the money if he had been willing to relinquish his whimful one-man control of the airline. Long accustomed to dictating his own terms, Hughes refused. Wary bankers were equally stubborn. Last week, with time running...
...TWA's debts mounted. Hughes had to knuckle under. He made a deal to raise the money he needs, but only at the cost of giving up control of TWA to a voting trust of his lenders...
...made the merger dependent on permission from the Civil Aeronautics Board to drop 20 cities on Capital routes, thus getting the line out of local service. He is also happy to be free from Capital's competition on the New York-Chicago route. Says Patterson: "Four of us (TWA, Northwest, American and United) will be eating on a piece of cheese that five were chewing on before. This should give everybody more to munch on." Patterson will also be able to munch on a hefty tax writeoff on Capital's losses...
...Charles Thomas, 62, quit after two years as president and chief executive officer of Trans World Airlines, fourth largest U.S. airline. A onetime (1954-57) Secretary of the Navy, Thomas brought TWA back from the edge of failure. The year he took over, the line lost $1,764,000. Thomas revamped the management, clamped down on operating costs, rushed the new Boeing 7073 into service. Last year TWA earned $9,400,000, had the highest load factor in the industry. But like other TWA presidents (four since 1947), Thomas had his problems with Howard Hughes, 54, TWA's eccentric...
...recommendations are a blow to American. Eastern, Braniff and TWA, which had also applied. In his decision, Examiner Edward T. Stodola noted that these new routes are "the last great opportunity for some real regulatory statesmanship." But other airlines questioned Stodola's idea of statesmanship. The reason he settled on National was that it is the least well off of the applicants...